Board of Directors, Leasing Corporation Meeting

2 Tuesday, February 27, 2024 Board of Directors, Leasing Corporation Meeting An Equal Opportunity School District MEETING TIME AND LOCATION: Immediately follows the Special School Board Meeting scheduled for 5:00 p.m. - 1614 E Fort King Street, Ocala, Florida 34471 ADA ASSISTANCE: Anyone needing special assistance at the meeting of the Marion County School Board due to a disability should contact Ms. Elena Martinez, Executive Assistant, at least 72 hours prior to the meeting. She can be reached at 352/671-7707. Student speech does not reflect the endorsement, sponsorship, position, or expression of the Marion County School District. 1. Call to Order Subject 1.1 Call to Order - Special Meeting of the Board of Directors of the Marion County School Board Leasing Corporation - COP Meeting Feb 27, 2024 - Board of Directors, Leasing Corporation Meeting Type Action, Procedural Rationale and Methodology: Hold a Special Meeting of the Board of Directors for the Marion County School Board Leasing Corporation - COP to approve Resolutions 24-03 and 24-04. Financial History and Term/Time Frame: The Certificates of Participation are expected to be issued this fiscal year to allow for the time completion of the projects. The Certificates of Participation, Series 2024 Bond Anticipation Note (BAN), are expected to be issued during March 2024 to allow for the timely letting and encumbrance of the projects. Effect of Action/Results: The purpose of the Meeting is to obtain the Board's approval for Resolutions 24-03 and 24-04. Board Policy, Florida Statutes, Admin. Code: Section 1001.42, Fla. Stats. (2023) and Articles of Incorporation/Bylaws of the Marion County School Board Leasing Corporation. File Attachments 2. Proof of Publication Subject 2.1 Proof of Publication Meeting Feb 27, 2024 - Board of Directors, Leasing Corporation Meeting Type Procedural Rationale and Methodology: Hold a Special Meeting of the Board of Directors of the Marion County School Board Leasing Corporation - COP to approve Resolutions 24-03 and 24-04. Prior Board Action Date (s): N/A Financial History and Term/Time Frame: The Certificates of Participation are expected to be issued this fiscal year to allow for the timely completion of the projects. The Certificates of Participation, Series 2024 Bond Anticipation Note (BAN), are expected to be issued during March 2024 to allow for the timely letting and encumbrance of the projects. Effect of Action/Results: The purpose of the Meeting is to obtain the Board's approval for Resolutions 24-03 and 24-04 Board Policy, Florida Statutes, Admin. Code: Board Policy 0151 Section 1001.40, Fla. Stats. (2023) and Articles of Incorporation/Bylaws of the Marion County School Board Leasing Corporation. File Attachments Proof of Publication Board Leasing Corp.pdf (117 KB) 3. Review of Organizational Procedures Subject 3.1 Review of Organizational Procedures by School Board Attorney Meeting Feb 27, 2024 - Board of Directors, Leasing Corporation Meeting Type Procedural Rationale and Methodology: Articles of Incorporation/Bylaws of the Marion County School Board Leasing Corporation call for an annual meeting for the purpose of confirming the continuation of procedures set forth in the Articles of Incorporation. Prior Board Action Date(s): N/A Financial History and Term/Time Frame: Procedures are reviewed by the School Board Attorney, who is also the Corporation Attorney Effect of Action/Results: Compliance with Articles of Incorporation/Bylaws of the Marion County School Board Leasing Corporation. Board Policy, Florida Statutes, Admin. Code: Board Policy 0161 Section 1001.40, Fla. Stats. (2023) and Articles of Incorporation/Bylaws of the Marion County School Board Leasing Corporation. File Attachments 4. Purpose of Meeting Subject 4.1 Resolution 24-03 Authorizing the Issuance of Certificates of Participation, Series 2024 not to exceed $330,000,000.00 Meeting Feb 27, 2024 - Board of Directors, Leasing Corporation Meeting Type Action Fiscal Impact Yes Dollar Amount $330,000,000.00 Budgeted No Budget Source Capital Projects and Debt Service Funds Recommended Action Approve the issuance of the Certificates of Participation, Series 2024, not to exceed $330,000,000.00 to finance the projects described under Rationale and Methodology. Rationale and Methodology: The proceeds of the Certificates will be provided to the School Board to construct a new southwest high school "CCC", a new Middle School “DD,” a new Elementary School “W,” a new Elementary School “X,” and certain additions or improvements to Liberty Middle School, Horizon Academy, Osceola Middle School, Hammet Bowen Jr. Elementary School, and Marion Oaks Elementary School. The Resolution delegates authority to the Chair and the Superintendent to enter a Certificate Purchase Contract with the Underwriters if certain interest rate, final maturity and other parameters are satisfied. Prior Board Action Date(s): Board Meeting: 09/12/2023 Approved Financial History and Term/Time Frame: The Certificates of Participation are expected to be issued this fiscal year to allow for the timely completion of the projects. Effect of Action/Results: If approved, the Series 2024 Certificates of Participation will be issued and the contracts for the construction of the schools and improvements can be entered and budgeted to be paid from the proceeds of this permanent financing which will allow the schools to be opened timely. The proceeds of the permanent financing will also be used to repay the amounts drawn and unpaid on the Series 2024 Bond Anticipation Note (BAN) Certificates. Board Policy, Florida Statutes, Admin. Code: Chapters 617, 1011, and 1013, Florida Statutes. File Attachments School Board Resolution - 24-03.pdf (1,001 KB) Resolution 24-03.pdf (353 KB) Motion & Voting Approve the issuance of the Certificates of Participation, Series 2024, not to exceed $330,000,000.00 to finance the projects described under Rationale and Methodology. Motion by Eric Cummings, second by Lori Conrad. Final Resolution: Motion Carries Yea: Allison Campbell, Eric Cummings, Lori Conrad, Nancy Thrower, Sarah James 4. Purpose of Meeting Subject 4.2 Resolution 24-04 Authorizing the Issuance of Certificates of Participation, Series 2024 Bond Anticipation Note (BAN) not to exceed $92,000,000.00 Meeting Feb 27, 2024 - Board of Directors, Leasing Corporation Meeting Type Action Fiscal Impact No Dollar Amount $92,000,000.00 Budgeted No Budget Source Capital Projects and Debt Service Funds Recommended Action Approve the issuance of the Certificates of Participation, Series 2024 Bond Anticipation Note (BAN) not to exceed $92,000,000.00 to provide interim financing for the projects described under Rationale and Methodology. Rationale and Methodology: The proceeds of the Series 2024 Bond ANticipation Note (BAN) Certificates will be used to provide interim financing for a new southwest high school "CCC", new Middle School “DD”, new Elementary School “W”, new Elementary School “X”, and certain additions or improvements to Liberty Middle School, Horizon Academy, and Osceola Middle School. The Series 2024 Bond Anticipation Note (BAN) Certificates are draw down, variable rate financing that allows the School Board to enter contracts and encumber the funds without drawing the funds, thereby not incurring interest expenses until the funds are actually spent. An Unused Fee is required until the available funds are actually drawn. Absent the issuance of the Series 2024 Bond Anticipation Note (BAN) Certificates, the School Board would not be able to enter the construction and other contracts until Series 2024 Certificates (the permanent financing) is issued. Prior Board Action Date(s): Board Meeting: 09/12/2023 Approved Financial History and Term/Time Frame: The Certificates of Participation, Series 2024 Bond Anticipation Note (BAN) are expected to be issued during March 2024 to allow for the timely letting and encumbrance of the projects. Effect of Action/Results: If approved, the Series 2024 Bond Anticipation Note (BAN) Certificates will be issued and the contracts for the construction of the schools and improvements can be entered and budgeted to be paid from the proceeds of this interim financing which will allow the schools to be opened timely. Board Policy, Florida Statutes, Admin. Code: Chapters 617, 1011, and 1013, and Section 215.421 Florida Statutes. File Attachments School Board Resolution - 24-04.pdf (815 KB) Resolution 24-04.pdf (470 KB) Motion & Voting Approve the issuance of the Certificates of Participation, Series 2024 Bond Anticipation Note (BAN) not to exceed $92,000,000.00 to provide interim financing for the projects described under Rationale and Methodology. Motion by Sarah James, second by Allison Campbell. Final Resolution: Motion Carries Yea: Allison Campbell, Eric Cummings, Lori Conrad, Nancy Thrower, Sarah James 5. Adjournment of Meeting Subject 5.1 Closure of the Meeting Meeting Feb 27, 2024 - Board of Directors, Leasing Corporation Meeting Type Action, Procedural Budget Source N/A Recommended Action Adjourn the meeting. Rationale and Methodology: Formal closure of the meeting through a motion, second, and vote by Board members. Financial History and Term/Time Frame: The chair requests a motion for adjournment. Effect of Action/Results: Obtain approval for adjournment of the meeting. Board Policy, Florida Statute, Admin. Code: Board Policy 0165.5 File Attachments Motion & Voting Adjourn the meeting. Motion by Lori Conrad, second by Allison Campbell. Final Resolution: Motion Carries Yea: Allison Campbell, Eric Cummings, Lori Conrad, Nancy Thrower, Sarah James