Agenda Item
Meeting Date:
8/10/2017 - 7:00 PM  
Information - Presentations  
7.2 Series 2017 General Obligation Bond Sale  
Comprehensive School Improvement Plan Reference:
Focus Area: Financial
Key Requirements: Maintain a sound fiscal position with transparency, integrity and efficiency while supporting the strategic goals of the district.
DA - Fiscal Responsibility  
Provide Name(s) of Attachments:
Bond Issue Update prepared for: Park Hill School District  
File Attachment:
Park Hill SD Bond Issue Update.pdf
Provide Background Details and Rationale:
In April, 2017 Park Hill School District voters passed a $110 million bond issue for capital projects that includes the construction of Middle School #4, Elementary School #11, LEAD Innovation Studio, and a Support Services building.

Rather than sell the first series of bonds immediately after the vote in April, the district decided to wait for the 2017 Aggregate Assessed Valuation figures. Having this data informs the district on how much of the authorized $110 million to sell and when to sell. The plan of finance must (1) meet the project cash flow needs; (2) capitalize on current interest rates; and (3) reasonably project no debt service tax increase in future years.

District staff worked with Financial Advisers, Piper Jaffray, on the plan of finance. The plan incorporates the +7.0% aggregate assessed valuation growth for 2017 and average 1.5% growth in future years. The current plan is to issue $90 million in Fall, 2017 with the remaining $20 million issued in Fall of 2018 or 2019.

Assuming Board consensus to proceed, key dates in the issuance process include:

** August 24: Board action on “Go-to-Market” Resolution
** Week of September 4: Rating Agency Update
** Week of September 18: Rating Received and Preliminary Official Statement Published
** September 28: Competitive Bond Sale (10 a.m.) / Board adopts Bond Resolution
** October 12: Closing of the bond issue
Provide Funding Source and Estimated Cost:
Proceeds from the sale of General Obligation Bonds  
It is anticipated a "Go-to-Market" Resolution will be presented to the Board of Education at the August 24, 2017 meeting.  
Recommended By:
Signed By:
Dr. Paul Kelly - Assistant Superintendent
Signed By:  
Dr. Jeanette Cowherd - Superintendent