SUMMARY OF SALE
October 14, 2021
Certificates of Participation, Series 2021
Tax Exempt | Non‐Bank Qualified
About the Project
The Series 2021 transaction funded various capital improvements to the School District’s facilities at multiple locations within the district for the purpose of constructing, renovating, remodeling, rehabilitating, furnishing, equipping, and otherwise improving School District facilities.
Authorization & Purpose
The Series 2021 Certificates are to be issued for the purpose of constructing, renovating, remodeling, rehabilitating, furnishing, equipping, and otherwise improving School District facilities, all at various locations within the School District pursuant to a resolution adopted by the Board of Education on August 10, 2021 and a certificate of award provided for by that resolution. The Project is comprised of constructing, renovating, rehabilitating and improving facilities: a) Building automation system upgrades; b) LED lighting upgrades; c) Floor covering replacement; d) Parking lot design, construction, expansion, and replacement; e) Gym floor reconditioning; f) Furniture replacement; g) Appliance replacement; h) Repair outdoor track and athletic fields; i) Water heater replacement; j) Security fencing installation
Each Certificate evidences a proportionate interest in Base Rent to be paid by the School District to the Trustee under the Lease. The Base Rent is expected to be paid from the School District’s General Fund. The renewal of the Lease beyond a Lease Term and the School District’s obligations to pay Base Rent and any other amounts payable by the School District under the Lease are subject to and dependent upon annual appropriations by the School District to pay Base Rent and to pay such other obligations. The money and investments held by the Trustee under the Indenture are irrevocably held in trust for the benefit of the Certificate Holders and the School District, as their interests appear, and for the purposes specified in the Indenture. The Base Rent due on each Lease Payment Date equals the amount of the Principal Portion and the Interest Portion evidenced by the Series 2021 Certificates becoming payable on the ensuing payment date. The initial Lease Term will commence as of the Closing Date and will end on June 30, 2022, subject to renewal for subsequent Renewal Period (July 1 to June 30 except the final Renewal Period, which ends December 1, 2036) in accordance with the provisions of the Lease.