August 25, 2020 at 4:30 PM - Finance Committee

Agenda

Agenda

1) Call to Order

Agenda Item Type: Procedural Item

2) Roll Call

Agenda Item Type: Procedural Item

3) Adoption of Agenda

Agenda Item Type: Information Item

4) Reports

Agenda Item Type: Information Item

4)a. State and Federal COVID-19 Funding Relief Packages

Agenda Item Type: Information Item

4)b. Budget Amendment

Agenda Item Type: Information Item

5) New Business

Agenda Item Type: Action Item

5)a. Bond Refinance

Agenda Item Type: Action Item

Description:

Background
In 2010, the school district sold two series of Certificates of Participation (COPs) to finance the construction of the District’s administration building:

$12,990,000 Taxable Certificates of Participation, Series 2010A (Recovery Zone Economic Development Bonds)
$28,235,000 Taxable Certificates of Participation, Series 2010B (Build America Bonds - Direct Pay)

Each of those series of bonds was part of Federal Stimulus programs which have subsidized interest payments, which over the years have been reduced by sequestration.

Minneapolis SSD No. 1	Series 2020A Refunding COPs
Initial Par Amount	$ 29,040,000
Revised Par Amount (Final)	TBD after sale
Preliminary Net Present Value Savings	$ 5,496,991
Preliminary Savings as a % of Refunded COPs	18.35%

Attachments: (1)

Resolution 2020-2020A

6) Adjournment

Agenda Item Type: Procedural Item

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