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Board hears how COPS financing and millage limits could fund new school construction
Summary
Staff explained Certificates of Participation (COPS) as a financing tool for whole-building capital projects and clarified statutory (75%) and board policy (60%) millage-to-debt limits; members discussed leveraging COPS to pair new housing developments with schools to grow enrollment.
Staff described COPS (Certificates of Participation) financing and the district's debt capacity, answering board questions about allowable uses and limits.
Omar Shem explained, “Basically, COPS is a lot like a mortgage. You can only use it for whole buildings ... about 30% of it can be used for things that are not leveraged.” In response to a board question about limits he added that statutory constraints limit millage use for debt service to 0.75 (75%), and that the district policy is more restrictive at 60% of millage for COPS debt service. The board discussed how COPS could be used to build a new elementary school and leverage the additional 30% for comprehensive capital needs, and explored coordinating with county planning efforts so targeted development and quality schools could attract families and boost enrollment.
Board members asked staff to share materials from the Broward Planning Council and to consider how long-range master planning and FCA data should intersect with debt capacity and development opportunities when prioritizing projects.
