On March 2000, the District School Board issued the Certificate of Participation, Series 2000 in the amount of $24.9 million dollars for the purpose of generating revenue to build the Fleming Island High School.  The Series 2000 Certificates debt were issued with a 25-year repayment term expiring on July 2025.  The interest rate was 5.75%.

On September 2005, the District refinanced the Certificate of Participation, Series 2000 with the balance of $17.8 million to provide savings to the district by reducing the original interest rate from 5.75% to 4.25%.  The Certificate of Participation, Series 2005B was issued with the same repayment terms but with the lower interest rate of 4.25%.

The outstanding amount of the Series 2005B COPs is currently $8,660,000, following a July 1, 2017, payment of $1,445,000.  The Series 2005B COPs extend through July 1, 2027.

The movements in tax exempt bank loan market have provided an opportunity to further reduce the interest rate.  The District distributed a Request for Proposals to banks participating in this type of loan, and received ten responses, with varied terms and conditions, and interest rates ranging from 2.39% to 1.75%.

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Clay School Board Leasing Corporation to accept the recommendation of the Superintendent and the District's Financial Advisors, Ford and Associates, to adopt a resolution authorizing the sale of Certificates of Participation, Series 2017, in a principal amount of not exceeding $9,000,000, for the purpose of refunding all of the Certificates of Participation, Series 2005B in order to achieve debt service savings.  

The district ensures fiscal responsibility and equitable distribution of resources.

To approve the recommendation of the Superintendent and the District's Financial Advisors, Ford and Associates to refinance the Certificate of Participation 2005B at a rate of 1.75% using PNC Bank for an overall savings of at least $500K for the life of the loan.