Sarasota County Schools
Agenda Item #25
Title
APPROVAL OF CORPORATE RESOLUTION AND RELATED FINANCING DOCUMENTS FOR REFUNDING CERTIFICATES OF PARTICIPATION, SERIES 2016A
Description
The District anticipates issuing Refunding Certificates of Participation (School Board of Sarasota County, Florida Master Lease Program), Series 2016A (the "Series 2016A Certificates") in an amount not to exceed $69,000,000, in connection with the advance refunding of a portion of the outstanding Series 2009 Certificates and a portion of the outstanding Series 2010B Certificates. The structure of the financing requires the Financing Corporation to approve the leasing documents that include the Corporate Resolution and related Financing Documents attached as Exhibits to the Resolution (Amended and Restated Lease Schedule No. 2009, Amended and Restated Lease Schedule No. 2010B, Series 2016A Supplemental Trust Agreement, Fifth Amendment to Assignment of Lease Agreement, and Purchaser's Proposal). The Corporate resolution authorizes the issuance of the Series 2016A Certificates as long as certain parameters set forth in the School Board Certificate Resolution are met, including not less than 3% present value savings of the par amount of the Refunded Certificates, as prescribed by School Board Policy 7.102. The Corporate Resolution authorizes the President and Secretary to execute all necessary documents and take such other action as is necessary to accomplish the refunding.
Recommendation
That the Corporate Resolution and related Financing Documents be approved as presented.
Contact
WHITE & CORCORAN
Financial Impact
N/A
Attachment: Corporation Resolution.pdf
Attachment: EXHIBIT A - Form of A&R Lease Schedule 2009.pdf
Attachment: EXHIBIT B - Form of A&R Lease Schedule 2010B.pdf
Attachment: EXHIBIT C - Form of Supplemental Trust Agreement.pdf
Attachment: EXHIBIT D - Form of 5th Amendment to Assignment of Lease Agreement.pdf
Attachment: EXHIBIT E - Purchaser's Proposal.pdf