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Action Items: Measure P Refunding and New Issuance

This presentation recommends actions for the board to approve the refinancing of $40.2 million in Series A bonds from 2011, leading to taxpayer savings. It also proposes the issuance of $33 million in Series C bonds for a faster payoff with additional taxpayer savings. The community engagement process includes town hall meetings, editorial by the Superintendent, and presentations to city councils and community organizations. The timeline for financing involves adopting resolutions on October 18, seeking an updated credit rating by the end of October, and delivering funds in mid-December or early January.

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Action Items: Measure P Refunding and New Issuance

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  1. Action Items:Measure P Refunding and New Issuance Presentation to the Board of Trustees Brett W. McFadden, Associate Superintendent / CBO Tim Carty, Piper Jaffrey October 18, 2016

  2. Action items • Recommended action for this evening: • Resolution to approve refunding (refinancing) • Refinance up to $40.2 million of Series A bonds from 2011 • Achieves taxpayer savings due to lower interest payments • Straight forward financing – Current interest bonds • Same terms and financing schedule • All savings passed on to taxpayers • Resolution to approve new issuance • $33 million – becomes Series C bonds • Estimated at $39/100k AV • Faster payoff with taxpayer savings • Straight forward financing – Current interest bonds

  3. Community engagement • Community engagement effort completed: • Five town hall meetings • Opinion editorial by Superintendent • Misc. community meetings • Presentations to city councils and community organizations • Misc. print and media coverage

  4. Board meetings • Presentations to the board: • Aug 26 – special study session • September 13 – finance options laid out • September 27 – general update • October 4 – general update, notice of possible action on Oct. 18 • October 18 – recommended action on resolutions

  5. Timeline - Financing • Timeline based on an October 18 board adoption date • October 18 • Adopt resolution(s) for refunding and new issuance • Includes proposed financial terms and conditions • Preliminary offering statement • October 24 (week of) • District seeks updated credit rating – Week of October 24 • November / December • Packaging and sale of bonds • Mid December / early January • Delivery of funds

  6. Conclusion Questions and Comments

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