Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Leasing corporation, school board approve lease schedule; staff outline up-to-$75M financing for school projects
Summary
The Escambia County Public Schools Leasing Corporation and the Escambia County School Board each voted unanimously, 5-0, June 30 to approve resolutions that allow the district to move forward with a planned debt issue to fund auditoriums, gyms and classroom additions.
The Escambia County Public Schools Leasing Corporation and the Escambia County School Board each voted unanimously, 5-0, June 30 to adopt a lease schedule and a lease-and-land resolution that allow the district to proceed with a planned debt issuance to fund school capital projects.
The board’s financial advisers and underwriter described a proposed Series 2025A financing with a not-to-exceed par amount of $75,000,000 and a not-to-exceed true interest cost in the resolution; advisers said they expect the all-in cost to be substantially lower than that cap based on current market pricing.
District staff and outside advisers said the financing is being structured to delay principal amortization so the new debt “wraps around” existing obligations funded by a sales-tax referendum that sunsets in 2027. That timing, officials…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
