Meeting Date:   7/15/2019 - 7:00 PM
Category:   Action Considerations
Type:   Action
Subject:   Action Consideration #1907-14 - Resolution Providing for the Issue of Not to Exceed $4,000,000 General Obligation Limited Tax Refunding School Bonds, Series 2019, of the District, for the Purpose of Refunding Certain Outstanding Bonds, Providing for the Levy of a Direct Annual Tax to Pay the Principal and Interest on Said Bonds, and Authorizing the Sale of Said Bonds to the Purchaser Thereof
Enclosure
File Attachment:  
Lockport 205 Parameters Refunding 4824-0327-4395 v2.pdf
Lockport 205_FA Agreement for 2019 Refunding_041019.pdf
Chapman & Cutler EngagementLetter.pdf
Summary At the May 20, 2019 meeting I provided the Board of Education with an information report identifying an opportunity to save approximately $200,000 in interest income by refunding the callable portion of the District's currently outstanding 2010 Taxable General Obligation Limited School Bonds. The refunding process begins with the Board of Education approving a resolution declaring that it is the intent of the District to issue new bonds for the purpose of paying off the 2010 callable bonds. The proposed resolution is attached to this memo. The proceeds of the new bond issue, the payoff of the callable bonds and the related issuance costs are all included in the FY 2020 Tentative Budget that the Board of Education will also be asked to approve on July 15, 2019.

The District has used PMA Securities as the Financial Advisor and Chapman and Cutler LLP as the Bond Counsel for previous bond issues and I recommend continuing to do so. The Financial Advisory Agreement between the District and PMA Securities LLC and the Engagement Letter between the District and Chapman and Cutler LLP associated with this refunding bond issue are also attached to this memo for board approval.
Funding
Recommendation I recommend that the Board of Education approve the Resolution Providing for the Issue of Not to Exceed $4,000,000 General Obligation Limited Tax Refunding School Bonds, Series 2019, of the District, for the Purpose of Refunding Certain Outstanding Bonds, Providing for the Levy of a Direct Annual Tax to Pay the Principal and Interest on Said Bonds, and Authorizing the Sale of Said Bonds to the Purchaser Thereof as well the Financial Advisory Agreement with PMA Securities LLC and the Engagement Letter with Chapman & Cutler LLP.
Approvals:  
Recommended By:
Signed By:  
Stefanie Croix - Director of Business Services
Signed By:  
Robert McBride Ed.D - Superintendent