1 AGENDA Welcome, introductions, role of BOC: Stewart Jacobson, - - PowerPoint PPT Presentation

▶
1 agenda welcome introductions role of boc stewart
SMART_READER_LITE
LIVE PREVIEW

1 AGENDA Welcome, introductions, role of BOC: Stewart Jacobson, - - PowerPoint PPT Presentation

May 23, 2023 308 likes •660 views

Bond Oversight Committee 2014 Bond program April 6, 2016 1 AGENDA Welcome, introductions, role of BOC: Stewart Jacobson, Chair Program Management: Max Cleaver & Ron Holleyhead Review Bond Monthly Report Zandra Becerra

slide-1
SLIDE 1

April 6, 2016

Bond Oversight Committee 2014 Bond program

1

slide-2
SLIDE 2

AGENDA

  • Welcome, introductions, role of BOC: Stewart Jacobson, Chair
  • Program Management: Max Cleaver & Ron Holleyhead
  • Review Bond Monthly Report – Zandra Becerra
  • Review the updated Master Budget - Zandra Becerra
  • Review updates to CV Local and BOT reports – Zandra Becerra
  • Review the Master Schedule – Ron Holleyhead
  • Accomplishments since last meeting on January 7, 2016 – Ron Holleyhead
  • Sullivan ES (ES 47 in Riverstone) Update – Ashley Dixon
  • Phase I Budget Status Report – Oscar Perez
  • Next Steps - Ron Holleyhead
  • Update other projects:
  • IT - Long Pham
  • Security - Chief David Rider
  • Transportation – Max Cleaver
  • CNG Investment – Max Cleaver & Steve Bassett
  • Communication Plan Update – Nancy Porter
  • Debt Service Fund Update – Steve Bassett
  • Site Observation Personnel – Max Cleaver
  • Open Feedback from BOC Members – Stewart Jacobson

2

slide-3
SLIDE 3

MONTHLY REPORT BUDGET REVIEW

*Districtwide includes district managed work not assigned to a specific location including transportation, technology, land, bond support, security cameras & infrastructure and classroom additions. **Amount includes interest earned to date Value of Project by Schedule Phase

3

(as of January 7, 2016 BOC meeting)

**

Not Started= NA Pre-Design= $ 123,418,596 Design= $ 214,684,473 Construction= $ 43,011,977 Districtwide* = $ 102,899,107 TOTAL = $ 484,014,153

*

(as of April 6, 2016 BOC meeting)

**

Not Started= NA Pre-Design= $ 118,719,739 Design= $ 219,383,330 Construction= $ 43,011,977 Districtwide* = $ 102,932,320 TOTAL = $ 484,047,366

*

slide-4
SLIDE 4

MONTHLY REPORT BUDGET/COST REVIEW

Program Budget Cost Status Commitments = $88,569,528 New Construction = $ 38,979,109 Renovations and Additions= $ 10,466,018 Districtwide* = $ 39,124,401 Cost To Date = $30,712,344 New Construction = $ 7,489,138 Renovations and Additions= $ 6,521,384 Districtwide* = $ 16,701,822 (as of January 7, 2016 BOC meeting)

4

*Districtwide includes district managed work not assigned to a specific location including transportation, technology, land, bond support, security cameras & infrastructure and pending classroom additions. Commitments = $92,805,439 New Construction = $ 45,243,238 Renovations and Additions= $ 8,066,386 Districtwide* = $ 39,495,815 Cost To Date = $57,749,047 New Construction = $ 26,119,002 Renovations and Additions= $ 2,914,941 Districtwide* = $ 28,715,104 (as of April 6, 2016 BOC meeting)

slide-5
SLIDE 5

MASTER BUDGET INDICATOR

As of February 29, 2016:

  • Total Bond = $484M (100%)
  • Committed= $92.8M (19.2%)
  • Cost To Date= $57.7M ( 11.9%)

Total Bond: $484M

Committed Cost: 19.2% - $92.8M as of 2/29/2016 Cost to Date: 11.9% - $57.7M as of 2/29/2016

$480M $400M $300M $200M $100M

5

slide-6
SLIDE 6

UPDATE TO MONTHLY REPORT

6

slide-7
SLIDE 7

BOARD OF TRUSTEES REPORT

7

Notes:

  • The “Project Cost Report – Board” is issued to the Board of Trustees (BOT) on

a monthly basis

  • Report developed in accordance with CV (LOCAL) Policy revision approved by

BOT on 02/15/16

  • This report contains only financial information
  • Project budgets are presented to the BOT for approval following this format
slide-8
SLIDE 8

MASTER SCHEDULE

  • Overall “on schedule”
  • Phase I

– Districtwide Civil/Lighting: General Contractor (GC) contract to the BOT for approval in May 2016 – New ES 48, 49, 50, and MS 15: GC contracts to the BOT for approval in May 2016 – Building Additions: GC contracts to the BOT for approval in June 2016

  • Phase II

– All Bid Packages in Schematic Design Phase

SUMMER TIME FRAME PHASE III PHASE II PHASE I Year 2018 2017 2015/2016

8

slide-9
SLIDE 9

ACCOMPLISHMENTS Accomplishments Since Last BOC Meeting (January 7, 2016)

Phase I

  • All Phase I project’s 50% Construction Document (CD) packages

have been approved

  • The following are in the bidding/negotiation process:
  • All New Elementary School projects
  • New Middle School project
  • Willowridge HS, Kemper HS, Ridgemont Early Childhood Center,

Clements HS, and Athletic Complex

  • Districtwide Civil and Site Lighting package has been bid, negotiated,

and is ready for BOT contract approval

– BOT approved design firm for Career and Technical Education (CTE) Facility Phase II

  • All Phase II projects are in Schematic Design Phase

9

slide-10
SLIDE 10

CAMPUS ACCOMPLISHMENTS

10

Districtwide Work

  • New Construction

Classroom Additions Life Cycle/Deficiency

slide-11
SLIDE 11

ES 47 – Anne McCormick Sullivan Elementary – Update Project Milestones

  • Interior and exterior masonry

installation began Fall 2015

  • AHU arrived onsite November 2015,

Chillers installed March 2016

  • Roofing installation November 2015
  • Exterior Windows and storefront

installation began February 2016

  • Temporary air to facility March 2016
  • Permanent power Spring 2016

11

slide-12
SLIDE 12

ES 47 – Anne McCormick Sullivan Elementary – Update Current construction activities include: Exterior

  • Exterior masonry 90% complete
  • Roofing installation 55% complete
  • Window/Storefront 45% complete
  • Grading 65% complete

Interior

  • MEP installation 75% complete
  • Sheetrock 70% complete
  • Tape and Float partitions 30%

complete

12

slide-13
SLIDE 13

ES 47 – Anne McCormick Sullivan Elementary – Update Completed construction activities include:

  • Foundation system
  • Major Structural steel installation
  • Roof Dried in all areas
  • Interior Masonry installation
  • Sanitary sewer installation and

underground electrical

  • On-Site access roads, drives and

parking completed

13

slide-14
SLIDE 14

14

PHASE I BUDGET: COST PROJECTION JOURNEY

Budget SD DD CD New $93,597,939 $91,673,388 $99,003,966 $98,760,376 Additions $16,219,200 $19,664,644 $16,979,331 $17,104,933 Life Cycle/Deficiency $44,977,646 $36,382,663 $44,608,960 $37,846,724 Total $154,794,785 $147,720,695 $160,592,257 $153,712,033

Budget SD DD CD

$- $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 $140,000,000 $160,000,000 $180,000,000

Budget SD DD CD New Additons Life Cycle/Deficiency Total Additions

slide-15
SLIDE 15

New Construction Comparison Construction Contingency Other Soft Costs Total Budget $68,743,077 $12,148,140 $12,706,722 $93,597,939 Estimate $81,864,124 $2,455,924 $14,440,328 $98,760,376 Difference $(13,121,047) $9,692,216 $(1,733,607) $(5,162,437) Additions Comparison Construction Contingency Other Soft Costs Total Budget $11,941,554 $1,513,679 $2,763,968 $16,219,201 Estimate $13,908,497 $695,424 $2,501,011 $17,104,933 Difference $(1,966,943) $818,254 $262,956 $(885,733) Life Cycle/Deficiency Comparison Construction Contingency Other Soft Costs Total Budget $34,063,799 $5,204,975 $5,708,871 $44,977,645 Estimate $30,774,223 $1,538,711 $5,533,789 $37,846,724 Difference $3,289,576 $3,666,264 $175,082 $7,130,922 Net for New, Additions, Life Cycle/Deficiency $1,082,752

Based on 50% CD cost estimates, when all Phase I projects are considered together, staff estimates that there are sufficient funds budgeted to complete the Phase I projects. Staff projects a positive budget balance of $1,082,752 at the conclusion of the Phase I 50% CD Phase. Based on this information, the architects have been given direction to proceed into 100% CD Phase.

15

PHASE I BUDGET: STATUS REPORT Phase I - 50% Construction Document Update

slide-16
SLIDE 16

NEXT STEPS

Next Steps Phase I

  • Finalize, evaluate, select most qualified general contractor,

negotiate, and award general contractor contract for:

  • Districtwide civil and site lighting
  • New ES 48, 49, 50, and MS 15
  • Building additions and life cycle/deficiency projects
  • Start CTE Program and Design Development Phase
  • Start Construction Phase

Phase II

  • Finalize Schematic Design (SD) Phase and continue into Design

Development (DD) Phase

16

slide-17
SLIDE 17

INSTRUCTIONAL TECHNOLOGY UPDATE

17

$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 $45,000,000 931 - Infrastructure Cameras 990 - DSTW - WAN Cabling/Fiber 991 - DSTW - Wireless Cabling/Fiber 992 - DSTW - WAN Design Contingency 993- DSTW Wireless Contingency 994 - DSTW - WAN Network Electronics 995 - DSTW - Wireless Electronics Total 931 - Infrastructure Cameras 990 - DSTW - WAN Cabling/Fiber 991 - DSTW - Wireless Cabling/Fiber 992 - DSTW - WAN Design Contingency 993- DSTW Wireless Contingency 994 - DSTW - WAN Network Electronics 995 - DSTW - Wireless Electronics Total % of Budget 39.5% 19.1% 8.0% 5.8% 4.5% 22.6% 55.7% 33.8% Total Exp & Enc $1,184,438 $675,000 $315,000 $74,250 $74,270 $2,818,911 $9,214,449 $14,356,318 Initial Budget $3,000,000 $3,528,000 $3,955,799 $1,280,124 $1,640,902 $12,473,570 $16,555,452 $42,433,847

IT Infrastructure & Security Camera Projects

Total Exp & Enc Initial Budget

As of April 1, 2016

slide-18
SLIDE 18

TECHNOLOGY & SECURITY CAMERA UPDATE

18 * Middle School schedule may experience a delay due to the requirement for the JOC contract for power having to go to board.

Power prep finish pull terminated test pull terminated test pull terminated test Install

Marshall 100 100 100 100 100 100 100 100 100 100 100 100 Kempnar 100 100 100 100 100 100 100 100 100 100 100 100 Elkins 100 100 100 100 100 100 100 100 100 100 100 100 Clements 100 100 100 100 100 100 100 100 100 100 100 100 Willowridge 100 100 100 100 100 100 100 100 100 100 100 100 Ridge Point 100 100 100 100 100 100 100 100 100 100 100 100 Dulles 100 100 100 100 100 100 100 100 100 100 100 100 Travis 100 100 100 100 100 100 100 100 100 100 100 100 Austin 100 100 100 100 100 100 100 100 100 100 100 100 Bush 100 100 100 100 100 100 100 100 100 100 100 100 Hightower 100 100 100 100 100 100 100 100 100 100 100 100 Progressive 100 100 100 100 100 100 100 100 100 100 100 100 Bowie 100 100 100 100 100 100 100 100 100 100 100 Crockett 100 100 100 100 100 100 100 100 100 100 Garcia 30 70 70 10 Hodges Bend 40 75 75 5 Sugar Land Baines First Colony 50 95 80 95 80 85 Fort Settlement 100 100 100 100 100 100 100 100 100 100 Lake Olympia Quail Valley 50 100 80 100 80 100 Sartartia 100 100 100 100 100 100 100 100 100 100 Dulles McAuliffe Missouri City High Schools Middle Schools West Central East Phase 3 Phase 1 Phase 2 % complete

Closet Wireless Cabling Camera Cabling Fiber

slide-19
SLIDE 19

TECHNOLOGY & SECURITY CAMERA UPDATE

19

Digital Camera Install High School Campus Preparation Completed Marshall 10/15/2015 10/16/2015 Kempner 10/9/2015 10/28/2015 Elkins 11/2/2015 11/13/2015 Clements 11/16/2015 11/25/2015 Willowridge 12/21/2015 1/10/2016 Ridge Point 1/25/2016 2/5/2016 Dulles 2/8/2016 2/22/2016 Travis 2/22/2016 3/14/2016 Austin 3/14/2016 3/28/2016 Bush 3/28/2016 4/18/16 - Est. Hightower 4/18/16 - Est. 5/2/16 - Est. Progressive 5/2/16 - Est. 5/16/16 - Est. Data Center Servers 10/24/2015 11/5/2015 Software Setup 11/2/2015 11/2/2015 Storage Array 1/15/2016 3/15/2016 Permissions to Vendors (VPN) 10/2/2015 10/2/2015

slide-20
SLIDE 20

TRANSPORTATION UPDATE

20

  • Original 2014 Bond Plan called for purchase of 150 diesel buses
  • 80 diesel buses delivered to date
  • Staff presented a compressed natural gas (CNG) bus phase-in plan to

the Board on March 28, 2016:

  • Purchase 150 CNG buses over the next ten years
  • Purchase 15 in 2017 and 15 per year thereafter
  • No fueling infrastructure capital for at least two years
  • 2014 Bond Transportation balance is $8,638,890
  • Overall proposed bus purchase from 2014 Bond Funds:
  • 120 diesel buses
  • 30 CNG buses
slide-21
SLIDE 21

TRANSPORTATION UPDATE: FUEL PRICES

Fuel Prices Diesel vs CNG

21

$1.45 $1.95 $2.45 $2.95 $3.45 $3.95 $4.45 Jan-06 Jun-06 Nov-06 Apr-07 Sep-07 Feb-08 Jul-08 Dec-08 May-09 Oct-09 Mar-10 Aug-10 Jan-11 Jun-11 Nov-11 Apr-12 Sep-12 Feb-13 Jul-13 Dec-13 May-14 Oct-14 Mar-15 Aug-15 Jan-16 CNG Diesel Diesel Avg CNG Avg

slide-22
SLIDE 22

$- $2,000,000 $4,000,000 $6,000,000 $8,000,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Cumulative Costs Years

Diesel Price per Gallon: $2.60 CNG DGE Price: $1.81

Diesel Total Cost CNG Total Cost Breakeven Point

TRANSPORTATION UPDATE: BREAK EVEN POINT FOR CNG BUSES

22

Assumptions Fuel Cost Bus Cost Annual Op Cost Diesel 2.60/Gallon $90,000 $27,000 CNG 1.81/Diesel Gal Equiv. $140,000 $19,000 Assumes no grant funding

  • r fueling infrastructure

investment

slide-23
SLIDE 23

COMMUNICATIONS

Bond Progress Update

  • Mailer
  • Campus handouts
  • Construction ceremonies and

ground breaking

23

slide-24
SLIDE 24

COMMUNICATIONS

Community Communication for New Classroom Additions

  • Sienna Crossing Elementary
  • Schiff Elementary
  • Scanlan Oaks Elementary
  • Oyster Creek Elementary
  • Cornerstone Elementary
  • Holley Elementary

24

slide-25
SLIDE 25

25

Overview of Outstanding Debt

FORT BEND INDEPENDENT SCHOOL DISTRICT

Resource: FirstSouthwest

slide-26
SLIDE 26

Summary of Outstanding Debt (As of 12-31-2015)

26

Summary Statistics Principal Composition

Total Outstanding Principal 902,513,716 $ Total Fixed Rate 803,093,716 88.98% Total Variable Rate 99,420,000 11.02% Total Interest Payments 474,435,285 Callable Principal (%) 77.47% Percent of Principal Retired w/in 5 years 25.02% w/in 10 years 53.48% w/in 15 years 83.59% w/in 20 years 97.16% Noncallable 22.53% w/in 25 years 100.00% Callable & Advance Refundable 64.90% Final Maturity 8/12040 Callable & Partially Advance Refundable 7.38% Callable & Non-Advance Refundable 5.19%

Underlying Bond Ratings Voted Authorization

Fitch AA+ Amount Issued Balance S&P AA+ 428,000,000 $ 380,000,000 $ 48,000,000 $ 484,000,000 $ 85,000,000 $ 399,000,000 $ 912,000,000 $ 465,000,000 $ 447,000,000 $ 11/4/2014 11/6/2007 Date 22.53% 64.90% 7.38% 5.19%

Resource: FirstSouthwest

slide-27
SLIDE 27

Summary of Outstanding Debt – Principal and Interest

27

$0 $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 Aggregate Debt Service

Principal Interest

Period Ending 8/31

Resource: FirstSouthwest

slide-28
SLIDE 28

Summary of Variable Rate Debt

28

Bond Remarketing Rate Tender Interest Stepped Issue Agent Period Date Rate Rate Series 2015A Citigroup Initial 8/1/2016 0.660% 8.000% Series 2015B Citigroup Initial 8/1/2017 2.000% 8.000%

Resource: FirstSouthwest

slide-29
SLIDE 29

District’s Callable Bonds

29

  • The following table shows the District’s callable bonds as of December 31, 2015:
  • Unlimited Tax School Building Bonds, Series 2006 are callable on August 15, 2016 and potentially

generates debt service savings

  • Preliminary current refunding scenario assumes the following:

– June 15, 2016 delivery date – Gross funded cash escrow with SLGS – Level savings for purposes of illustration

  • Preliminary refunding savings are net of all estimated issuance costs.
  • All financing and interest rate assumptions are as of March 22, 2016 and are for purposes of

illustration only. Preliminary, subject to change.

Callable Call Call Bond Issue Principal Date Feature Unlimited Tax School Building Bonds, Series 2006 85,430,000 $ 8/15/2016 100.000% Adv Refundable Unlimited Tax School Building & Refunding Bonds, Series 2008 159,620,000 8/15/2018 100.000% Adv Refundable Unlimited Tax Refunding Bonds, Series 2009 28,390,000 2/15/2019 0.000% Adv Refundable Unlimited Tax School Building Bonds, Series 2009 166,730,000 8/15/2019 100.000% Adv Refundable Unlimited Tax School Building & Refunding Bonds, Series 2010 66,580,000 8/15/2020 80.032% Adv Refundable Unlimited Tax Refunding Bonds, Series 2012 46,870,000 8/15/2022 0.000% Adv Refundable Unlimited Tax Refunding Bonds, Series 2014 46,145,000 8/15/2024 100.000% Adv Refundable Variable Rate Unlimited Tax School Building Bonds, Series 2015A 50,000,000 AID 100.000% Adv Refundable Variable Rate Unlimited Tax School Building Bonds, Series 2015B 49,420,000 AID 100.000% Adv Refundable

Resource: FirstSouthwest

slide-30
SLIDE 30

2016 Refunding Issue – Level Savings

30

Period Ending Old

  • Est. New

Est. Summary of Assumptions 8/31 Net D/S Net D/S Adjustments Savings Refunded Bonds

2016 2,001,656 $

  • $

1,997,263 $ 4,393 $ Series: Series 2006 2017 7,443,313 5,825,500 1,617,813 Maturities: 2017 - 2026 2018 7,446,313 5,828,000 1,618,313 Total Refunded Par: $85,430,000 2019 7,480,563 5,858,250 1,622,313 Coupons: 3.500% - 5.000% 2020 7,594,063 5,976,000 1,618,063 Redemption Date: 8/15/2016 2021 7,572,313 5,951,500 1,620,813 2022 7,561,313 5,941,250 1,620,063

Preliminary Refunding Bonds

2023 12,695,063 11,074,250 1,620,813 Par Amount: $70,380,000 2024 14,755,525 13,133,000 1,622,525 Maturities: 2017 - 2026 2025 29,359,775 27,738,000 1,621,775 2026 12,031,875 10,410,750 1,621,125

Preliminary Savings Analysis

115,941,769 $ 97,736,500 $ 1,997,263 $ 16,208,006 $ Net PV Savings: $14,502,529 Net PV Savings (%): 16.975% Gross Savings: $16,208,006 *All assumptions and results are as of March 22, 2016 for purposes of illustration only. Negative Arbitrage: $232,859 Preliminary, subject to change.

Resource: FirstSouthwest

slide-31
SLIDE 31

Tax Rate Analysis – 2016 Refunding Issue

31

Period Est. Less: Est. Est. Ending Assessed

  • Est. AV

Existing Total Other Total Net I&S 8/31 Valuation Growth D/S Principal Interest Total D/S Funds D/S Tax Rate Change 2016 31,884,598,081 $ 95,043,057 $

  • $
  • $
  • $

95,043,057 $

  • $

95,043,057 $ 0.3000 $ 2017 34,754,211,908 9.00% 88,763,953 1,720,000 4,105,500 5,825,500 94,589,453

  • 94,589,453

0.2749 (0.0251) 2018 36,491,922,504 5.00% 74,035,103 2,395,000 3,433,000 5,828,000 79,863,103

  • 79,863,103

0.2211 (0.0539) 2019 37,586,680,179 3.00% 73,941,828 2,545,000 3,313,250 5,858,250 79,800,078

  • 79,800,078

0.2145 (0.0066) 2020 38,714,280,584 3.00% 73,761,853 2,790,000 3,186,000 5,976,000 79,737,853

  • 79,737,853

0.2080 (0.0064) 2021 39,875,709,002 3.00% 73,728,846 2,905,000 3,046,500 5,951,500 79,680,346

  • 79,680,346

0.2018 (0.0062) 2022 41,071,980,272 3.00% 73,666,428 3,040,000 2,901,250 5,941,250 79,607,678

  • 79,607,678

0.1958 2023 41,071,980,272 0.00% 68,467,436 8,325,000 2,749,250 11,074,250 79,541,686

  • 79,541,686

0.1956 2024 41,071,980,272 0.00% 65,264,244 10,800,000 2,333,000 13,133,000 78,397,244

  • 78,397,244

0.1928 2025 41,071,980,272 0.00% 53,400,779 25,945,000 1,793,000 27,738,000 81,138,779

  • 81,138,779

0.1995 2026 41,071,980,272 0.00% 65,812,388 9,915,000 495,750 10,410,750 76,223,138

  • 76,223,138

0.1875 2027 41,071,980,272 0.00% 74,763,913

  • 74,763,913
  • 74,763,913

0.1839 2028 41,071,980,272 0.00% 69,507,463

  • 69,507,463
  • 69,507,463

0.1709 2029 41,071,980,272 0.00% 66,017,513

  • 66,017,513
  • 66,017,513

0.1624 2030 41,071,980,272 0.00% 65,919,538

  • 65,919,538
  • 65,919,538

0.1621 2031 41,071,980,272 0.00% 35,705,913

  • 35,705,913
  • 35,705,913

0.0878 2032 41,071,980,272 0.00% 35,593,138

  • 35,593,138
  • 35,593,138

0.0875 2033 41,071,980,272 0.00% 35,476,063

  • 35,476,063
  • 35,476,063

0.0872 2034 41,071,980,272 0.00% 35,366,438

  • 35,366,438
  • 35,366,438

0.0870 2035 41,071,980,272 0.00% 6,817,000

  • 6,817,000
  • 6,817,000

0.0168 2036 41,071,980,272 0.00% 6,683,800

  • 6,683,800
  • 6,683,800

0.0164 2037 41,071,980,272 0.00% 6,543,000

  • 6,543,000
  • 6,543,000

0.0161 2038 41,071,980,272 0.00% 6,398,800

  • 6,398,800
  • 6,398,800

0.0157 2039 41,071,980,272 0.00% 6,250,000

  • 6,250,000
  • 6,250,000

0.0154 2040 41,071,980,272 0.00% 6,080,400

  • 6,080,400
  • 6,080,400

0.0150 1,263,008,889 $ 70,380,000 $ 27,356,500 $ 97,736,500 $ 1,360,745,389 $

  • $

1,360,745,389 $ (0.0982) $

Assumptions: (1) Assessed valuations and grow th assumptions provided by the District. (2) Actual I&S tax rate for period ending 8/31/2016. (3) Est. tax collections rate: 99.00% (4) Series 2015A Bonds at 0.66% through 8/1/2016 and 8.00% thereafter and the Series 2015B Bonds at 2.00% through 8/1/2017 and 8.00% thereafter.

5/15 @ 1.95% PRELIMINARY $70,380,000 Unlimited Tax Refunding Bonds Series 2016

Resource: FirstSouthwest

slide-32
SLIDE 32

Proposed Schedule of Activities

32

Series 2016 Refunding Bonds

Submit PSF Guarantee Board Meeting to Approve Parameter Order Conference Calls with Rating Agencies Post POS Receive Ratings Pricing Bond Purchase Agreement Signed Closing April 12, 2016 April 18, 2016 May 6, 2016 May 12, 2016 May 13, 2016 May 19, 2016 May 20, 2016 June 16, 2016

S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 APRIL MAY JUNE

Resource: FirstSouthwest

slide-33
SLIDE 33

CONSTRUCTION SITE OBSERVATION PERSONNEL

  • District decision to hire in-house construction observers in

lieu of contracted service

  • Board approved two bond-funded project manager positions
  • n March 28, 2016
  • Plan to conduct daily observations of new construction,

classroom additions, and large-scale renovations at three high schools

33

slide-34
SLIDE 34

34