3. SPECIAL MEETING for PALM BEACH COUNTY SCHOOL BOARD LEASING CORP immediately following Regular Meeting in the Board Room

0 Wednesday, October 18, 2023 3. SPECIAL MEETING for PALM BEACH COUNTY SCHOOL BOARD LEASING CORP immediately following Regular Meeting in the Board Room This meeting is open to the public. Agenda Topic Speakers are heard at this meeting. Please call the Board Office at 561-434-8136 to sign up by noon the day of the meeting, send written comments to boardoffice@palmbeachschools.org, or turn in a blue card to the Board Clerk prior to this meeting being called to order. 1. Call To Order Subject Chairman Opens Meeting - Board Clerk Takes Attendance Meeting Oct 18, 2023 - 3. SPECIAL MEETING for PALM BEACH COUNTY SCHOOL BOARD LEASING CORP immediately following Regular Meeting in the Board Room Category 1. Call To Order Type Procedural File Attachments 2. Opening Comments Subject New Agenda Item Meeting Oct 18, 2023 - 3. SPECIAL MEETING for PALM BEACH COUNTY SCHOOL BOARD LEASING CORP immediately following Regular Meeting in the Board Room Category 2. Opening Comments Type DESCRIPTION: CONTACT: FINANCIAL IMPACT: Strategic Themes (choose all that apply):  A. Academic Excellence and Growth  B. Student-Focused Culture  C. Mental Health and Wellness  D. Committed and Impactful Employees Priority Outcomes (choose all that apply):  Educate  Affirm  Inspire File Attachments 3. Item for Approval Subject LC1 Proposed 2023A COP Issue Meeting Oct 18, 2023 - 3. SPECIAL MEETING for PALM BEACH COUNTY SCHOOL BOARD LEASING CORP immediately following Regular Meeting in the Board Room Category 3. Item for Approval Type Action Recommended Action I recommend the Palm Beach School Board Leasing Corp authorize the resolution to issue Certificates of Participation Series 2023A with an aggregate principal amount not to exceed $165 million. DESCRIPTION: On November 2, 2022, the Palm Beach School Board Leasing Corp approved the issuance of debt via Certificates of Participation Series 2023A and 2023B. The issuance was delayed while awaiting final project budgets. At this time, the District is ready to proceed with the financing of four of the projects: Pine Grove ES Modernization Timber Trace Core Expansion West Riviera ES Modernization Wynnebrook ES Modernization The previously approved resolution is considered out of date and must be replaced with this current resolution. The financing for the other projects planned for the 2023 COP issues, Roosevelt Full Service Ph 1 and North Tech/Riviera Beach Prep, will be shifted to 2024 when project budgets will be available. The projects will move forward as scheduled in the FY 2024 Capital Plan. The 2023A transaction will mature no later than 8/1/2048. The estimated cost of issuance of the debt is not to exceed $1,342,195. A detailed list of the estimated costs is attached. Bank of America Securities, Inc will serve at the Senior Underwriter and J.P. Morgan will serve as the Co-Senior Underwriter. RBC Capital Markets, LLC, Siebert Williams Shank & Co. LLC and Stifel, Nicolaus & Company, Inc will serve as Co-Underwriters on the transaction. The underwriting team is based on the contract approved the School Board in January 2018. The Finance Committee reviewed the transaction at their meeting on October 29, 2022 and will receive an update at their upcoming meeting on October 27, 2023. The School Board of Palm Beach County will also consider this item on October 18, 2023 (agenda item FMT1) CONTACT: Heather Frederick, CFO (Heather.Frederick@palmbeachschools.org) Leanne Evans, Treasurer (Leanne.Evans@palmbeachschools.org) FINANCIAL IMPACT: The issuance of COP series 2023A will provide funding for a portion of the FY 2024 capital budget. Revenues of approximately $165 million will be used to finance the construction projects listed above and the costs of issuance not to exceed $1,342,195. Strategic Themes (choose all that apply): x A. Academic Excellence and Growth  B. Student-Focused Culture  C. Mental Health and Wellness x D. Committed and Impactful Employees Priority Outcomes (choose all that apply): x Educate x Affirm x Inspire File Attachments Leasing Corp. Resolution with exhibits - COPS Series 2023A.pdf (7,835 KB) 2023A Cost of Issuance 10-2023.pdf (104 KB) Motion & Voting I recommend the Palm Beach School Board Leasing Corp authorize the resolution to issue Certificates of Participation Series 2023A with an aggregate principal amount not to exceed $165 million. Motion by Karen Brill, second by Erica Whitfield. Final Resolution: Motion Passes Yea: Marcia Andrews, Frank Barbieri, Karen Brill, Barbara McQuinn, Erica Whitfield 13. Adjourn Subject END TIME Meeting Oct 18, 2023 - 3. SPECIAL MEETING for PALM BEACH COUNTY SCHOOL BOARD LEASING CORP immediately following Regular Meeting in the Board Room Category 13. Adjourn Type Action Recommended Action Motion to adjourn the meeting. File Attachments Motion & Voting Motion to adjourn the meeting. Motion by Marcia Andrews, second by Erica Whitfield. Final Resolution: Motion Passes Yea: Marcia Andrews, Frank Barbieri, Karen Brill, Barbara McQuinn, Erica Whitfield