Agenda Item
Meeting Date:
8/31/2017 - 6:00 PM  
Report Item(s) / Presentation(s)  
Bond Update  
District Goals:
Goal 5
Effective and Efficient Use of Resources
File Attachment:
Crowley ISD Ser 2017 Recap.pdf
CISD 2007 Bond Update for Aug 31 Board Mtg.pdf
At the July 20, 2017 Board Meeting, you approved a parameter sale authorizing the issuance of up to $100M from the May 2007 Bond Authorization. The sale was executed on Tuesday, August 22 for the full $100M and a recap of the issuance is attached for your review.
As detailed on the recap, the actual interest percentage is 4.064%. The maximum parameter that was approved was 4.75%.
Additionally, the final total debt service is $3,376,084 lower than what was originally presented due to favorable Certified Values ($199,450,397 actual vs. $202,826,481 projected).
Lastly, the reason the attached document shows a principal amount issued of $88,090,000 (instead of $100M) is due to the bonds being issued at a premium that still yields the full $100M. This is very similar to our 2015 issuance where our net proceeds from that sale were $35M while we only issued a little over $31M.
The closing is set for on or before September 21, 2017 so the $100M will be deposited into our account on or before that date.
Two key points:
1. We will pay 4.064% on the full $100M.
2. While $88M is being issued, the total net proceeds of $100M will be deducted from our balance of available bond funds that were approved in 2007 but not yet issued.
Budgetary Impact:
This issuance will yield $100M of Interest and Sinking (Capital Bond Funds) to be used for multiple renovation projects as well as new construction of a Maintenance/Warehouse facility and a new Career and Technology Education Center.
The list of projects is also attached for your review.
Report Item – No action required.  
Recommended By:
Signed By:
Dwayne Jones - Executive Director Business Services
Signed By:  
Patricia Linares - Interim Superintendent