North Montco Technical Career Center Refinancing Discussion November 17, 2014

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North Montco Technical
Career Center
Refinancing Discussion
November 17, 2014
Presented by:
Jamie Doyle
Managing Director
Public Financial Management, Inc
One Keystone Plaza, Suite 300
North Front & Market Streets
Harrisburg, PA 17101
717.232.2723 (P)
717.232.8610 (F)
www.pfm.com
MUNICIPAL MARKET UPDATE
November 10, 2014
MMD YIELD CURVE
The MMD Yield Curve is a high grade municipal yield curve published daily by Municipal Market Data. It is one of the most commonly used benchmarks in municipal finance. The yields within the curve reflect the current yields for each maturity year at which bondholders would be likely to sell high quality (AAA rated) general obligation backed bonds. The
yield curve is typically influenced by new issuances in the primary market as well as post‐issuance trading in the secondary market.
Municipal bonds typically trade at a "spread to MMD", meaning the difference between the yield in a specific year of a bond issue and the respective yield in the MMD Yield Curve. While these spreads vary over time, they can be a meaningful and powerful tool in trying to compare relative yield levels in a volatile interest rate environment.
HISTORICAL MMD CURVE ILLUSTRATION ‐ SINCE JANUARY 1, 2004
7.00
6.00
Yield (%)
5.00
4.00
3.00
2.00
1.00
Range
Average
Current
Maturity Year
SPOT ANALYSIS ‐ 10 YEAR MMD ‐ SINCE JANUARY 1, 2004
4.80
Yield (%)
4.30
3.80
3.30
2.80
Since 1/1/2004
Amount
Date
2.30
Min
Max
1.470
4.860
11/28/2012
10/15/2008
1.80
Average
3.071
n/a
Current
2.170 11/10/2014
1.30
1/1/04
1/1/05
1/1/06
1/1/07
1/1/08
1/1/09
1/1/10
1/1/11
1/1/12
1/1/13
1/1/14
1
Public Financial Management, Inc.
30 Year
29 Year
28 Year
27 Year
26 Year
25 Year
24 Year
23 Year
22 Year
21 Year
20 Year
19 Year
18 Year
17 Year
16 Year
15 Year
14 Year
13 Year
12 Year
11 Year
10 Year
9 Year
8 Year
7 Year
6 Year
5 Year
4 Year
3 Year
2 Year
1 Year
0.00
North Montco Technical Career Center Topics of Discussion I) Market Update  Interest rates still remain below historical averages, despite equity markets reaching new highs and signs of an improving domestic economy.  Tapering of the Federal Reserve’s Quantitative Easing bond buying program began in late 2013 and concluded in October 2014.  Rates have since fallen slightly because supply of bonds is limited. II) Project Overview  Series of 2010 Bonds (Maturities dated 5/15/15 – 5/15/31) ♦ $8,480,000 principal outstanding ♦ May 15, 2015 call date ♦ 2010 Technical Career Center underlying rating of Aa2  Pro‐rata share of bond issue to be split between member districts based on the original 2010 STEB percentage per Articles of Agreement  Pro‐rata share to be guaranteed by member districts and count against member district’s borrowing capacity  Pro‐rata share will not count against member districts Bank Qualified limit in the opinion of the Technical School Bond Counsel III) Financing Team Overview  Issuer State Public School Building Authority  Borrower North Montco Technical Career Center  Bond Counsel Fox Rothschild LLP  Financial Advisor Public Financial Management, Inc.  Underwriter TBD  Trustee TBD Public Financial Management, Inc. 11/10/2014
2
IV) Estimated Financing Timeline  November 5, 2014 Initial presentation to NMTCC Business Managers  November 11, 2014 Initial presentation to NMTCC Superintendents  November 17, 2014 Initial Presentation to the JOC Authorization to proceed from JOC  December 15, 2014 JOC to Approve SPSBA Preliminary Application Resolution  January 12, 2015 Wissahickon School District to approve not to exceed resolution  January 15, 2015 North Penn School District to approve not to exceed resolution  January 22, 2015 Souderton Area School District to approve not to exceed resolution  January 27, 2015 Methacton School District to approve not to exceed resolution  January 2015 SPSBA meeting to approve borrowing & DCTSA approve borrowing  February 18, 2015 Bond Sale – JOC meeting to approve competitive sale results  March 25, 2015 Settlement  May 15, 2015 2010 Bonds Call Date Public Financial Management, Inc. 11/10/2014
3
NORTH MONTCO TECHNICAL CAREER CENTER
SERIES OF 2010
1
Date
41,958.00
5/15/2015
11/15/2015
5/15/2016
11/15/2016
5/15/2017
11/15/2017
5/15/2018
11/15/2018
5/15/2019
11/15/2019
5/15/2020
11/15/2020
5/15/2021
11/15/2021
5/15/2022
11/15/2022
5/15/2023
11/15/2023
5/15/2024
11/15/2024
5/15/2025
11/15/2025
5/15/2026
11/15/2026
5/15/2027
11/15/2027
5/15/2028
11/15/2028
5/15/2029
11/15/2029
5/15/2030
11/15/2030
5/15/2031
TOTALS
2
3
4
5
6
10
11
Fiscal Year
Debt Service
Wissahickon
SD
Local Effort
Total
Local
Effort
529,487.50
48,558.27
142,672.79
55,707.38
62,547.01
309,485.44
689,175.00
63,202.90
185,701.31
72,508.10
81,410.49
402,822.79
692,625.00
63,519.29
186,630.93
72,871.08
81,818.02
404,839.31
690,625.00
63,335.87
186,092.02
72,660.66
81,581.77
403,670.31
693,325.00
63,583.48
186,819.54
72,944.72
81,900.71
405,248.46
689,512.50
63,233.85
185,792.24
72,543.61
81,450.36
403,020.06
689,287.50
63,213.21
185,731.62
72,519.94
81,423.77
402,888.54
688,537.50
63,144.43
185,529.53
72,441.03
81,335.18
402,450.17
692,262.50
63,486.05
186,533.24
72,832.94
81,775.20
404,627.43
692,862.50
63,541.07
186,694.92
72,896.06
81,846.08
404,978.13
692,662.50
63,522.73
186,641.03
72,875.02
81,822.45
404,861.23
691,662.50
63,431.02
186,371.57
72,769.81
81,704.33
404,276.73
694,862.50
63,724.49
187,233.83
73,106.48
82,082.33
406,147.13
692,062.50
63,467.70
186,479.35
72,811.90
81,751.58
404,510.53
693,462.50
63,596.10
186,856.59
72,959.19
81,916.96
405,328.83
693,862.50
63,632.78
186,964.37
73,001.27
81,964.21
405,562.63
693,262.50
63,577.75
186,802.70
72,938.15
81,893.33
405,211.93
3,119,537.50 11,599,537.50 11,599,537.50
1,063,770.98
3,125,547.58
1,220,387.34
1,370,223.78
6,779,929.67
Pro-Rata Share*
AR% (2014-15) or 50%
PE%
15.69%
50.00%
83.10%
46.10%
50.00%
83.10%
18.00%
50.00%
83.10%
20.21%
50.00%
83.10%
Principal
Rate
Interest
Semi-Annual
Debt Service
370,000
4.000
385,000
3.000
400,000
3.000
410,000
3.000
425,000
3.250
435,000
3.500
450,000
3.500
465,000
3.500
485,000
4.000
505,000
4.000
525,000
4.000
545,000
4.000
570,000
4.000
590,000
4.000
615,000
4.000
640,000
4.000
665,000
4.250
159,487.50
152,087.50
152,087.50
146,312.50
146,312.50
140,312.50
140,312.50
134,162.50
134,162.50
127,256.25
127,256.25
119,643.75
119,643.75
111,768.75
111,768.75
103,631.25
103,631.25
93,931.25
93,931.25
83,831.25
83,831.25
73,331.25
73,331.25
62,431.25
62,431.25
51,031.25
51,031.25
39,231.25
39,231.25
26,931.25
26,931.25
14,131.25
14,131.25
529,487.50
152,087.50
537,087.50
146,312.50
546,312.50
140,312.50
550,312.50
134,162.50
559,162.50
127,256.25
562,256.25
119,643.75
569,643.75
111,768.75
576,768.75
103,631.25
588,631.25
93,931.25
598,931.25
83,831.25
608,831.25
73,331.25
618,331.25
62,431.25
632,431.25
51,031.25
641,031.25
39,231.25
654,231.25
26,931.25
666,931.25
14,131.25
679,131.25
8,480,000
7
8
9
PRO-RATA LOCAL EFFORT
Methacton
North Penn
Souderton
SD
SD
ASD
Local Effort
Local Effort
Local Effort
*Based on original 2010 STEB percentages
Public Financial Management, Inc.
11/14/2014
4
NORTH MONTCO TECHNICAL CAREER CENTER
AMOUNT TO CALL BONDS
1
2
3
4
5
SERIES OF 2010
AMOUNT TO CALL BONDS
Date
Principal
Interest
5/15/2015
8,480,000.00
159,487.50
TOTALS
8,480,000.00
159,487.50
Public Financial Management, Inc.
Escrow
Agent
Required
8,639,487.50
0.00
8,639,487.50
11/14/2014
5
NORTH MONTCO TECHNICAL CAREER CENTER
SERIES OF 2015
REFUNDS THE SERIES OF 2010
1
2
3
4
ASSUMES 11/15 PRINCIPAL PAYMENT DATES
5
6
TOTALS
Principal Coupon
390,000
0.940
480,000
1.160
485,000
1.380
495,000
1.630
500,000
1.880
510,000
2.120
520,000
2.360
535,000
2.550
550,000
2.680
565,000
2.800
580,000
2.900
600,000
3.000
615,000
3.070
640,000
3.130
660,000
3.180
680,000
3.230
8,805,000
Interest
Semi-Annual
Debt Service
Fiscal Year
Debt Service
30,189.79
108,683.25
106,850.25
106,850.25
104,066.25
104,066.25
100,719.75
100,719.75
96,685.50
96,685.50
91,985.50
91,985.50
86,579.50
86,579.50
80,443.50
80,443.50
73,622.25
73,622.25
66,252.25
66,252.25
58,342.25
58,342.25
49,932.25
49,932.25
40,932.25
40,932.25
31,492.00
31,492.00
21,476.00
21,476.00
10,982.00
10,982.00
30,189.79
498,683.25
106,850.25
586,850.25
104,066.25
589,066.25
100,719.75
595,719.75
96,685.50
596,685.50
91,985.50
601,985.50
86,579.50
606,579.50
80,443.50
615,443.50
73,622.25
623,622.25
66,252.25
631,252.25
58,342.25
638,342.25
49,932.25
649,932.25
40,932.25
655,932.25
31,492.00
671,492.00
21,476.00
681,476.00
10,982.00
690,982.00
30,189.79
2,768.65
8,134.77
605,533.50
55,532.30
690,916.50
2,179,596.04
11
12
13
Wissahickon
SD
Local Effort
Proposed
Total
Local Effort
Existing
Local Effort
Savings
3,176.27
3,566.24
17,645.93
309,485.44
291,839.51
163,163.72
63,708.18
71,530.13
353,934.33
402,822.79
48,888.46
63,362.61
186,170.56
72,691.32
81,616.20
403,840.69
404,839.31
998.62
689,786.00
63,258.93
185,865.94
72,572.39
81,482.66
403,179.92
403,670.31
490.40
692,405.25
63,499.13
186,571.71
72,847.96
81,792.07
404,710.87
405,248.46
537.59
688,671.00
63,156.67
185,565.50
72,455.08
81,350.95
402,528.20
403,020.06
491.86
688,565.00
63,146.95
185,536.94
72,443.92
81,338.43
402,466.25
402,888.54
422.30
687,023.00
63,005.54
185,121.44
72,281.69
81,156.28
401,564.94
402,450.17
885.23
689,065.75
63,192.88
185,671.87
72,496.61
81,397.58
402,758.94
404,627.43
1,868.49
689,874.50
63,267.05
185,889.79
72,581.70
81,493.12
403,231.65
404,978.13
1,746.49
689,594.50
63,241.37
185,814.34
72,552.24
81,460.04
403,067.99
404,861.23
1,793.25
688,274.50
63,120.31
185,458.66
72,413.36
81,304.11
402,296.45
404,276.73
1,980.29
690,864.50
63,357.84
186,156.55
72,685.85
81,610.06
403,810.30
406,147.13
2,336.83
687,424.25
63,042.33
185,229.56
72,323.91
81,203.67
401,799.47
404,510.53
2,711.06
692,968.00
63,550.74
186,723.35
72,907.16
81,858.54
405,039.80
405,328.83
289.04
692,458.00
63,503.97
186,585.93
72,853.51
81,798.30
404,741.70
405,562.63
820.93
690,982.00
63,368.61
186,188.21
72,698.22
81,623.94
403,878.98
405,211.93
1,332.95
10,984,596.04
1,007,375.89
2,959,848.83
1,155,689.36
1,297,582.33
6,420,496.40
6,779,929.67
359,433.28
Pro-Rata Share*
AR% (2014-15) or 50%
PE%
15.69%
50.00%
83.10%
46.10%
50.00%
83.10%
18.00%
50.00%
83.10%
Amount
359,433.28
255,508.18
614,941.46
Percentage
4.24%
3.01%
7.25%
Estimated Pro-Rata Net Savings
56,395.09
165,698.75
64,697.98
20.21% Savings Allocation
50.00% School District's Share
83.10% State's Share
Total Savings
72,641.45
*Based on original 2010 STEB percentages
10,984,596.04
7
8
9
PRO-RATA LOCAL EFFORT
Methacton
North Penn
Souderton
SD
SD
ASD
Local Effort
Local Effort
Local Effort
3/25/2015
3/25/2015
10
0.28
Date
41,958.00
5/15/2015
11/15/2015
5/15/2016
11/15/2016
5/15/2017
11/15/2017
5/15/2018
11/15/2018
5/15/2019
11/15/2019
5/15/2020
11/15/2020
5/15/2021
11/15/2021
5/15/2022
11/15/2022
5/15/2023
11/15/2023
5/15/2024
11/15/2024
5/15/2025
11/15/2025
5/15/2026
11/15/2026
5/15/2027
11/15/2027
5/15/2028
11/15/2028
5/15/2029
11/15/2029
5/15/2030
11/15/2030
5/15/2031
SETTLE
DATED
Public Financial Management, Inc.
11/14/2014
6
NORTH MONTCO TECHNICAL CAREER CENTER
SERIES OF 2015
Estimated Composition of the Issue
SOURCES:
Bonds
Accrued Interest
Total
USES:
Amount to Call Bonds
Underwriter's Discount
$7.50
Bond Insurance
$0.00
Original Issue Discount/(Premium)
Total Legal Fees
Financial Advisor
Financial Printing/OS Formatting
Credit Rating
Trustee
Miscellaneous Expenses/Rounding
Total
8,805,000.00
0.00
8,805,000.00
8,639,488.00
66,037.50
0.00
0.00
24,000.00
40,000.00
15,000.00
16,000.00
1,500.00
2,974.50
8,805,000.00
Estimated
Estimated
TBD
Estimated
Estimated
Estimated
Estimated
Estimated
Dated Date
3/25/2015
0.28
Settlement Date
3/25/2015
0.28
Yield of the Issue
2.807932
Public Financial Management, Inc.
11/14/2014
7
Not To Exceed
Parameters
Public Financial Management, Inc.
8
PARAMETERS RESOLUTION
 In order to be able to enter the market when it is most advantageous, the
member districts will consider a “Parameters Resolution”, which authorizes
the financing team to issue the bonds as long as certain parameters are met.
 The Parameters Resolution establishes a set of threshold under which the
ultimate financing must fit within, including:
o Maximum principal amount
o Maximum interest rate
o Maximum final maturity
 Member districts will not need to hold special meetings to approve the final
pricing of the bonds.
 The JOC will approve the not to exceed resolution at its meeting on
February 18, 2015 or later
9
NORTH MONTCO TECHNICAL CAREER CENTER
SERIES OF 2015
Methacton School District Pro-Rata Share
15.69%
Settled
Dated
3/25/2015
3/25/2015
4
5
6
Proposed
Fiscal Year
Debt Service
MAX PARAMETERS
1
2
3
Date
41958
5/15/2015
11/15/2015
5/15/2016
11/15/2016
5/15/2017
11/15/2017
5/15/2018
11/15/2018
5/15/2019
11/15/2019
5/15/2020
11/15/2020
5/15/2021
11/15/2021
5/15/2022
11/15/2022
5/15/2023
11/15/2023
5/15/2024
11/15/2024
5/15/2025
11/15/2025
5/15/2026
11/15/2026
5/15/2027
11/15/2027
5/15/2028
11/15/2028
5/15/2029
11/15/2029
5/15/2030
11/15/2030
5/15/2031
Principal
Rate
Interest
Semi-Annual
Debt Service
57,269
94,140
6.000
6.000
99,632
6.000
105,908
6.000
98,063
6.000
97,278
6.000
97,278
6.000
98,847
6.000
101,201
6.000
101,985
6.000
105,123
6.000
106,692
6.000
110,615
6.000
112,184
6.000
115,322
6.000
118,460
6.000
121,598
6.000
14,513.25
50,529.65
47,705.45
47,705.45
44,716.50
44,716.50
41,539.28
41,539.28
38,597.40
38,597.40
35,679.06
35,679.06
32,760.72
32,760.72
29,795.31
29,795.31
26,759.30
26,759.30
23,699.75
23,699.75
20,546.06
20,546.06
17,345.30
17,345.30
14,026.86
14,026.86
10,661.36
10,661.36
7,201.71
7,201.71
3,647.93
3,647.93
71,781.75
144,669.65
47,705.45
147,336.95
44,716.50
150,624.00
41,539.28
139,601.78
38,597.40
135,875.40
35,679.06
132,957.06
32,760.72
131,607.72
29,795.31
130,995.81
26,759.30
128,744.30
23,699.75
128,822.75
20,546.06
127,238.06
17,345.30
127,959.80
14,026.86
126,210.36
10,661.36
125,982.86
7,201.71
125,661.21
3,647.93
125,245.43
TOTALS
1,741,590
71,781.75
192,375.09
192,053.45
192,163.28
178,199.18
171,554.46
165,717.78
161,403.03
157,755.11
152,444.04
149,368.80
144,583.35
141,986.66
136,871.72
133,184.57
129,309.14
125,245.43
854,406.80
2,595,996.80
2,595,996.80
10
NORTH MONTCO TECHNICAL CAREER CENTER
SERIES OF 2015
North Penn School District Pro-Rata Share
46.10%
Settled
Dated
3/25/2015
3/25/2015
4
5
6
Proposed
Fiscal Year
Debt Service
MAX PARAMETERS
1
2
3
Date
41958
5/15/2015
11/15/2015
5/15/2016
11/15/2016
5/15/2017
11/15/2017
5/15/2018
11/15/2018
5/15/2019
11/15/2019
5/15/2020
11/15/2020
5/15/2021
11/15/2021
5/15/2022
11/15/2022
5/15/2023
11/15/2023
5/15/2024
11/15/2024
5/15/2025
11/15/2025
5/15/2026
11/15/2026
5/15/2027
11/15/2027
5/15/2028
11/15/2028
5/15/2029
11/15/2029
5/15/2030
11/15/2030
5/15/2031
Principal
Rate
Interest
Semi-Annual
Debt Service
168,265
276,600
6.000
6.000
292,735
6.000
311,175
6.000
288,125
6.000
285,820
6.000
285,820
6.000
290,430
6.000
297,345
6.000
299,650
6.000
308,870
6.000
313,480
6.000
325,005
6.000
329,615
6.000
338,835
6.000
348,055
6.000
357,275
6.000
42,642.50
148,465.05
140,167.05
140,167.05
131,385.00
131,385.00
122,049.75
122,049.75
113,406.00
113,406.00
104,831.40
104,831.40
96,256.80
96,256.80
87,543.90
87,543.90
78,623.55
78,623.55
69,634.05
69,634.05
60,367.95
60,367.95
50,963.55
50,963.55
41,213.40
41,213.40
31,324.95
31,324.95
21,159.90
21,159.90
10,718.25
10,718.25
210,907.50
425,065.05
140,167.05
432,902.05
131,385.00
442,560.00
122,049.75
410,174.75
113,406.00
399,226.00
104,831.40
390,651.40
96,256.80
386,686.80
87,543.90
384,888.90
78,623.55
378,273.55
69,634.05
378,504.05
60,367.95
373,847.95
50,963.55
375,968.55
41,213.40
370,828.40
31,324.95
370,159.95
21,159.90
369,214.90
10,718.25
367,993.25
TOTALS
5,117,100
210,907.50
565,232.10
564,287.05
564,609.75
523,580.75
504,057.40
486,908.20
474,230.70
463,512.45
447,907.60
438,872.00
424,811.50
417,181.95
402,153.35
391,319.85
379,933.15
367,993.25
2,510,398.55
7,627,498.55
7,627,498.55
11
NORTH MONTCO TECHNICAL CAREER CENTER
SERIES OF 2015
Souderton Area School District Pro-Rata Share
18.00%
Settled
Dated
3/25/2015
3/25/2015
4
5
6
Proposed
Fiscal Year
Debt Service
MAX PARAMETERS
1
2
3
Date
41958
5/15/2015
11/15/2015
5/15/2016
11/15/2016
5/15/2017
11/15/2017
5/15/2018
11/15/2018
5/15/2019
11/15/2019
5/15/2020
11/15/2020
5/15/2021
11/15/2021
5/15/2022
11/15/2022
5/15/2023
11/15/2023
5/15/2024
11/15/2024
5/15/2025
11/15/2025
5/15/2026
11/15/2026
5/15/2027
11/15/2027
5/15/2028
11/15/2028
5/15/2029
11/15/2029
5/15/2030
11/15/2030
5/15/2031
Principal
Rate
Interest
Semi-Annual
Debt Service
65,700
108,000
6.000
6.000
114,300
6.000
121,500
6.000
112,500
6.000
111,600
6.000
111,600
6.000
113,400
6.000
116,100
6.000
117,000
6.000
120,600
6.000
122,400
6.000
126,900
6.000
128,700
6.000
132,300
6.000
135,900
6.000
139,500
6.000
16,650.00
57,969.00
54,729.00
54,729.00
51,300.00
51,300.00
47,655.00
47,655.00
44,280.00
44,280.00
40,932.00
40,932.00
37,584.00
37,584.00
34,182.00
34,182.00
30,699.00
30,699.00
27,189.00
27,189.00
23,571.00
23,571.00
19,899.00
19,899.00
16,092.00
16,092.00
12,231.00
12,231.00
8,262.00
8,262.00
4,185.00
4,185.00
82,350.00
165,969.00
54,729.00
169,029.00
51,300.00
172,800.00
47,655.00
160,155.00
44,280.00
155,880.00
40,932.00
152,532.00
37,584.00
150,984.00
34,182.00
150,282.00
30,699.00
147,699.00
27,189.00
147,789.00
23,571.00
145,971.00
19,899.00
146,799.00
16,092.00
144,792.00
12,231.00
144,531.00
8,262.00
144,162.00
4,185.00
143,685.00
TOTALS
1,998,000
82,350.00
220,698.00
220,329.00
220,455.00
204,435.00
196,812.00
190,116.00
185,166.00
180,981.00
174,888.00
171,360.00
165,870.00
162,891.00
157,023.00
152,793.00
148,347.00
143,685.00
980,199.00
2,978,199.00
2,978,199.00
12
NORTH MONTCO TECHNICAL CAREER CENTER
SERIES OF 2015
Wissahickon School District Pro-Rata Share
20.21%
Settled
Dated
3/25/2015
3/25/2015
4
5
6
Proposed
Fiscal Year
Debt Service
MAX PARAMETERS
1
2
3
Date
41958
5/15/2015
11/15/2015
5/15/2016
11/15/2016
5/15/2017
11/15/2017
5/15/2018
11/15/2018
5/15/2019
11/15/2019
5/15/2020
11/15/2020
5/15/2021
11/15/2021
5/15/2022
11/15/2022
5/15/2023
11/15/2023
5/15/2024
11/15/2024
5/15/2025
11/15/2025
5/15/2026
11/15/2026
5/15/2027
11/15/2027
5/15/2028
11/15/2028
5/15/2029
11/15/2029
5/15/2030
11/15/2030
5/15/2031
Principal
Rate
Interest
Semi-Annual
Debt Service
73,767
121,260
6.000
6.000
128,334
6.000
136,418
6.000
126,313
6.000
125,302
6.000
125,302
6.000
127,323
6.000
130,355
6.000
131,365
6.000
135,407
6.000
137,428
6.000
142,481
6.000
144,502
6.000
148,544
6.000
152,586
6.000
156,628
6.000
18,694.25
65,086.31
61,448.51
61,448.51
57,598.50
57,598.50
53,505.98
53,505.98
49,716.60
49,716.60
45,957.54
45,957.54
42,198.48
42,198.48
38,378.79
38,378.79
34,468.16
34,468.16
30,527.21
30,527.21
26,465.00
26,465.00
22,342.16
22,342.16
18,067.74
18,067.74
13,732.70
13,732.70
9,276.39
9,276.39
4,698.83
4,698.83
92,460.75
186,346.31
61,448.51
189,782.01
57,598.50
194,016.00
53,505.98
179,818.48
49,716.60
175,018.60
45,957.54
171,259.54
42,198.48
169,521.48
38,378.79
168,733.29
34,468.16
165,833.16
30,527.21
165,934.21
26,465.00
163,893.00
22,342.16
164,822.66
18,067.74
162,569.24
13,732.70
162,276.20
9,276.39
161,861.89
4,698.83
161,326.33
TOTALS
2,243,310
92,460.75
247,794.81
247,380.51
247,521.98
229,535.08
220,976.14
213,458.02
207,900.27
203,201.45
196,360.36
192,399.20
186,235.15
182,890.40
176,301.94
171,552.59
166,560.72
161,326.33
1,100,545.66
3,343,855.66
3,343,855.66
13
SAMPLE MOTION
Resolved: The Joint Operating Committee of the North Montco
Technical Career Center (the “TCC”) does hereby authorize the
Administration to work with Public Financial Management, as
Financial Advisor, Fox Rothschild LLP as Bond Counsel, and the
local Solicitor in conjunction with the issuance of the School Lease
Revenue Bonds, Series of 2015, for the purpose of current refunding
the School Lease Revenue Bonds, Series of 2010 via a competitive
RFP process with a minimum net savings target of ________%
(Historic benchmark is 2.0% ≈ $169,600).
Public Financial Management, Inc.
14
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