August 31, 2016, - Through a competitive bid process, the District issued Tax Anticipation Notes (TANs) in the amount of $125 million dollars. The District was able to achieve a favorable net interest cost of 0.51%. TANs are short term notes issued by school districts and other governments to fund operational requirements due to timing of the receipt of property taxes. This occurs annually during the first half of the fiscal year.
On April 27, 2016, the District closed on $198.205 million Certificates of Participation (COPs), Series 2016A and $18.735 million, Series 2016B. Proceeds from the transactions were used to refund, on an advanced basis, a portion of the School Board’s outstanding COPs, Series 2008A and 2009A. The District was able to achieve a True Interest Cost (TIC) of 2.87%, while locking in $24.2 million of Net Present Value (NPV) savings, or 10.4% of refunded par.
October 13, 2015 Through a competitive bid process, the District issued Tax Anticipation Notes (TANs) in the amount of $125 million dollars. The District was able to take advantage of the continued low interest rate environment and achieved a favorable net interest cost of 0.070755. TANs are short term notes issued by school districts and other governments to fund operational requirements due to timing of the receipt of property taxes. This occurs annually during the first half of the fiscal year.
On June 18, 2015, the School District issued the first of the expected five (5) series, within the span of the next five (5) or six years (6), of General Obligation School Bonds. This first issuance, the District issued $155,055,000 par amount of bonds from the voter approved amount of $800 million. Broward County Public Schools has committed to investing to enhance students’ learning environments by focusing on improvements in Safety, Music, Art, Athletics, Renovations and Technology, known as the “SMART Initiative”.
February 2015 – In an effort to capitalize on the existing low interest rate environment, the District refunded its outstanding Certificates of Participation (COPs), Series 2005A, 2006A, and 2007A. Market conditions were favorable for the District at the time of pricing, in early January 2015, and was able to refund the old bonds (Series 2005A, 2006A, and 2007A) under new COPs, Series 2015A and Series 2015B. With this refunding, the District realized a net present value (NPV) savings of more than $52 million.
November 4, 2014 - By an overwhelming support of 73.7% of the voters, a $800 million General Obligation Bond (GOB) referendum was approved on the November 4, 2014 ballot. Proceeds from the bond issue will be used to modernize and improve the safety of outdated educational facilities and upgrade instructional technology. This approval of the GOB will allow the District to enhance student’s learning environments by focusing on improvements in safety, music, art, athletics, renovations and technology to achieve its long term goals. The District is in process of amending the DEFP for the inclusion of the GOB. For more information...
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