THE PROJECTs QSCB FUNDING

Slides:



Advertisements
Similar presentations
State Adopted Budget Board of Education October 19, 2010 LODI UNIFIED SCHOOL DISTRICT Business Services/Budget Department Prepared by: Dr. Cathy.
Advertisements

2008/09 FISCAL YEAR FINANCIAL UPDATE Board Meeting September 16, 2008 Y:\business services\budget\ \adjusted\meetings\B \Financial Update.
General Obligation Bond Presentation December 14, 2010.
Measure G Information August 2014 Enhancing Educational Opportunities at every school in Norwalk and La Mirada.
Lodi Unified School District Construction Projects Status Board Study Session August 19, 2008 Prepared by: Douglas Barge Douglas Barge Art Hand Art Hand.
Energy Generation Project Board Meeting September 7, 2010 Prepared by: Mr. Douglas Barge Mr. Art Hand Y: Business Services\Financial Modeling\Construction.
2008/09 2 nd Interim Reporting Proposed Budget Adjustments Board Meeting January 27, 2009 Prepared by: Mr. Douglas Barge Mr. Douglas Barge & Staff & Staff.
1 Understanding Revenue Allocation Districts (“RADs”) Prepared for the Jersey City Redevelopment Agency Presented by: Glenn F. Scotland, Esq. & Jennifer.
Department of Finance Debt Policy and Debt Profile Overview Finance Committee/City Council August 9, 2010.
Fremont City Schools - Visioning Fremont City Schools August 21, 2008.
Quarryville and High School Project Cost Estimates September 2013.
BOND SALE PLANNING WOODLAND PUBLIC SCHOOLS May 14, 2012 Prepared by: Mark Prussing Senior Managing Consultant Public Financial Management, Inc nd.
BUDGET DEVELOPMENT RE-ALIGNMENT OF CATEGORICAL FUNDS TO MEET GOALS LODI UNIFIED SCHOOL DISTRICT Business Services Y:\business services\budget\ \adjusted\meetings\B \Categorical.
June 11, 2015 Updates on Measure P & Measure M Bond Programs.
AUDIT HIGHLIGHTS YEAR ENDED JUNE 30, Audit Opinion- “Unqualified Opinion” audit report Pages 2-3 District’s Financial Position Improving!
Facility Construction Project Workplan 2012 A Presentation to the Board of Education Prepared by Facilities and Planning May 15, 2012.
Completing the State Aid Payment Request (SAPR). Tips Each spring check on the State Aid Finance web page for the current version of the State Aid Pay.
Budget Committee Workshop February16, Oregon’s local budget law is a group of statutes that require local governments to prepare and adopt annual.
Board of Trustees Meeting November 20,  On May 15, 2012 Board of Trustees authorized Administration to pursue a feasibility study and cost analysis.
0 Douglas County School District No. Re-1 Amendment 61 Potential Impact on Douglas County Schools Presenters:Diane Doney Dee Wisor Terry Casey August 17,
Successful Bond Programs (Community Engagement) Cathy Allen, Chief Operations Officer Facilities Support Services September 22,
California Debt and Investment Advisory Commission Living With an Issue: Ongoing Debt Administration Arto C. Becker, Partner May 14, 2009 San Diego, California.
SMITHVILLE R-II SCHOOL DISTRICT Tradition of Excellence The Power of One … One Community … One Future! November 4, 2014 SMITHVILLE R-II SCHOOL DISTRICT.
“702 KAR 4:160, Capital construction process” 1.  To be developed as procedures document for K-12 school construction projects  Allows KDE to update.
 2012 Pearson Education, Inc. Slide Chapter 13 Personal Financial Management.
Presentation to Board of Education 1 August 2014 Facilities Capital Plan Board of Education Update August 28,
Copyright © 2015, 2011, and 2007 Pearson Education, Inc. 1 Chapter 13 Personal Financial Management.
CFW Caldwell Flores Winters, Inc. Facilities Planning, Public Finance, Program Administration Calistoga Joint Unified School District Financing Options.
PROPOSED CITY OF STOCKTON WATERFORD ESTATES EAST PHASE II ASSESSMENT DISTRICT PUBLIC HEARING Stockton City Council January 6, 2004.
BOARD MEMBER’S GUIDE TO CAPITAL FACILITY PLANNING OPTIONS FOR A SCHOOL DISTRICT 1.
Loan Programs.  What is the PFA?  How does PFA financing work?  What is the Capital Financing Program?  What is the State Revolving Fund Program?
Windsor C-1 School District Planning 2017
What is Tax Increment Financing?
District Budget Advisory Committee
The Costs and Advantages of Home Ownership
Community Improvement Districts County Counselors Association of Kansas Annual Meeting November 15, 2010 Janet S. Garms
Budget Preparation Calendar
2016 Presented by: Raffi Soghomonian
Local Agency Bonds.
Tax Abatement Bonds Presentation City of Marshall, Minnesota
Bond and Override Report
PROPOSED MARCH LANE / HOLMAN ASSESSMENT DISTRICT
Tracking time spent here with us today WO# Task code: 886
Valley & Third Streets Redevelopment
The Billing Process.
Completing the State Aid Payment Request
SOCCCD Basic Aid Allocation Recommendation FY
Classroom Enclosure – Phase II Bonnie Beard Agriculture Center
Qualified Zone Academy Bonds (QZABs): An Introduction
Texas Community College District Financing Options and Process
Status of Construction Projects
Welcome! Hodgson Middle School Parent Information Night
Introduction to Reverse Mortgages FOR THE CONSUMER
Executive Summary The General Fund Unrestricted Ending Fund Balance will once again provide limited resources this year These additional resources will.
Lockeford Elementary School Kindergarten Construction
Board Meeting December 9, 2008
MEASURE r Bond Project timeline
Presented to the School Board -- July 21, 2011
Delta Water Supply Project
February 2017 New Starts Financial Plan
Measure – V Facilities Update April 8th, 2019
Presented by Jesse Deol, CPA
Unaudited Actuals Financial Report
BOND SALE TIMELINE On June 23, 2009 the Board of Trustees approved the District to issue the Measure Z bonds. Approval from Riverside County received on.
Richfield Springs Central School District Smart Schools Initiative
The Billing Process.
Bond Basics Bradley D. Viegut, Director / Fax.
Thinking forward for communities and schools.
Agenda FYE June 30, 2020 Operating Budget
Agenda FYE June 30, 2020 Operating Budget
Presentation transcript:

THE PROJECTs QSCB FUNDING Board Meeting November 17, 2009 Prepared by: Dr. Washer Mr. Douglas Barge Mr. Art Hand, Jr. Y:BusService;BoardAgenda/2003-04/B08-19-03

Table of Contents Description Page No. Introduction 1 QSCB’s – Use of Proceeds Cost of Issuance Pays For? The Projects QSCB’s – The Repayment Plan Balancing the QSCB Program Board Direction Page No. 1 2 3 4 - 6 7 8 9 - i -

Introduction The District’s application for Qualified School Construction Bonds (QSCBs) funding was approved through the State lottery process on August 28, 2009. This will allow the District to borrow funds at zero percent interest for 14-16 years. Our approved application will provide an estimated $4,390,000 of construction resources that can be used to make improvements at Lockeford, Lawrence and McNair. The remaining proceeds from the sale will pay for borrowing discounts and the cost of issuance. At end of that term the funds ($5.5M) must be repaid in full (by a trustee). Lodi was 1 of 43 districts receiving these awards. 1

QSCB’s – Use of Proceeds Qualified School Construction Bonds USES Lockeford Addition McNair Field Improvements Lawrence Parking Cost of Issuance Total Uses $5,500,000 $4,350,000 500,000 110,000 $5,500,000 2

Cost of Issuance Pays For Legal Services Note Rating Services Trustee Services Financial Consulting Services Document Printing Funding Reserve Insurance Contingency Cost of Issuance is limited to 2% of borrowing 3

The Lockeford Addition Project Phase 1 and 2 of this project have been sustainably completed - including renovation of the existing administration building and completion of preliminary site work Work on Phases 3 and 4 Construction of 7 new classrooms/multipurpose/PE room and the conversion of the existing multi-purpose room to a library/computer lab - cannot begin until additional funding is made available, either through local or state sources With this funding in place the Lockeford Addition Project can move forward. 4

The McNair Field Renovation Project Among the numerous deficiencies in the original McNair Construction was the grading and preparation of the grass playfields – situations that have lead to sometimes unplayable field conditions District efforts to maintain the fields in a safe condition have been extraordinary, but the base problems cannot be corrected without substantive additional work, including regrading, reseeding and sprinkler system relocations With this funding in place the necessary improvements to the McNair playfields can get started. 5

The Lawrence Addition Phase 3 Project Phase 1 and 2 of the Lawrence Addition Project - portable relocation and construction of 20 new permanent classrooms – was finished in July 2008 Phase 3 of this project will provide planned and much-needed off-street staff/visitor parking, additional student drop-off area and a redefinition of the school’s main entrance With this funding in place the improvements to Lawrence School can be completed as planned 6

QSCB’s - The Repayment Plan Estimated Annual Payments General Fund will secure payments Additional Funding Sources State School Construction Program Development Fees Measure K Total Repayment $375,260 $3,453,371 $1,989,424 $936,629 $6,379,424 7

Balancing the QSCB’s Program $6,379,424 8

Staff Needs Direction Board Wishes to proceed with the sale of the bonds The Board will be asked to formally approve all the resolutions authorizing the transaction Construction planning can proceed Projects will be completed The Board is not interested at this time Projects will be delayed District will give up its eligibility to participate in the program Funding for the projects will have to be located Possible penalties with existing contractors 9

The End - ii -