Special Meeting of the Financing Corporation for The School Board of Lake County, Florida

1 Monday, March 24, 2025 Special Meeting of the Financing Corporation for The School Board of Lake County, Florida Immediately Following the Regular School Board Mtg. (beginning at 6:00 pm) Commission Chambers Lake County Administration Bldg. 315 W. Main St., Tavares, FL "We are 5,000 strong serving 42,000 students." 1. OPENING ITEMS Subject 1.01 Call to Order - Followed by a Moment of Silence and the Pledge of Allegiance (Tyler Brandeburg, Chairman of the School Board and President of the Financing Corporation) Meeting Mar 24, 2025 - Special Meeting of the Financing Corporation for The School Board of Lake County, Florida Type File Attachments 2. PUBLIC INPUT: The meeting can be viewed live through the lakecountyfl.gov website. Any person may request permission to speak to the Board in person, by filling out a public input card located at the entrance to the meeting room and submitting it to the clerk before the start of the meeting. A three-minute time limit will be imposed for each speaker. 3. TOPICS Subject 3.01 Refunding Certificates of Participation, Series 2025A, to refund the callable portion of the District’s outstanding Certificates of Participation, Series 2015B (the “2015B Certificates”) for debt service savings. Meeting Mar 24, 2025 - Special Meeting of the Financing Corporation for The School Board of Lake County, Florida Type Action BACKGROUND and RATIONALE: Public Financial Advisors LLC (“PFM”) will serve as financial advisor to the School District of Lake County, Florida (the “District”) on the proposed issuance of its Refunding Certificates of Participation, Series 2025A, to refund the callable portion of the District’s outstanding Certificates of Participation, Series 2015B (the “2015B Certificates”) for debt service savings. We estimate under current market conditions, the District could realize approximately $1,580,000.00 of net present value debt service savings (net of all costs associated with completing the transaction) or 4.60% of the Refunded Certificates par amount. This equates to a reduction in annual debt service payments of approximately $250,000.00 through the final maturity of 2031 (no extension of the final maturity). PFM recommends the District undertake the transaction if debt service savings in excess of 3% of the Refunded Certificates par amount can be achieved. This savings threshold is consistent with prior transactions completed by the District. We are requesting Board approval to authorize the President and Secretary to enter into agreements to issue Series 2025A Certificates to refund 2015B Certificates of Participation. ALTERNATIVES : Accept agreements to issue Series 2025A Certificates to refund Series 2015B Certificates of Participation. Do not accept agreements to issue Series 2025A Certificates to refund Series 2015B Certificates of Participation. RECOMMENDATION : I recommend the Financing Corporation authorize the President and Secretary to execute the agreements to issue Series 2025A Certificates to refund Series 2015B Certificates of Participation. FISCAL IMPACT : If approved, the District could realize approximately $1,580,000.00 of net present value debt service savings (net of all costs associated with completing the transaction) or 4.60% of the Refunded Certificates par amount. DA TA SOURCE : This item was prepared and presented to the Board for approval by Scott Ward, Treasurer of the Financing Corporation. Questions may be directed to 352-253-6566. File Attachments EXHIBIT A - Amendment No. 4 to 2006A Ground Lease.pdf (330 KB) EXHIBIT B - A&R Lease Schedule No. 2006A.pdf (357 KB) EXHIBIT C - Series 2025A Supplemental Trust Agreement.pdf (253 KB) EXHIBIT D - Certificate Purchase Agreement.pdf (286 KB) Corporate Resolution Lake Schools 2025A (2015B refunding) AGENDA (002).pdf (254 KB) Preliminary Offering Statement - 2025A - v3 dist 3.20.25.pdf (1,002 KB) Motion & Voting to approve the Superintendent's recommendation Motion by Bill Mathias, second by Mollie Cunningham. Final Resolution: Motion Carries Yea: Bill Mathias, Stephanie Luke, Marc Dodd, Mollie Cunningham, Tyler Brandeburg 4. BOARD MEMBER COMMENTS 5. ADJOURNMENT