SUMMARY OF SALE
March 9, 2021
$38,000,000
Certificates of Participation, Series 2021
Non‐Bank Qualified
About the Project
The Certificates are to be issued for the purpose of an overall School Improvement Project to include constructing, renovating, remodeling, rehabilitating, furnishing, equipping, and otherwise improving School District facilities at the Live Oaks campus.
Authorization & Purpose
The Certificates are to be issued for the purpose of constructing, renovating, remodeling, rehabilitating, furnishing, equipping, and otherwise improving School District facilities at the Live Oaks campus, which are expected to include building renovations and additions, reconfiguration of classrooms and lab space, equipment acquisition, building systems improvements (such as HVAC, electrical, and plumbing), improvements to restrooms, stairs and elevators, expansion of administrative, student services and adult education space, parking and traffic flow improvements, as well as landscaping, site lighting, furnishings, and signage, all pursuant to the Authorizing Resolution.
Security
Each Certificate evidences a proportionate interest in Base Rent to be paid by the School District to the Trustee under the Lease. Under the terms of the Lease, the School District is obligated during each Lease Term to pay on each Lease Payment Date the Base Rent payable on that Lease Payment Date, plus any Additional Rent due on such date. The Base Rent due on each Lease Payment Date equals the amount of the Principal Portion and the Interest Portion evidenced by the 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, 2021, subject to renewal for subsequent Renewal Periods (July 1 to June 30 except the final Renewal Period, which ends December 1, 2050). SUMMARY OF SALE March 9, 2021