Sarasota County Schools
Agenda Item #22
Title
APPROVAL OF RFP RESULTS TO REFUND THE CALLABLE PORTION OF THE SERIES 2009 AND SERIES 2010B OUTSTANDING COPS ISSUES
Description
At the February 16th School Board Workshop, the CFO was given consent to pursue refunding of the callable portion of the Series 2009 and Series 2010B outstanding COPs issues. The discussion of COPs refunding was an agenda topic at the February 24th meeting of the Financial Advisory Committee who also agreed that the District should take advantage of any available savings. The CFO working with the District's financial advisor, PFM, issued an RFP for direct bank loans on February 29th. There were 6 responding banks - Bank of America, Capital One, JP Morgan Chase, Regions Bank, Raymond James and SunTrust. The lowest proposer was JP Morgan Chase and it is anticipated that the District will realize a net present value savings close to 5.98% OR $3.5 million. The District would like to pursue negotiating a rate lock agreement with Chase and bring final resolutions and loan documentation back to the Board for approval at the April 19th meeting.
Recommendation
That the School Board approve the negotiation of a rate lock agreement and give the Chair and Superintendent authority to execute such agreement.
Contact
WHITE & CORCORAN
Financial Impact
N/A
Attachment: Recommendation Memo.pdf