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Board leasing corporation approves up to $55 million refunding for Bonita Springs High School
Summary
Directors of the Lee County School Board Leasing Corporation approved a resolution authorizing up to $55 million in refunding certificates of participation (series 2026A) to refinance part of the 2016A certificates tied to Bonita Springs High School; the refinance is expected to save roughly $3.8 million.
Directors of the Lee County School Board Leasing Corporation voted June 9 to authorize the issuance of refunding certificates of participation, series 2026A, in an amount not to exceed $55 million to refinance a portion of outstanding series 2016A certificates tied to Bonita Springs High School.
The secretary's recommendation described refinancing the series 2016A maturing on or after Aug. 1, 2027, and included delegations for sale, document execution, escrow and continuing disclosure. Mr. Fischer said staff projected savings of about $3.8 million from the refunding; staff in the meeting corroborated that estimate.
Directors moved and seconded the resolution and approved it by roll call (7–0). The motion covered the negotiated public sale, amendment of the related schedule to the master lease, acceptance of an escrow deposit agreement and other standard refunding documents.
What happens next: Staff will proceed with the negotiated sale and closing steps for the series 2026A certificates and will execute related documents. The stated maximum aggregate issuance was $55 million; the exact par amount and final savings will be determined at sale and closing.
