Financing Life / Health Safety Repairs Linda Rafanello SVP PMA Securities,Inc. May 18, 2006.

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Presentation transcript:

Financing Life / Health Safety Repairs Linda Rafanello SVP PMA Securities,Inc. May 18, 2006

Health Life Safety Process Annual Building Inspections  ROE and Administration Ten Year Life Safety Survey Reports Life Safety Projects Identification of Project(s) Review of Financing Options with Financial Advisor/Bond Consultant Determination with Architect of projects, scope, and timing

Admin and Architect determine project is necessary and qualifies for Life Safety. Architect prepares and Amendment for the BOE BOE approves Amend. Amend is forwarded to ROE. ROE provides Certificate of Approval ISBE reviews. State Superintendent signs off and issues a Certificate of Approval Certificate of Approval is sent back to ROE. ROE issues Order to Effect to District. District begins Life Safety work. District has one year to complete urgent items and 5 years to complete required items.

Financing Life Safety Projects Life Safety Levy  Max levy is “nickle” - $0.05  Levy is used to pay for Life Safety repairs and is the first place District should look. The cumulative amount raised since 1983 using the Life Safety Levy is taken into consideration.  The Levy may be used to repay Debt Certificates that are issued to finance Life Safety repairs. (Verify with your County Extension Officer before doing this.)  Should have Life Safety projects outstanding or pending to actually Levy for the “nickle” levy. Most County Extension Officers are now requiring Districts to show proof that they have a project.

Life Safety Debt  Life Safety Bonds  Debt Certificates General Issues  Nickle Levy Historical review of total levy generated since 1983  Review of all prior Life Safety Bonds Issued  Review of all Life Safety Amendments Issued  Rule of Thumb: The amount raised by either the Levy and/or the Bonds (or other District revenue contributions) should equal the amount of the total amendments issued. Tax Capped Status  Non-Capped Counties Life Safety Bonds can be issued without limitation as to rate or amount. Is subject to Debt Margin requirements. DOES REQUIRE PUBLIC NOTICING  BINA – Bond Information Notification Act Hearing prior to issuing bonds.  Hearing must be announced in a newspaper of general circulation. Life Safety Bonds do not require a 30 Day Petitioning Period.

Life Safety Bonds  Capped Districts Life Safety Bonds can be issued within limitations of the Debt Service Extension Base (provided the District has a DSEB.) Limited as to amount of annual debt service payments. Issues with limitation of the DSEB for future planning of District. Same public noticing rules apply as for “non-capped” districts.  BINA Hearing  Notice of Hearing in paper.

Life Safety Bonds  Voted General Obligation Debt Always an option for a Tax Capped District Provides relief from constraints of DSEB Provides Life Safety funding for projects for District’s without DSEB.

Places to Go For Help ISBE Website   Life Safety Handbook on Line Architect ROE Financial Advisor / Bond Consultant