Review Agenda Item
Meeting Date: 10/14/2021 - 6:30 PM
Category: Action Items
Type: Action
Subject: 6.2 Adoption of Resolution for the Sale of General Obligation Refunding Bonds
Strategic Plan 2018-2023:
Policy: DA - Fiscal Responsibility
Provide Name(s) of Attachments PHSD Bond Refunding - Resolution
File Attachment:
PHSD Bond Refunding - Resolution v2.pdf
Provide Background Details and Rationale: The Park Hill School District voters approved bonds sold in June, 2017 to support

* the construction of Walden Middle School;
* the construction of Hopewell Elementary School;
* the construction of LEAD Innovation Studio;
* the construction of Support & Transportation Services; and
* other building maintenance

Using funds from the district's current debt service levy, the district can refund a portion of these bonds early, specifically, the bonds originally scheduled to mature in 2037 for principal amount of $12,095,000. This advance refunding is expected to save taxpayers up to $4.7 million over the next 15 years.

The Board of Education approved a Go-To-Market resolution to support this action on August 26, 2021.

Upcoming key dates that support the refunding:

Monday, October 18, 2021 - 10:00am Bond Sale (Tentative)
Thursday, November 4, 2021 - Bond Sale Closing Date (Tentative)
Provide Funding Source and Estimated Cost: Funding Source for Bond Refinance is through New Bond Sale
Legal References N/A
Name of Persons(s) Submitting Agenda Item with Title Dr. Paul Kelly, Assistant Superintendent for Business & Technology
Presenter(s) if Presentation Anticipated Dr. Paul Kelly, Assistant Superintendent for Business & Technology
Todd Goffoy, Hannah Draper, Representatives from Piper Sandler, the District's Financial Advisor
Recommendation: It is recommended that the Park Hill Board of Education adopt “A RESOLUTION AUTHORIZING NOT TO EXCEED $12,500,000 PRINCIPAL AMOUNT OF TAXABLE GENERAL OBLIGATION REFUNDING BONDS (MISSOURI DIRECT DEPOSIT PROGRAM), SERIES 2021, OF THE PARK HILL SCHOOL DISTRICT OF PLATTE COUNTY, MISSOURI, AND AUTHORIZING CERTAIN OTHER RELATED DOCUMENTS AND ACTIONS BY THE DISTRICT"
Approvals:
Recommended By:
Signed By:
Dr. Paul Kelly - Assistant Superintendent - Business & Technology
Signed By:
Dr. Jeanette Cowherd - Superintendent
Vote Results:

Original Motion
Member Bart Klein Moved, Member Susan Newburger seconded to approve the Original motion 'It is recommended that the Park Hill Board of Education adopt “A RESOLUTION AUTHORIZING NOT TO EXCEED $12,500,000 PRINCIPAL AMOUNT OF TAXABLE GENERAL OBLIGATION REFUNDING BONDS (MISSOURI DIRECT DEPOSIT PROGRAM), SERIES 2021, OF THE PARK HILL SCHOOL DISTRICT OF PLATTE COUNTY, MISSOURI, AND AUTHORIZING CERTAIN OTHER RELATED DOCUMENTS AND ACTIONS BY THE DISTRICT"'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0.
The motion Carried 7 - 0
   
Todd Fane     Yes
Janice Bolin     Yes
Susan Newburger     Yes
Bart Klein     Yes
Scott Monsees     Yes
Kimberlee Ried     Yes
Brandy Woodley     Yes