Board Agenda - October 17, 2006

VIII. Consider all matters incident and related to the issuance and sale of Plano ISD Unlimited Tax Refund

Presenter: Richard Matkin / David Medanich

Purpose: A - Request decision - closure required

Time: 10 minutes

Description:

The District's financial advisor, David Medanich with First Southwest Company, has presented a refunding analysis for portions of the bonds issued as Series 2001, 2002 and 2003. The analysis indicates potential significant interest savings under current market conditions. Adoption of the Parameters Order will provide the District with the option to monitor the market during the next ninety days and will allow authorized District officials to move in a timely manner when market conditions provide the maximum savings and most benefit to the District. The Parameters Order recommends the achievement of a present value savings of not less than 3%. The Order authorizes the Superintendent of Schools or the Associate Superintendent of Business Services to act on behalf of the District in selling and delivering the bonds and carrying out the other procedures specified by the Order. The Bank of New York Trust Company is named to serve as Paying Agent/Registrar for the bonds in the Parameters Order.

The District's financial advisor and bond counsel will both be present at the meeting for discussion and to answer any questions on the Parameters Order.

Recommendation:

The Administration recommends adoption of the Parameters Order.

Business Impact:

At least a present value savings of 3% in future bond interest payments

Summary:

Appendix:

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