Download

View Options:

Show Everything
Hide Everything

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

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%

6) Adjournment
Agenda Item Type:  Procedural Item
<< Back to the Public Page for Minneapolis Public Schools Board of Education