|
|
|
|
|
Meeting Date:
|
4/17/2019 - 5:15 PM
|
|
Category:
|
Action Items
|
|
Type:
|
Action
|
|
Subject:
|
4.2 BUSINESS: Resolution No. 1:18-19 - Resolution of The Board Of Directors of the Perris Valley Schools Capital Facilities Corporation Approving the Execution and Delivery of Documents In Connection With the Sale And Delivery of the Perris Union High School District 2019 Certificates Of Participation School Financing Project in a Principal Amount Not to Exceed $45,000,000 and Authorizing and Directing Certain Actions In Connection Therewith
|
|
Strategic Plan:
|
|
|
Enclosure
|
|
|
File Attachment:
|
|
|
Summary:
|
On December 20, 2007, the Perris Union High School District (the “District”) caused the execution and delivery of its 2007 Certificates of Participation (School Refinancing Project) (the “Prior Certificates”) in an aggregate principal amount of $9,100,000, representing interests in lease payments to be made under a Lease/Purchase Agreement, dated as of December 1, 2007, by and between the District and the Perris Valley Schools Capital Facilities Corporation, a California nonprofit public benefit corporation formed by the District (the “Corporation”).
It has been determined that it is in the best interest of the District to prepay all of the outstanding principal amount of the Prior Certificates, finance additional capital improvements to District sites and facilities, establish a reserve fund, and pay all necessary legal, financial, and contingent costs in connection therewith, by the execution and delivery of the “Perris Union High School District 2019 Certificates of Participation (School Financing Project)” (the “Certificates”).
The resolution before the Board of Directors of the Corporation would permit the execution and delivery of the Certificates and certain actions in connection therewith.
The District and the Corporation would cause the execution and delivery of a Trust Agreement (the “Trust Agreement”), pursuant to which the Certificates would be sold. The Certificates will represent interest in payments to be made pursuant to a Lease/Purchase Agreement (the “Lease”). The maximum amount authorized to be borrowed would be $45,000,000. The compensation to the Underwriter is currently estimated not-to-exceed 1.0% of the principal amount of Certificates.
The resolution would approve the forms of the Trust Agreement and Lease, together with related documents, including a Site Lease and an Assignment Agreement, and authorize the Chairman, Vice Chairman, Secretary, Chief Financial Officer, and Executive Director of the Corporation to take any and all actions necessary to consummate the sale, execution and delivery of the Certificates.
|
|
Funding:
|
There is no cost directly associated with this item; all costs related to the cost of issuance are funded through the financing proceeds.
|
|
Recommendation:
|
It is recommended that the Board of Trustees adopt Resolution No. 1:18-19 - Resolution of the Board of Directors of the Perris Valley Schools Capital Facilities Corporation approving the execution and delivery of documents in connection with the sale and delivery of the Perris Union High School District 2019 Certificates of Participation School Financing Project in a principal amount not to exceed $45,000,000 and authorizing and directing certain actions in connection therewith.
|
|
Approvals:
|
|
Recommended By:
|
|
Signed By:
|
|
|
Candace Reines - Deputy Superintendent
|
|
|
Signed By:
|
|
|
Grant Bennett - Superintendent
|
|
|
|
|
Vote Results:
|
| Original Motion | | Member David Nelissen Moved, Member Dr. Jose Luis Araux seconded to approve the Original motion 'It is recommended that the Board of Trustees adopt Resolution No. 1:18-19 - Resolution of the Board of Directors of the Perris Valley Schools Capital Facilities Corporation approving the execution and delivery of documents in connection with the sale and delivery of the Perris Union High School District 2019 Certificates of Participation School Financing Project in a principal amount not to exceed $45,000,000 and authorizing and directing certain actions in connection therewith.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Dr. Randall Freeman | Yes | | Dr. Jose Luis Araux | Yes | | Edward Garcia, Jr. | Yes | | Anthony T. Stafford, Sr. | Yes | | David Nelissen | Yes | |
|
|
|
|
|
|
|