Lee County School Board Leasing Corporation

3 Tuesday, June 9, 2026 Lee County School Board Leasing Corporation The Lee County School Board Leasing Corporation will meet immediately following a recess in the meeting of The School Board of Lee County, which begins at 6:00 p.m., in the School Board Meeting Room at the Lee County Public Education Center, 2855 Colonial Boulevard, Fort Myers, FL. Board Room Lee County Public Education Center 2855 Colonial Blvd. Fort Myers, FL 33966-1012 (239)334-1102 www.Leeschools.net A. Order of Business Subject 1. Call to Order - Armor Persons, Board Chair Meeting Jun 9, 2026 - Lee County School Board Leasing Corporation Type Procedural File Attachments A. Order of Business Subject 2. Approval of the Agenda as the Order of Business. Meeting Jun 9, 2026 - Lee County School Board Leasing Corporation Type Action Recommended Action Approval of the Agenda as the Order of Business. File Attachments Motion & Voting Approval of the Agenda as the Order of Business. Motion by Jada Fleming, second by William Ribble. Final Resolution: Motion Carries Yea: Samuel Fisher, Melisa Giovannelli, William Ribble, Debbie Jordan, Armor Persons, Jada Fleming, Vanessa Chaviano B. Public Comment Subject 1. Information for Public Participation at Board Meetings [School Board Policy 0169.1] Meeting Jun 9, 2026 - Lee County School Board Leasing Corporation Type Information, Procedural The School Board recognizes the value to school governance of public comment on educational issues and the importance of allowing members of the public to express themselves on school matters of community interest. The opportunity to be heard is subject to policies adopted by the Board as follows: Procedures for an individual to use in order to inform the Board of a desire to be heard: Attendees must register their intention to participate in the public portion of the meeting upon their arrival at the meeting by completing the public comment card at the entry of the meeting hall indicating his/her support, opposition, or neutrality on a proposition; and indicating his/her designation of a representative to speak for him/her or his/her group on a proposition if s/he so chooses. All statements shall be directed to the presiding officer; no person may address or question Board members individually. Staff members shall not be expected to answer questions from the audience unless called upon by the Board Chairman (through the Superintendent) or the Superintendent. Tape or video recordings are permitted under the following conditions: No obstructions are created between the Board and the audience. No interviews are conducted in the meeting room while the Board is in session. No commentary, adjustment of equipment, or positioning of operators is made that would distract either the Board or members of the audience while the Board is in session. Action and Special Meeting Public Comment Opportunities Comments on the Agenda: During the action and special meetings, individuals will have the opportunity to address any matter on the agenda. Public comment shall occur at the designated time on the agenda. General Comments Regarding the School District: Individuals will have an opportunity to address the School Board on any other matter relevant to the operation of the School District. Comment on Board Member Motion If a motion is made by a Board member and seconded to take action not in response to a recommendation, of the Superintendent, or Board Attorney as noted on the agenda, an opportunity will be provided for individuals to comment on the subject of the motion after the Board's discussion on the motion and before the vote is taken. This opportunity will not be required if the matter addressed in the motion will be placed on a subsequent agenda before final action is taken. Opportunities will not be extended for individuals to comment on administrative or ministerial motions such as adjourning meetings or extending public comment. Briefing Meeting Public Comment Opportunities Any individual who desires to address the School Board during a briefing meeting may do so at the designated time for public comment. Speakers must complete a Public Comment card on which is written the speaker’s name, contact information, and the subject the speaker wishes to address. Speakers may only address an item on the briefing meeting agenda. Public Hearing Public Comment Opportunities When it is necessary for the Board to conduct a public hearing under F.S. Chapter 120, or otherwise, individuals may only address the Board concerning the issue(s) to be addressed during the hearing. If an individual desires to address the Board concerning a matter being considered at a public hearing scheduled during a Board meeting, the individual shall be allowed to address the Board only during the public hearing. Quasi-Judicial Hearings The Board shall not receive public comment during any quasi-judicial actions including, but not limited to, imposing employee discipline, ruling on formal bid protests, debarment proceedings, charter school terminations, or collective bargaining impasse. Only the parties and their representatives shall be allowed to address the Board as provided in the relevant Board policy or Florida statute. All aspects of student expulsion proceedings shall be closed to the public. Workshops The Board shall not receive public comment during workshop meetings. Rules Concerning Public Comment Speakers shall be called to address the Board in the order in which each have submitted a Public Comment card. Public comment shall be held at the beginning of the public comment portion of the agenda. Anyone requesting to address the Board must submit a Public Comment card prior public comment commencing. Comments on Agenda Items during Action, Special, and Briefing Meetings: Each speaker shall have one opportunity to address the Board for the specified amount of time. To ensure that the Board has the time necessary to consider the issues, the public comment portion of the meeting shall be limited to one (1) hour. Each individual shall have three (3) minutes to address the Board. If there are more than twenty (20) individuals desiring to speak, the maximum amount of time for each individual is allowed to speak shall be reduced to two (2) minutes. If more than thirty (30) individuals wish to speak, the maximum amount of time each individual is allotted to speak shall be reduced to one (1) minute. No more than sixty (60) individuals will be allowed to address the Board during the public comment portion of the meeting. Only the individual submitting the public comment card is allowed to address the Board with respect to the maximum amount of time allotted. Time may not be “yielded” to other speakers. Inappropriate or irrelevant remarks shall be ruled “out of order” by the Chairperson or Parliamentarian. Any speaker continuing with such remarks shall be required to relinquish the podium. If a speaker is advocating a specific action be taken by the Board which requires the expenditure of funds, the speaker shall reveal any financial interest in the Board taking such action. If the speaker is an employee, owner, or has a financial interest in or is related to an individual who is an employee, owner, or has a financial interest in an entity that provides the product or service being advocated, the speaker must reveal such interest. Rather than all members of groups or factions for or against a proposition addressing the Board at meetings in which a large number of individuals wish to be heard, the Board encourages representatives of such groups or factions to address the proposition in their representative capacity. If multiple members of a group wish to address the Board on the same issue, the Board may request the group to select one (1) o r more representatives, to present comment to the Board on behalf of all members concerning the relevant issue for a period of time determined by the chair, based on the number of individuals represented, to a maximum of five (5) minutes per speaker. Decorum During Board Meetings Improper conduct at Board meetings, including booing, hissing, clapping, shouting, personal attacks, or cursing, shall not be tolerated; nor shall the School Board tolerate other behavior which the Chairperson, Parliamentarian, or Sergeant at Arms, considers disruptive or improper. Any action or noise that causes or creates an imminent threat of a disturbance or disruption, including but not limited to clapping, applauding, heckling, shouting comments from the audience, or verbal outbursts in support or opposition to a speaker or his/her remarks is prohibited. No signs or placards shall be allowed in the Board meeting. Persons exiting the Board meeting shall do so quietly. Individuals may not solicit or petition other citizens while on District property. Individuals may not distribute flyers or other documents while on District property without prior approval of the Superintendent. The Chairperson or parliamentarian may warn speakers that their comments have gone beyond the subject matter for which they had signed up to address, address matters unrelated to the School District business, or otherwise violate this policy. Speakers are expected to show respect during public comment and understand that Board meetings are for official government business. The Chairperson may recess the meeting if a speaker persists in addressing irrelevant topics or violating any rules within this policy. Following a warning, any person making impertinent or slanderous remarks or engaging in boisterous behavior which the Chairperson or Sergeant at Arms determines or constitutes an actual or an imminent threat of a disturbance or disruption shall be barred from further appearance before the Board for the balance of the meeting. Personal cellular telephone conversations while in the room when the Board meeting is being conducted are not permitted. Such conversations are permitted only during meeting breaks or recess. Ringers must be set to silent mode to avoid disruption of proceedings. Individuals, including those on the dais, must exit the chambers to answer incoming cell phone calls. Whenever a public speaker's comments raise legal issues that may adversely impact the Board or the District, the Board's parliamentarian may provide verbal instruction or guidance to the Board. The time limit on public comment may be extended by a majority vote of the Board. The Board may move where the public comment period is on the agenda or extend the public comment time in a briefing meeting if it is the majority will of the Board. Speakers shall confine their remarks to educationally relevant issues. They shall address the Board through the Chairperson. The comments shall be respectful. If an individual continues to violate rules at Board meetings, the Chairperson may issue a warning that continued violation will result in removal from the meeting. If the individual continues to violate rules after being warned, the Chairperson or Sergeant at Arms may order the individual removed from the meeting. Speakers shall adhere to the rules established by the Board by State statute. It is unlawful and a second-degree misdemeanor to knowingly disrupt or interfere with a Board meeting. The Sergeant at Arms has the authority to remove anyone from the Board meeting as deemed necessary to keep decorum, avoid meeting disruption, and for safety concerns. The Chairperson or the majority of the Board may call for a recess or an adjournment to another time when the lack of public decorum so interferes with the orderly conduct of the meeting to warrant such action. Any person who feels that the subject matter has not been adequately covered in the time allotted may present additional information in writing. The Chairperson shall authorize deviations from the above rules if necessary to accommodate reasonably an individual with a disability. © Neola 2013 © Lee County Office of Legal Services 2023 File Attachments C. Secretary's Recommendation Subject 1. Approval of the December 1, 2025 Lee County School Board Leasing Corporation Meeting Minutes Meeting Jun 9, 2026 - Lee County School Board Leasing Corporation Type Action Fiscal Impact No Recommended Action Approval of the December 1, 2025, Lee County School Board Leasing Corporation meeting minutes. Minutes of the Lee County School Board Leasing Corporation meeting of December 1, 2025 are being submitted for approval. There is 1 PDF attached. File Attachments December 1, 2026 Lee County School Board Leasing Corporation Minutes.pdf (56 KB) Motion & Voting Approval of the December 1, 2025, Lee County School Board Leasing Corporation meeting minutes. Motion by Samuel Fisher, second by Debbie Jordan. Final Resolution: Motion Carries Yea: Samuel Fisher, Melisa Giovannelli, William Ribble, Debbie Jordan, Armor Persons, Jada Fleming, Vanessa Chaviano C. Secretary's Recommendation Subject 2. Approval of the resolution authorizing the issuance of refunding Certificates of Participation, Series 2026A to finance the defeasance and current refunding of all or a portion of the outstanding Certificates of Participation, Series 2016A maturing on and after August 1, 2027, thereby refinancing a portion of the cost of Bonita Springs High School (the “Series 2016A Facility”); and authorizing execution of related documents in connection with the issuance of the Series 2026A Certificates. Meeting Jun 9, 2026 - Lee County School Board Leasing Corporation Type Action, Procedural Fiscal Impact Yes Dollar Amount $55,000,000.00 Budgeted Yes Budget Source Funds are budgeted in the Debt Service fund Recommended Action Approval of each Resolution authorizing (a) the issuance of refunding Certificates of Participation, Series 2026A in an aggregate amount not to exceed $55,000,000 for the purpose of refinancing the cost of Bonita Springs High School (the "Series 2016A Facility"), (b) the sale of the Series 2016A Certificates in a negotiated public sale, (c) the execution and delivery of an Amended and Restated Schedule 2016AQ to the Master Lease, (d) the execution and delivery of a continuing disclosure undertaking, (e) the execution and delivery of an Escrow Deposit Agreement, (f) the acceptance of a commitment for the issuance of a municipal bond insurance policy, if appropriate and (g) the execution of related documents in connection with the issuance of the refunding Series 2026A Certificates. Pursuant to Sections 1001.42, 1003.02 and 1013.15, Florida Statutes , The School Board of Lee County, Florida (the “School Board”), as the governing body of the School District of Lee County, Florida, (the “District”) has determined to finance certain of its capital needs through a master lease purchase agreement. Over the past thirty-five (35) years the School Board has financed new educational facilities through the issuance of Certificates of Participation under its Master Lease Program. The School Board has determined to refinance a portion of its obligations relating to Bonita Springs High School, previously lease-purchased under the Master Lease in 2016, through the amendment and restatement of Schedule 2016A dated as of October 1, 2016, as amended and restated as of December 1, 2017, and the issuance, through a negotiated public sale, of not to exceed $55,000,000 aggregate principal amount of refunding Certificates of Participation, Series 2026A, for the purpose of providing funds to defease and/or refund, on a current basis, all or a portion of the School Board’s outstanding Certificates of Participation, Series 2016A. Current market data indicates a savings of $3.8 million by refinancing the Certificates of Participation, Series 2016A. The School Board and the Corporation have entered into (i) a Series 2016A Ground Lease dated as of October 1, 2016, (ii) Schedule 2016A to the Master Lease dated as of October 1, 2016, as amended and restated as of December 1, 2017, and as may be further amended and restated (“Schedule 2016A,” and together with the Master Lease, the “Series 2016A Lease”), pursuant to which the School Board leased certain real property to the Corporation and subleased from the Corporation such real property and leased the improvements thereon, known respectively as the “Series 2016A Facility Site” and the “Series 2016A Facility”). To accomplish the lease-purchase financing of the Series 2016A Facility, $61,080,000 in original aggregate principal amount of Certificates of Participation, Series 2016A (the “Series 2016A Certificates”) were issued pursuant to the Trust Agreement, as supplemented by a Series 2016A Supplemental Trust Agreement dated as of October 1, 2016. The Corporation assigned substantially all of its interest in the Series 2016A Ground Lease and the Series 2026A Lease to the Trustee pursuant to a Series 2016A Assignment Agreement dated as of October 1, 2016. The Series 2016A Certificates are currently outstanding in the amount of $50,660,000. The resolution requires that the proposed refunding generate savings of at least three (3%) percent of current lease payments. I am requesting approval of the refinancing of the Series 2016A Facility under the Master Lease pursuant to Resolutions of each of the School Board and the Leasing Corporation authorizing the execution of Amended and Restated Schedule 2016A to the Master Lease among the School Board, the Lee County School Board Leasing Corporation (the “Corporation”) and U.S. Bank Trust Company, National Association, as trustee; approving the issuance, through a negotiated public sale, of not to exceed $55,000,000 aggregate principal amount of refunding Certificates of Participation, Series 2026A (the “Series 2026A Certificates”), for the purpose of providing funds to refinance the Series 2016A Facility; authorizing the selection of an underwriting team, authorizing a negotiated public sale of the Series 2026A Certificates and the execution of a certificate purchase contract with respect thereto within certain parameters set forth in the Resolution, execution and delivery of a continuing disclosure undertaking; execution and delivery of an Escrow Deposit Agreement with U.S. Bank Trust Company, National Association, as escrow agent, and providing for incidental action and an effective date. The School Board has received proposals for a negotiated public sale of the Series 2026A Certificates, each of which has been submitted and reviewed by staff and Ford & Associates, Inc., the School Board’s Municipal Advisor, and the Superintendent has determined, based on information provided by the School Board’s Municipal Advisor, that the proposal submitted by Raymond James & Associates, Inc. to serve as underwriter for a public underwriting of the Series 2026A Certificates (the “Underwriter”) will provide the most favorable financing terms and will result in the most stable and manageable interest costs available to the School Board. The accompanying Resolutions of the School Board and the Leasing Corporation, among other purposes: (i) authorize the issuance of the refunding Series 2026A Certificates; (ii) authorize the execution and delivery of Amended and Restated Schedule 2016A to the Master Lease; (iii) approve the form of and execution by the Corporation of a Series 2026A Supplemental Trust Agreement; (iv) authorize the sale of the Series 2026A Certificates in a negotiated public sale within certain parameters set forth in the Resolutions, (v) authorize the execution and delivery of a Certificate Purchase Contract; (vi) approve the form of a Preliminary Offering Statement and authorize the execution and delivery of a final Offering Statement in connection with the negotiated public sale of the Series 2026A Certificates; (vii) authorize the execution and delivery of a Disclosure Dissemination Agent Agreement; (viii) authorize the acceptance of a commitment for the issuance of a municipal bond insurance policy, if appropriate; (vii) authorize the execution and delivery of an Escrow Deposit Agreement; and (ix) provide for incidental action and an effective date. File Attachments Leasing Corp Resolution (Lee 2026A COPS)(721930085.3).pdf (147 KB) DRAFT 629-00023.E2 Certificate Purchase Contract.pdf (306 KB) D. Other Business E. Adjournment