Agenda Item
Meeting Date: 9/10/2020 - 6:30 PM
Category: Action Items
Type: Action
Subject: 6.2 Adoption of Resolution Authorizing the Park Hill School District of Platte County, Missouri to offer General Obligation Refunding Bonds at Competitive Public Sale
Strategic Plan 2018-2023:
Policy: DA - Fiscal Responsibility
Provide Name(s) of Attachments: PHSD-Go To Market Resolution.pdf
Park Hill SD Bond Refunding Update.pdf
File Attachment:
PHSD-Go to Market Resolution.pdf
Park Hill SD Bond Refunding Update.pdf
Provide Background Details and Rationale: The Park Hill School District voters approved bonds sold in June, 2011 and April, 2012 to support

* the construction of Tiffany Ridge Elementary School;
* additions and renovation of Park Hill High School;
* additions to Park Hill South;
* additions to Congress Middle School;
* parking and traffic improvements to Plaza Middle School;
* safety entrances to Lakeview Middle School, English Landing Elementary, and Union Chapel Elementary;
* security cameras and fire alarm upgrades;
* other building maintenance;
* land for future schools and facilities.

There is potential for the school district to refinance a portion of these bonds ($34,535,000) in order to capitalize on lower interest costs of refinanced bonds.

It is anticipated that the refinancing will save district taxpayers up to $4.3 million in gross interest rate savings, with a net present value of $4.2 million or just over 12.5% of the amount of bonds being refunded. These figures are all net of the estimated issuance costs.

Key dates that support the refinancing follows:

Thursday, September 10, 2020 - Go to market resolution
Thursday, October 22, 2020 - Final Resolution For Bond Sale
Tuesday, October 27, 2020 - Tentative: 10:00am Bond Sale
Tuesday, December 1, 2020 - Bond Sale Closing Date
Provide Funding Source and Estimated Cost: Funding Source for Bond Refinance is through New Bond Sale
Legal References N/A
Name of Persons(s) Submitting Agenda Item with Title Dr. Paul Kelly, Assistant Superintendent for Business & Technology
Presenter(s) if Presentation Anticipated Dr. Paul Kelly, Assistant Superintendent for Business & Technology
Bill Henderson, Todd Goffoy, Hannah Draper, Representatives from Piper Sandler, the District's Financial Advisor
Recommendation: It is recommended that the Park Hill Board of Education adopt the Resolution Authorizing the Park Hill School District of Platte County, Missouri, to offer General Obligation Refunding Bonds at Competitive Public Sale, as presented.
Approvals:
Recommended By:
Signed By:
Dr. Paul Kelly - Assistant Superintendent
Signed By:
Dr. Jeanette Cowherd - Superintendent
Vote Results:

Original Motion
Member Bart Klein Moved, Member Todd Fane seconded to approve the Original motion 'It is recommended that the Park Hill Board of Education adopt the Resolution Authorizing the Park Hill School District of Platte County, Missouri, to offer General Obligation Refunding Bonds at Competitive Public Sale, as presented.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0.
The motion Carried 7 - 0
   
Todd Fane     Yes
Janice Bolin     Yes
Susan Newburger     Yes
Bart Klein     Yes
Scott Monsees     Yes
Kimberlee Ried     Yes
Kyla Yamada     Yes