Pinellas School Board Leasing Corporation - Immediately following the School Board Meeting

2 Tuesday, December 15, 2020 Pinellas School Board Leasing Corporation - Immediately following the School Board Meeting Pinellas County Schools Immediately following the School Board Meeting School Administration Building 301 4th Street SW Largo, FL, 33770 https://www.pcsb.org Vision: 100% Student Success Mission: "Educate and prepare each student for college, career and life." 1. Opening of Meeting Subject 1.1 Call to Order Meeting Dec 15, 2020 - Pinellas School Board Leasing Corporation - Immediately following the School Board Meeting Type Action, Procedural File Attachments 2. New Business Subject 2.1 New Agenda Item Meeting Dec 15, 2020 - Pinellas School Board Leasing Corporation - Immediately following the School Board Meeting Type BACKGROUND : RATIONALE : DATA SOURCES : SUBMITTED BY : File Attachments 2. New Business Subject 2.2 Request Approval of the Corporate Resolution Authorizing the Issuance of Certificates of Participation, Series 2021A to Finance the Acquisition, Construction and Equipping of Various Educational Facilities in the District and Authorizing the President and Secretary to Execute and Deliver Necessary Documents in Connection Therewith Meeting Dec 15, 2020 - Pinellas School Board Leasing Corporation - Immediately following the School Board Meeting Type Action (Consent) Fiscal Impact No Budget Source Approval will result in the issuance of a Certificates of Participation, which will utilize the district's capital outlay millage (Local Capital Improvement Fund) as the source of repayment. Recommended Action Approve the Corporate Resolution Goals BACKGROUND : The Corporate Resolution approves lease-purchase financing of the acquisition, construction and equipping of various educational facilities in the district through the School Board's existing Master Lease (COPS) Program with the Corporation. The financing, if approved, would be accomplished through the issuance of Certificates of Participation, Series 2021A (the "Series 2021A Certificates") in the aggregate principal amount not-to-exceed $75,000,000. The Corporate Resolution authorizes the issuance of the Series 2021A Certificates in order to finance such improvements as long as certain parameters are met, including a true interest cost of not more than 3.50%. The Corporate Resolution also authorizes the President and Secretary to execute all necessary documents and take such other action as necessary or required to accomplish the financing. RATIONALE : Approval of this resolution authorizes the district and its finance team to proceed with the financing process for the issuance of the Series 2021A Certificates of Participation. DATA SOURCES : Karen L. Coffey, Executive Director, Budget & Resource Allocation Ford and Associates Nabors, Giblin and Nickerson SUBMITTED BY : Kevin W. Smith, CPA, Associate Superintendent, Finance and Business Services File Attachments Leasing Corporation Corporate Resolution with Exhibits.pdf (711 KB) 3. Adjournment Subject 3.1 Adjournment Meeting Dec 15, 2020 - Pinellas School Board Leasing Corporation - Immediately following the School Board Meeting Type Action, Procedural File Attachments