On April 25, 2011 the School Board approved a cell tower ground lease with Vertex Development, LLC to construct a cell tower on the campus of Gulf Trace Elementary School.
The School Board authorized the issuance of the Series 2007A, Certificates of Participation, and Series 2008, Certificates of Participation, to build this school and the School Board executed a Master Lease Purchase Agreement dated April 1, 1992 as supplemented by Schedule No. 2007B, dated July 1, 2007, wherein the School Board leases certain real property from the Pasco County School Board Leasing Corporation.
According to this Master Lease, the School Board can develop and maintain the property only for the purposes of a public school. Since the School Board entered into a lease agreement with Vertex Development, LLC for the construction and operation of a telecommunication tower and telecommunications facilities on a portion of the premises, a consent must be approved by the liquidity provider and the bond insurer.
National Public Finance Group, as successor to Financial Guaranty Insurance Company, the municipal bond insurer of the Series 2007A Certificate, has issued the attached consent pursuant to Section 9.4 of the Master Lease. The consent has been reviewed by the School Board bond counsel, Bryant, Miller & Olive, P.A.
Strategic Focus: Provide Equitable Support Systems
Strategic Plan Goal: The District will ensure fiscal responsibility and equitable distribution of resources.
The staff requests the School Board's approval of the attached Resolution.
The staff respectfully recommends the School Board's approval of the attached Resolution.