April 23, 2020 1 AGENDA 1. Welcome Joanne Gore, Chair 2. COVID-19 - - PowerPoint PPT Presentation

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April 23, 2020 1 AGENDA 1. Welcome Joanne Gore, Chair 2. COVID-19 - - PowerPoint PPT Presentation

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Bond Oversight Committee 2018 Bond Program April 23, 2020 1 AGENDA 1. Welcome Joanne Gore, Chair 2. COVID-19 Update Safety and Operating Plans 3. Bond 2018 Update Oscar Perez, Carolina Fuzetti Contract Updates Bond Program

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Bond Oversight Committee 2018 Bond Program April 23, 2020

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  • 1. Welcome – Joanne Gore, Chair
  • 2. COVID-19 Update Safety and Operating Plans
  • 3. Bond 2018 Update – Oscar Perez, Carolina Fuzetti
  • Contract Updates
  • Bond Program Financials
  • Small Business Initiative Update
  • Meadows Elementary Rebuild (PKG004)
  • Neill ES Additions/Renovation (PKG007)
  • Lakeview ES Rebuild (PKG006)
  • New Construction/Renovation, Work in Progress
  • 4. Transportation Update – Demetrius Martin
  • 5. Communications Update – Amanda Bubela
  • 6. Technology Update Bond 2014 & Bond 2018 – Jojo Jacob
  • 7. Safety and Security – Chief David Rider
  • 8. Debt Service Fund Update – Bryan Guinn
  • 9. Questions/Comments

AGENDA

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COVID-19 Safety and Operating Plans

  • Contractors are required to provide their Safety and Operating Plans addressing COVID-19

measures.

  • Contractors have partnered with the AGC (Association of General Contractors) to establish

and follow Recommended Practices for Construction Jobsites in response to the COVID-19 Pandemic.

  • Revised jobsite practices establish restrictions on sharing personal protection equipment

(PPE), tools, multi-user devises, use of common water coolers, and require soap and running water in the workplace.

  • The District has made operation modifications during this period to allow general

contractors to have running water within our facilities to help mitigate the risk of COVID-19 contamination within construction workers.

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COVID-19 Safety and Operating Plans

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A/E Contracts (Design) 42 of 42 (A/E) Architect/Engineer contracts have been executed JOC Contracts (Construction) 21 of 21 Job Order Contracts (JOC) construction contracts have been executed CSP/CMAR Contracts (Construction) 19 of 29 Competitive Sealed Proposal (CSP)/Construction Manager at Risk (CMAR) construction contracts have been executed

  • Bond 2018 was divided into a total of 51 packages, out of which 41 packages

are already under contract.

  • 6 packages are currently awaiting BOT approval for April and May, in order to

execute contracts.

  • 4 packages are still left to bid. Total package budget for the remaining packages

is approximately $59.6M (Construction budget $42M)

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Contract Updates

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Bond Program Financials

Spent to Date $166.8M Commitments $348.3M

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Small Business Initiative

2018 Bond Program

Construction Awarded Construction Contracts $201,925,310 Total SBE Commitment $62,174,523 SBE Paid to Date $22,422,450 A/E Services Awarded Design/Engineering Contracts $45,280,078 Total SBE Commitment $11,351,212 SBE Paid to Date $6,886,526

28% 91% 17% 11% 31% 35%

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Rebuild of Existing Meadows Elementary School

  • Construction of new school 29% complete
  • Substantial completion date is October

2020

  • Mid-year opening - students on-campus

start date is January 2021

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Meadows ES Rebuild

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12 Classroom Addition

  • Construction started August 2019
  • 54% complete
  • Substantial completion August 2020

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Neill ES Additions/Renovation

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Rebuild of Existing Lakeview Elementary School

  • Relocation of Extended Learning -

May 2020

  • Construction to start summer 2020
  • Substantial completion October

2021

  • Mid-year opening January 2022

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Lakeview ES Rebuild

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New Construction HS 12

  • Land owned by FBISD
  • Construction scheduled to start May 2020
  • Scheduled opening – Fall 2022

ES 53

  • Land owned by FBISD
  • Schematic Design – BOT approval April 2020
  • Scheduled opening – Fall 2022

ES 52 and MS 16

  • Land acquisition in progress
  • Construction documents in progress

New Ag Facility

  • Construction scheduled to start April 2020
  • Scheduled completion September 2020

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New Construction/Renovation Progress

Additions/Renovations Madden ES Addition - 10 classroom

  • Construction scheduled to start

Summer 2020 Fine Arts

  • Fine Arts PKG010 – Construction

contract – BOT approval April 2020

  • Construction scheduled to start

May 2020

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Construction Work in Progress

  • PKG042 thru PKG046 – HVAC/MEP
  • Installation/replacements currently ongoing
  • 5% complete
  • PKG026, 027, 028 – Roofing Replacements
  • Work is currently ongoing
  • 10% completion
  • PKG 012 – Restrooms
  • 50% complete
  • Substantial completion September 2020
  • PKG 013 – Kitchen Renovations
  • 20% complete
  • 7 campuses currently undergoing kitchen renovations
  • 3 campuses scheduled to start renovation in May/June 2020
  • PKG021 - Turf and Athletics
  • Construction started in March 2020
  • 5% complete
  • 10 campuses scheduled to receive new turf
  • 12 campuses scheduled to receive new tracks
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Transportation

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Bus Purchases from 2018 Bond

  • (10) 14-passenger $ 580,260 (Received)
  • (20) Special Needs $ 1,901,000 (Received)
  • (6) Activity/Field Trip $ 599,658 (Received)
  • (30) 77-passenger CNG $ 4,250,670
  • (20) 77-passenger

$ 2,038,160 ___________ Total Expenditures to Date $ 9,369,748

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  • Meadows Elementary

Construction Update Video https://youtu.be/-FG21upKaKg

  • An animation instructing how to

access the Bond Dashboard has been shared on social media and it will be reposted periodically. Upcoming:

  • More quick 2018 Bond update

social media posts and videos. (i.e. a post about how laptops purchase with the 2018 Bond are being utilized for At-Home Learning during the COVID-19 pandemic.)

Communications Plan Update

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Information Technology

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  • Phase 1 Classroom Toolkit devices – Completed summer 2019
  • Phase 2 Classroom Toolkit devices (28 Schools) – Scheduled for

Summer 2020

  • ES

18

  • HS

4

  • MS

6

  • Internal Streaming technology for campus announcements –

Completed Spring 2020

  • Support staff device refresh - Scheduled to start Summer 2020
  • Audio/Video refresh – Scheduled to start Summer 2020
  • District phone refresh – Scheduled to start May 2020
  • Approx. 6000 phones handsets
  • Network IDF/MDF refresh (HVAC Project)
  • Phase 1 is complete
  • Phase 2 is all remaining campuses (275 IDF/MDF)
  • Pkg. 2 Volume 2/Phase 1 in progress – 19 schools
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Information Technology 2018 Bond

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Row Labels Sum of Original Budg Sum of Total Enc. + E % of Total Budget Audio/Video 2,010,000 $ 150,000 $ 7% Classroom Toolset 94,000,000 $ 35,266,358 $ 38% Infrastructure 24,300,000 $ 17,919,759 $ 74% Network 3,690,000 $ 2,885,062 $ 78% Staff Computer Refre 11,300,000 $ 615,722 $ 5% System 7,300,000 $ 239,206 $ 3% Grand Total 142,600,000 $ 57,076,106 $ 40%

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Safety and Security

  • Floor Mounted Door Locks
  • Window Film
  • Fencing
  • Vehicles
  • ID Badges

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SUMMARY OF OUTSTANDING DEBT

AS OF 3/31/2020

Summary Statistics Principal Composition

Total Outstanding Principal 1,073,031,776 $ Total Fixed Rate 882,096,776 82.21% Total Variable Rate 190,935,000 17.79% Total Interest Payments 494,515,408 Callable Principal (%) 72.53% Percent of Principal Retired w/in 5 years 24.38% w/in 10 years 54.21% w/in 15 years 75.78% Noncallable 27.47% w/in 20 years 85.99% Callable 72.53% w/in 25 years 94.84% w/in 30 years 100.00% Final Maturity 8/15/2049

Underlying Ratings Voted Authorization

Fitch AA+ Amount Issued Balance S&P AA+ 428,000,000 $ 419,000,000 $ 9,000,000 $ 484,000,000 435,000,000 49,000,000 992,600,000 104,120,000 888,480,000 1,904,600,000 $ 958,120,000 $ 946,480,000 $ 11/6/2007 11/6/2018 Date 11/4/2014 27.47% 72.53%

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SUMMARY OF OUTSTANDING DEBT

PRINCIPAL & INTEREST

$0 $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049

Aggregate Debt Service Period Ending 8/31

Principal Interest

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CALLABLE BONDS

  • The following table shows the District’s callable bonds as of March 31, 2020

SUMMARY OF OUTSTANDING DEBT

Callable Call Bond Issue Principal Date Unlimited Tax School Building & Refunding Bonds, Series 2010 66,580,000 $ 8/15/2020 Unlimited Tax Refunding Bonds, Series 2012 46,870,000 8/15/2022 Unlimited Tax Refunding Bonds, Series 2014 46,145,000 8/15/2024 Unlimited Tax Refunding Bonds, Series 2016A 35,755,000 8/15/2024 Unlimited Tax Refunding Bonds, Series 2017A (Green Bonds) 36,525,000 8/15/2026 Unlimited Tax Refunding Bonds, Series 2017B 28,080,000 8/15/2026 Variable Rate Unlimited Tax Refunding Bonds, Series 2017C (Green Bonds) 42,030,000 8/1/2020 Variable Rate Unlimited Tax Refunding Bonds, Series 2017D 45,495,000 8/1/2021 Unlimited Tax Refunding Bonds, Series 2018 119,585,000 8/15/2027 Unlimited Tax School Building Bonds, Taxable Series 2018 48,300,000 8/15/2027 Variable Rate Unlimited Tax Refunding Bonds, Series 2019A 81,555,000 8/1/2022 Unlimited Tax School Building & Refunding Bonds, Series 2019B 92,605,000 2/15/2028 Unlimited Tax Refunding Bonds, Series 2019C 88,715,000 8/15/2028

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TAX EXEMPT COMMERCIAL PAPER

  • The District established a Commercial Paper Program on November 3, 2016
  • On January 22, 2019, the Board of Trustees approved expanding the

commercial paper program from $100 million to $150 million effective February 20, 2019. The Board also approved adding the 2018 Bond to the commercial paper program

  • Currently, the District has $75 million outstanding in commercial paper with

rates ranging from 1.0400% to 1.4296%

  • As of 3/31/2020, the District has saved approximately $11.972 million in

interest expense

Fixed Rate Interest Period Total Interest Issue - Total Expense Ending Series A Series B Expense Interest Expense Difference 3/31/2020 1,904,490 $ 157,207 $ 2,061,697 $ 14,033,943 $ (11,972,246) $ Interest Expense Comparison Commercial Paper Notes

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UPCOMING TRANSACTIONS

  • Series 2020 Refunding Bonds ($183,610,000)
  • Series 2010 Refunding
  • Eligible amount to refund = $66,580,000
  • Pricing scheduled for 4/28/2020 & Closing for 5/27/2020
  • Series 2017C Bonds (Variable Rate Bonds) $42,030,000
  • Due August 3, 2000
  • Convert to fixed rate bonds
  • Includes Commercial Paper refunding ($75,000,000)
  • Market continues to improve after drop in rates in March
  • Fall 2020 Transaction
  • Will include Commercial Paper refunding (Amount TBD)
  • New Money for 2018 Bond Projects (Max $150,000,000)
  • Combination of variable and fixed rates
  • Authorization from January 2020 Bond Orders
  • Fixed and/or Variable Rate
  • Commercial paper refunding
  • New money bonds
  • District will continue to monitor market conditions for new money issuances

and future refundings

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WEIGHTED AVERAGE ANALYSIS

Bond 2014 Weighted Average Analysis

Debt: Weighted Average Maturity 14.38 years Assets: Weighted Average Useful Life 28.62 years

Per the Board Resolution adopted on 8/25/2014, the weighted average of maturity of the debt issued will not exceed the weighted average economic life of the assets by more than 120%.

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WEIGHTED AVERAGE ANALYSIS

Bond 2018 Weighted Average Analysis

Debt: Weighted Average Maturity 17.51 years Assets: Weighted Average Useful Life 25.45 years

Per the Board Resolution adopted on 8/13/2018, the weighted average of maturity of the debt issued will not exceed the weighted average economic life of the assets by more than 120%.

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Bond Oversight Committee April 23, 2020

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