1 / 19

The Public Facilities Corporation, LISD and TEA

The Public Facilities Corporation, LISD and TEA. Coming 9-1-03. LISD Needs. Additional funding for Construction Projects. Specific Needs. $15 M for Memorial Middle $6M for Food Services $1.5M for Transportation $5.5M Cigarroa Middle and High Total $28 Million

wayne-norman
Download Presentation

The Public Facilities Corporation, LISD and TEA

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Public Facilities Corporation, LISD and TEA Coming 9-1-03

  2. LISD Needs • Additional funding for Construction Projects

  3. Specific Needs • $15 M for Memorial Middle • $6M for Food Services • $1.5M for Transportation • $5.5M Cigarroa Middle and High • Total $28 Million • Includes hard costs, soft costs, land, etc.

  4. Ready: • Laredo ISD must be ready by 9-1-03 to issue debt and set first payment

  5. Able • Requirements needed are location, survey, zoning, appraisal, title, environmental assessment

  6. Timeline • Very Tight Timeline .. May 12th to August 31, 2003

  7. Public Notice • 60 day period to allow for public comment

  8. How do we address the Needs? • A PFC at LISD

  9. What is the PFC Made up of? • Public corporation • Board = Directors • Allowed under law to issue debt allowable under EDA

  10. How do we get it done? • Through Partnerships via sound planning with TEA and Financial Advisors and bond counsel

  11. What does LISD Propose? A commitment from TEA, LISD and PFC

  12. The PFC Proposal • Public Notice • Set bond sale • Ratings, Bond Insurance, Closing

  13. The Collateral • Legal work on the real estate transaction.. LIEN on property like a bond……

  14. The Projects • Since the projects are not completely bid out, the amt of the project is set…

  15. The Potential • Link with TEA and establish PFC and qualify $25 M in bonds at 83% state and 17% local

  16. The Tax Rate • LISD has been collected 4% above target, thus no new taxes are needed.

  17. The Resolution • Resolution approval is to qualify for previous payments for expenses

  18. The Funding • Approximate $ 2M per year in new debt. • $1,6M in State EDA • $400k in local funds

  19. Summary • Timeline is very Tight • EDA has potential for LISD • Funding is available • Bonds will be issued for $25M to $28M • If no EDA funds, no issuance will take place • Lien on property • No tax increase necessary

More Related