2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO FIN10 - How to Use Bond Funds Creatively While Complying with Legal Requirements Marilyn J. Cleveland,

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Presentation transcript:

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO FIN10 - How to Use Bond Funds Creatively While Complying with Legal Requirements Marilyn J. Cleveland, Dannis Woliver Kelley Samuel R. Santana, Dannis Woliver Kelley APRIL 3-6, 2013, LONG BEACH, CA These materials have been prepared by CASBO Associate Members. They have not been reviewed by State CASBO for approval, so therefore are not an official statement of CASBO.

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO OVERVIEW Part 1Legal Requirements for Use of Bond Funds Part 2Using Bond Funds

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Part 1: Legal Requirements  Permissible uses of bond funds  Restrictions on uses of bond funds  Case Study

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Part 2: Creative Use Of Bond Funds  CABs  Technology Endowments  Refunding Bonds  Case Study

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Part 1: Legal Requirements

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Restrictions on Uses of Prop. 39 Bond Funds

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Permissible Uses of Bond Funds Prop. 46 (2/3rds voter approval) Prop. 39 (55% voter approval):

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Permissible Uses of Bond Funds Operating vs. Capital Expenses –District operating expenses may not be financed with bonds. –California Attorney General Opinion.

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Case Study Using Prop. 39 Bond Proceeds for Project Administrative Costs.

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Part 2: Creative Use Of Bond Funds

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Capital Appreciation Bonds

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Capital Appreciation Bonds

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Capital Appreciation Bonds

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Technology Endowments

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Refunding Bonds Most commonly issued to achieve interest cost savings. Market conditions are conducive to resulting in cost savings.

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO 1 General Obligation bonds maturing in 20 years are used in compiling this index. The 20-bond index has an average rating equivalent to the Aa2 from Moody’s and AA from Standard & Poor. Source: Bloomberg

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Case Study: Using Bond Funds to Provide General Fund Relief Existing lease obligations (“COPs”) were paid off, resulting in over $7 million in savings per year. –Unrestricted rental income of approximately $4.7 million per year has been freed up for other purposes. –Developer fees of approximately $2.5 million per year is available for other capital uses.

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Savings to District’s Taxpayers Existing bond debt service was reduced by $12.82 million. For the taxpayer, annual savings are expected to average $1.69 per $100,000 of AV. The median assessed value for a single family home is $355,120 – so the typical homeowner will pay $6.01 less per year.

2013 CASBO ANNUAL CONFERENCE & SCHOOL BUSINESS EXPO Marilyn J. Cleveland (415) Samuel R. Santana (562) Please come join us at DWK's Truck CASBO on Thursday, April 4, 2013, from 8:30 a.m. to 5:30 p.m., when we will open up DWK's Long Beach office to friends of DWK and provide a comfortable setting for you to make use of our business services (wifi, fax, telephone, copier/scanner), enjoy a light snack, and have an opportunity to chat with colleagues and our attorneys.