Sarasota County Schools
Agenda Item #23
Title
APPROVAL OF CERTIFICATE RESOLUTION AND RELATED FINANCING DOCUMENTS FOR REFUNDING CERTIFICATES OF PARTICIPATION
Description
The District anticipates issuing Refunding Certificates of Participation (School Board of Sarasota County, Florida Master Lease Program), Series 2016A (the "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. Prior to the District entering into a debt instrument, the Board is required to approve the leasing documents that include the Certificate 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, Escrow Deposit Agreement, and Purchaser's Proposal). The Certificate Resolution authorizes the issuance of the Series 2016A Certificates as long as certain parameters 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 Certificate Resolution authorizes the Board Chair and Superintendent to execute all necessary documents and take such other action as is necessary to accomplish the refunding.
Recommendation
That the School Board of Sarasota County approve the Certificate Resolution and related Financing Documents as presented.
Contact
CORCORAN & WHITE
Financial Impact
N/A
Attachment: Board 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 Escrow Deposit Agreement.pdf
Attachment: EXHIBIT E - Purchaser's Proposal.pdf