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School board hears $230M capital plan, considers tax‑anticipation note and potential refunding
Summary
District financial advisers reported roughly $527.5M in invested assets, proposed a tax‑anticipation note (TAN) not to exceed $55M (anticipating $45M issuance), and presented options for about $230M in new certificates of participation to fund major school projects; advisors also flagged a potential refunding of 2016A COPs with projected savings.
Manatee County School Board members on Sept. 16 heard a three‑part finance briefing from the district’s investment adviser (Deep Blue) and its financing team (PFM, bond counsel and underwriters) covering the annual investment report, a proposed tax‑anticipation note and new‑money certificates of participation for capital projects.
Dominic Cristoforo of Deep Blue told the board the district’s investment portfolio totaled roughly $527,500,000 in operating and bond proceeds accounts and produced about $21.7 million in interest income in the fiscal year. He said the portfolio is designed to prioritize safety and liquidity, with return secondary, and confirmed the investments complied with district policy and Florida statutes.
PFM’s Laura Howell outlined short‑term market volatility and said market expectations around the Federal…
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