►
Description
No description was provided for this meeting.
If this is YOUR meeting, an easy way to fix this is to add a description to your video, wherever mtngs.io found it (probably YouTube).
A
A
So
it's
to
to
hedge
that
funding
Cliff
once
we
decide
whatever
the
sustainable
activities
are
programs
that
are
Tethered
to
Esser.
A
Thank
you,
Dr
Temple,
so,
just
reiterating
again
that
we
have
three
more
engagement
sessions
with
the
board
in
April.
We'll
have
an
additional
follow-up
with
the
board
for
Budget
update
in
May,
we'll
take
the
first
reading
or
the
preliminary
budget
bring
that
forward
to
the
board,
with
our
projected
revenues,
expenditures
and
all
of
our
initiatives
and
then
by
June.
You
will
have
the
final
budget
in
front
of
you
for
voting
and
adoption.
Yes,
sir
Mr
Calhoun
yeah.
B
I'm
sorry
I
was
trying
to
think
of
how
to
access
what
the
SR
stabilization
and
sustainability
we're.
C
B
That,
with
all
pilot
projects
correct
all
piloted
projects
going
on
through
the
districts,
let's
say
we
got
grant
funding
like
the
Federal
grant
funding
for
z9.
B
A
So
it's
it's
not
for
all
grants,
so
so
it
depends
on
the
grant.
So
there
are
some
grants
that
are
single
year
grants
and
there's
so
grants
and
there's
some
that
are
multi-year
and
it
depends
on
the
purpose
and
the
timeline
of
the
grant.
So
I'd
have
to
know
specifically
which
Grant
you're.
B
Talking
about
too
I'm
just
thinking
about
for
any
grant
that
we
get
if
we're
bringing
in.
If
we
see
something,
that's
working
with
that
Grant
with
any
grant
that
we
bring
in
how
do
we
expanded
throughout
the
district,
but
then
also
try
to
make
it
sustainable
that
we
will
always
have?
No,
we
can
pay
for
great.
A
B
A
If
you
take
a
look
at
things
like
Head
Start
or
early
childhood,
we
submit
an
application
every
year
requesting
that
money,
so
that
money's
been
in
the
district
for
several
years.
That
holds
true
for
other
grants
as
well:
Title
II,
for
instance,
a
lot
of
professional
development
for
teachers
is
funded
by
Title
II
and
that's
a
recurring
grant
that
the
district
receives.
So
it
just
depends
on
the
Grant
and
the
stipulations
attached
to
it.
B
Like
I'm
thinking
about
another
one,
I'm
specifically
thinking
about
would
be
with
the
celebration
schools
and
the
bonuses
that
we
put
out
that
are,
can
come
in
with
the
teachers
If.
They
raise
the
test
scores.
D
A
That's
a
great
question
so
so
those
are
some
of
the
actual
conversations
and
questions
that
the
administration
and
the
board
engages
in
when
we're
talking
about
building
the
budget
right.
I.
Don't
have
an
answer
for
that
today.
For
that
specific
example
right,
but
typically
the
district
looks
at
critical
work
and
the
continuity
of
that
critical
work.
So
in
previous
years
there
were
things
that
were
tethered
that
were.
A
Those
items
in
in
future
years,
so
those
conversations
happen.
So
so
yes.
A
A
little
bit
well,
no
thank
you.
Thank
you.
So
now
we'll
have
the
portion
of
our
presentation.
That's
related
to
our
debt
and.
A
C
B
D
C
I'll
give
this
a
try
between
the
two
of
us
in
case.
We
need
to
share
so
I'm
I'm
Carol
Clark,
with
Haynes
receiver,
Boyd
Law
Firm
here
in
Charleston
and
I've,
been
working
with
the
district
for
close
to
20
years
now,
and
this
is
Jay
Glover
with
on
public
financial
management
out
of
Orlando
and
they've,
been
financial
advisor
to
the
district
for
about
the
same
length
of
time
and
while
Ms
Williams
and
her
team
were
really
focusing
on
operations
and
on
the
operating
fund.
C
We're
really
looking
more
at
the
the
debt
side
of
things,
the
debt
financing
for
long-term
capital
projects
and
also
the
debt
millage
side
of
the
equation.
There
are
several
different
types
of
Finance
financings.
We
go
through
every
year
and
great.
We
got
the
slides
on
now,
and
one
of
these
is
actually
on
the
agenda
for
today's
meeting,
which
is
the
approval
of
the
bond
anticipation,
notes
and
all
of
these
financings
are
sort
of
woven
together
and
to
understand
one.
C
You
really
need
the
big
picture
of
stepping
back
and
looking
at
all
of
them
and
how
they
sort
of
relate
to
each
other.
So,
just
in
general,
we've
got
the
short-term
debt,
which
is
cash
flow
funding
both
on
the
operation
side,
which
is
the
tax
anticipation
note
as
well
on
the
capital
side,
which
are
the
bond
anticipation,
notes
that
are
on
the
agenda
today
and
the
bands
as
the
we
call
them
for
short,
really
break
down
into
two
categories.
C
C
At
the
end
of
the
day,
that's
all
paid
out
of
the
sales
tax
collections,
then
moving
on
down,
we've
got
long-term
debt,
which
consists
of
General
obligation
bonds,
which
is
the
way
that
the
district
really
funded
all
of
their
Capital
needs
up
until
2004,
when
there
was
a
transition
made
to
installment
purchase
revenue
bonds,
which
are
referred
to
as
iprbs
or
alternative
financing
that
funded
the
2004
through
2009
Capital
programs
through
three
series
of
bond
issues,
and
then
lastly,
is
the
sales
tax
program
which
the
district
has
just
started
on
their
third
sales
tax
program.
C
The
initial
one
was
approved
in
2010
and
I
ran
for
six
years.
Then
we
had
a
new
list
of
projects.
That
program
was
approved
in
2014
and
then
most
recently,
the
current
program
was
approved
in
2020
and
that
one
cent
started
collections
on
January
1st
of
this
year
and
while
that
is
all
managed
through
debt,
it's
just
on
a
short-term
basis
and
the
the
whole
shift
of
this.
The
or
the
intention
is
to
shift
from
debt
that
is
paid
back
by
property
tax
payers.
C
With
short-term
debt,
as
we
were
mentioning
tax
anticipation
note-
and
we
will
talk
about
this
more
in
depth-
in
probably
August
or
September,
but
when
you
get
your
property
tax
bill
that
usually
comes
in
around
October
and
taxes
are
due
without
a
penalty
by
January
15th,
and
so
most
people
pay
their
taxes
in
December
and
January.
So
the
bulk
of
that
money
for
operations
comes
in
in
practically
a
six-week
period,
And.
C
So
we
typically
issue
those
notes
around
September
or
October,
and
they
are
required
by
state
law
to
be
paid
back
within
90
days
of
the
due
date
for
tax
collections.
So
every
year
we
have
an
April
1st
maturity
date,
so
that's
just
kind
of
basically
getting
an
advance
on
our
operating
fund,
operating
funds
coming
from
property
taxes
and
then
the
second
type
of
short-term
financing
are
the
bond
anticipation,
notes
and
we
will
see
when
we
look
at.
C
What's
being
approved
today,
but
there
is,
there
is
a
series,
a
issue
every
year
which
pays
the
fixed
cost
of
ownership,
which
is
basically
capital
projects
that
are
undertaken,
a
lot
of
them
over
the
summer
holidays
for
re-roofing
schools
or
painting,
or
just
typical
kind
of
Maintenance
projects.
There's
also
technology
upgrades
as
I
said
kind
of
typical
Capital
maintenance,
and
then
the
other
part
of
that
is
to
make
payments
on
the
installment
purchase
revenue
bonds,
which
we'll
get
into
in
a
little
bit
more
detail.
C
And
then
we
always
have
a
second
series
of
bond
anticipation,
notes,
which
is
cash
flow
funding
for
the
construction
projects
being
funded
by
the
sales
tax
program
and,
as
we
said,
the
the
current
sales
tax
program
started
collections,
January
1
of
this
year,
and
so
that
will
be
sort
of
a
bell
curve
over
the
course
of
the
next
six
years,
and
so
the
construction
gets
wrapped
up
before
there
enough
dollars
in
really
to
just
use
pay-as-you-go
funding.
For
that,
and
so
with
this
Bond
anticipation
note
for
sales
tax.
C
That
is
just
to
it's
like
a
construction
loan,
but
it
it
will
be
paid
back.
We
will
roll
those
notes
every
year
for
the
six
year
period
and
then
at
the
expiration
of
the
current
sales
tax
period.
Those
will
be
retired
from
sales
tax
collections
and
Jay
May
touch
on
this
a
little
bit
more,
but
typically
in
the
first
kind
of
three
years
of
the
sales
tax
program
that
first
year
you,
you
borrow
a
little
bit
that's
for
advanced
design,
then
the
next
year.
A
On
the
next
slide,
okay,
just
one
second
I-
think
the
slide's
coming
back
up.
Thank
you.
C
And
without
going
too
much
into
the
history
of
things,
but
up
until
really
the
mid
2000s
General
obligation,
Bonds
were
really
school.
Districts
only
means
from
that
financing,
long,
financing,
capital
projects,
and
they
were
usually
done
over
20
25
year
period-
that
there
are
two
types
of
debt
that
are
authorized.
C
C
Unless
you
hold
a
bond
referendum,
which
then
authorizes
whatever
amount
of
bonds
you
put
into
that
referendum
and
what
was
happening
throughout
the
1990s
Charleston
was
in
a
little
bit
better
position,
because
the
tax
base
was
so
large,
but
so
many
of
these
very
small
school
districts
were
just
up
against
that
debt
limit
and
could
not
issue
didn't
have
capacity
to
issue
any
more
debt
so
that
the
only
option
then
was
to
hold
a
bond
referendum,
and
sometimes
those
were
successful
and
sometimes
they
weren't
Charleston
I
think
the
last
non-referendum
that
was
passed
was
about
1998.
C
C
There
is
a
501c3,
a
non-par
non-profit
corporation,
which
in
Charleston's
case
is
called
the
Charleston
education,
educational,
Excellence,
financing,
Corporation
or
sief
you'll
hear
references
from
time
to
time
about
Steve,
but
the
non-profit
issues,
the
bonds
uses
the
money
to
Bill
schools
and
the
school
district
makes
semi-annual
payments
deceived
in
amounts
that
are
sufficient
to
make
the
principal
and
interest
payments
on
the
bonds,
and
in
that
way
the
district
is
basically
buying
portions
of
those
schools
back
from
C
on
a
semi-annual
basis,
and
so
with
with
the
the
outstanding
iprbs.
C
So
the
district
needs
to
have
a
means
of
way
of
raising
money
prior
to
June,
1
and
December
1,
to
make
the
payments
on
those
bonds
which
are
in
effect
paying
for
the
construction
renovation
of
of
a
number
of
schools
that
were
financed
in
2004,
5
and
6,
including
abused
and
just
there's
a
long
list,
academic
magnet
time.
The
list
goes
on
and
on
throughout
the
district.
C
So,
as
I
said,
that
is
one
of
the
things
that
we
are
here
to
talk
about
is
the
financings
for
for
making
those
payments
on
the
thief
bonds
and,
as
I
said,
we
we
did
those
financings
in
2004,
five
and
six
and
then
in
2006.
The
state
legislature
said
no.
We
don't
think
you
should
be
able
to
use
this
type
of
financing
anymore.
C
So
from
2006
oil
from
2007
onwards,
iprbs
were
not
available
for
financing
school
facilities,
but
we
have
had
a
couple
of
refundings
a
couple
of
refund
a
refinancings
were
done
in
2013
and
2014
just
to
lower
the
interest
rates,
and
that's
another
thing
that
we
may
be
talking
about
sometime
later
on
this
year.
Is
there
may
be
the
possibility
later
on
in
the
year
of
again,
saving
money
by
lowering
the
rates
on
those
bonds.
C
Then,
with
the
neck,
the
next
slide,
this
just
kind
of
puts
together
a
timeline
for
the
types
of
financings
that
we
have
been
talking
about,
we'll
we'll
skip
long-term
debt
at
the
top
and
talk
about
the
short-term
debt.
That's
listed
here,
April
and
May.
We're
actually
coming
to
you
now
for
the
approval
of
the
spring
Bond
anticipation,
note,
which
will
be
issued
in
early
May
and
that
is
to
fund
all
these
different
type
projects.
C
We've
been
talking
about,
plus
the
sales
tax,
the
spring
ban,
the
series
a
band
will
be
retired
in
November,
from
a
very
short-term
General
obligation
bond,
which
will
be
retired
on
March
1
of
next
year,
through
millage
issued
in
the
2023-24
budget.
The
sales
tax
ban
will
have
a
one-year
maturity,
and
so
in
May
of
next
year,
we'll
be
coming
back
to
refund
that
possibly
add
new
money
and
that
process
will
continue
through
2028.
C
Note
we
mentioned
will
be
done
in
late
spring,
I
mean
late
summer,
just
whenever
the
need
arises,
and
then
the
October
or
November
annual
General
obligation
bonds
will
be
to
retire
the
series
a
ban
and
make
the
December
1
payment
on
the
installment
purchase
bonds
and
then,
finally,
while
we
said
that
the
district
has
not
really
issued
any
long-term
debt
in
the
past
several
years,
there
is
the
option
there
under
the
eight
percent
debt
limit
and
that's
something
that
various
members
of
the
finance
team
as
well
as
bfm,
will
be
talking
about,
because
there
may
be
some
schools
later
on
this
year,
which
I
believe
were
were
approved
as
part
of
the
current
sales
tax
program.
C
But
there's
been
discussion
about
moving
those
forward
by
by
funding
those
through
a
general
obligation
Bond,
as
opposed
to
waiting
to
see
if
there's
enough
money
coming
through
on
the
sales
tax
program.
E
It's
Carol
and
again
Jay
Glover
from
pfm
financial
advisors.
We
are
the
districts
financial
advisor
on
debt
related
matters
and,
while
Carol
gave
kind
of
an
overview
of
the
words
associated
with
these
financings
I'm,
going
to
try
to
dig
into
the
numbers
just
a
little
bit,
but
also
keep
it
as
high
level
as
possible.
We
do
maintain
a
fairly
detailed
Excel
model
that
shows
cash
flows
over
the
entire
term
of
your
debt
portfolio,
which
is
through
fiscal
year
2032,
not
only
on
the
general
obligation
side,
but
also
on
the
sales
tax
side.
E
It
looks
at
cash
flows
associated
with
the
projects,
sales
tax
collections,
to
make
sure
that
the
ultimate
plan
will
be
followed
through
on
which
I
think
we've
all
talked
about,
which
is
the
district
being
debt
free
by
2032,
which
is
still
the
plan
and
still
on
target
absent
any
future
decisions
that
might
be
made
to
add
that
service
in
the
future
on
slide.
Six
here
this
is
just
pictorially.
What's
your
current
outstanding
debt
looks
like
that
Carol
just
described,
and
it's
broken
down
into
the
categories
just
like
she
mentioned
on
the
top.
E
Is
your
long-term
go
bonds?
There
and
you
can
see
it's
about
50
million
dollars
outstanding
as
of
March
1
2023,
and
we
also
have
a
category
that
shows
how
much
of
that
is
approved
within
your
eight
percent
debt
limit,
because
we
always
want
to
make
sure
there's
sufficient
capacity
moving
forward
to
issue
eight
percent
debt
for
the
reasons
Carol
mentioned
Richard
to
provide
cash
flow
on
your
sales
tax
program,
but
also
make
sure
there's
capacity
to
pay
your
installment
payments
each
twice
a
year.
E
So
again,
25
million
of
that
long-term
debt
is
eight
percent
debt.
The
next
category
is
your
short-term
bonds
and
again,
while
this
is
a
significant
amount
of
debt,
it's
very
short-term
in
nature
for
cash
flow
and
again,
I
won't
go
into
the
reasons
why
as
Carol
just
described
but
247,
almost
250
million
dollars
worth
of
your
debt
is
short-term
debt
and
associated
with
your
eight
percent
debt
limit.
Having
said
that,
the
2
2022
b
band,
which
is
there
about
74
million
dollars,
that's
the
remaining
piece
of
your
phase,
four
sales
tax
program.
E
So
your
last
collections
just
came
in
in
December
for
that
program
and
we'll
actually
pay
all
of
the
debt
off
in
March
of
2023.
Excuse
me,
may
of
2023,
so
you'll
be
completely
debt
free
on
your
phase,
four
sales
tax
program
and
the
same
thing
with
the
2022
C
band.
That's
for
your
phase
five
program,
Yeah
question.
D
I
I
am
learning
about
this.
Obviously
so,
but
I
know
like
in
my
personal
life
like
with
mortgages,
and
things
like
that,
if
you're
able
to
apply
a
little
extra
to
your
payment,
then
eventually
you
you
save
money,
because
you
gain
momentum
faster
on
paying
off
debt.
So
two
questions
is
that
a
possibility
with
any
of
this
and
then
also
if
we
become
debt
free,
is
that
money
that
we
can
then
apply
to
say
raising
salaries
for
teachers.
E
Well,
let
me
attack
that
in
two
two
different
questions
and
Mr
Kennedy
might
want
to
weigh
in
on
the
second
piece
there.
But
yes,
most
of
this
debt
yeah,
that's
the
short
answer.
We
can
go
into
that.
E
Most
of
this
debt
does
have
potential
call
flexibility,
so
there
is
the
ability
to
pay
it
down
early
at
points
in
time.
If
there
is
additional
cash
to
do
that
or
if
interest
rates
are
lower,
you
could
see
refinance
debt
for
Debt
Service
savings.
So
that
is
the
flexibility
you
know
just
like
your
mortgage.
E
You
can
pay
it
down
early
potentially,
but
you
obviously
have
to
have
the
cash
flow
to
do
that
and
within
our
current
model
we
target
28
Mills
for
Debt
Service,
which
really
covers
what
you
need
to
make
existing
payments
so
to
go
above
and
beyond
that
you'd
likely
have
to
raise
an
additional
millage.
As
for
the
second
question,
we're
really
talking
about
Debt,
Service
millage.
So
to
the
extent
that
goes
to
zero
I
mean
you
could,
potentially,
you
know,
raise
an
operating
millage
for
salaries,
but
that's
really
unrelated
to
The
Debt
Service
millage.
E
That
would
give
you
a
lot
of
flexibility
in
your
Capital
program
moving
forward
and
allow
you
to
reduce
the
millage
levy
on
the
citizens
and,
if
you
keep
in
mind
with
a
Debt
Service
millage,
that's
not
only
resident
potential,
but
that's
also
your
commercial
property.
So
that
would
be
the
benefit
of
that
really
lots
of
flexibility
with
a
capital
program
and
potentially
a
lower
or
no
Debt,
Service
millage,
but
Mr
Kennedy
I
know
that's
probably
a
lot
to
handle
there.
I,
don't
know
if
you
had
anything
going
on
I.
E
E
The
20
and
just
going
through
the
2022
C
band,
so
that
was
actually
81
million
dollars.
That
was
your
initial
upfront
money
for
your
phase,
five
sales
tax
program.
So,
as
was
mentioned,
your
collections
didn't
start
until
January
of
2023,
but
there's
a
lot
of
advanced
design
and
planning
that
comes
about.
So
these
projects
can
be
put
into
the
ground.
So
last
year
we
actually
raised
81
million
dollars,
so
we
could
start
paying
for
some
of
that
advanced
design
so
that
we
can
get
those
projects
started
very
quickly.
So
again,
that's
81
million
dollars.
E
We
will
be
rolling
that
as
part
of
the
2023
b
band
and
adding
about
40
million
additional
to
that
so
you'll
have
about
a
hundred
and
twenty
million
dollars
of
cash
flow
ban
associated
with
your
phase
five
program.
It
was
mentioned
that
will
ramp
up
over
time
and
then
probably
level
out
and
we'll
start
paying
that
ban
down
as
we
approach
the
sunset
of
the
phase
five
program,
just
like
we're
doing
in
May
of
this
year
with
the
phase
four
program
and
then
the
2022
A
and
B.
E
So
we're
right
on
target
using
very
conservative
assumptions
to
pay
this
off
and
meet
that
program.
I
know
that
was
a
question
that
came
up
before,
but
we're
very
conservative
on
our
our
estimates
in
terms
of
assessed
value,
growth,
I
think
we'll
use
between
one
and
a
half
and
two
percent
annually,
and
we
do
not
assume
a
assessment
which
happens
every
five
years.
So
we
think
we're
very
conservative
on
that.
Also
with
the
sales
tax
program,
the
Baseline
that
we
are
using
for
your
sales
tax
collections.
E
Again,
as
we
move
through
the
program,
we
reassess
the
collections,
the
timing
of
projects
and
are
adding
projects
as
we
can,
but
we
don't
want
to
do
that
too
quickly,
because
we're
really
only
in
the
second
month
of
Collections
and
while
things
have
been
great,
the
last
several
years,
we're
always
cautious
of
a
recession
or
you
know
if
inflation
becomes
much
more
in
check
and
the
cost
of
items
goes
down.
That
also
negatively
impacts
your
sales
tax
collection.
E
So
if
there's
one
of
a
few
takeaways
from
this,
is
that
we're
very
conservative
in
our
assumptions,
because
we
don't
want
to
put
you
in
a
situation
where
you
don't
have
sufficient
capacity
to
pay
your
debt
off
and
I'm
gonna
move
here
pretty
quickly
again
page
seven,
if
we
can
flip
one
more
slide,
this
is
a
calculation
of
your
eight
percent
debt.
So
it
takes
your
assessed.
E
Valuations
takes
eight
percent
of
that
and
the
good
thing
for
Charleston
County
School
District
is
you:
have
413
million
dollars
worth
of
eight
percent
capacity,
which
generally
grows
as
your
assessed?
Values
grow
again
you're
in
a
very
fortunate
position.
In
this
terms,
there's
many
districts
that
are
nice
quite
nice
size
that
might
only
have
40
or
50
million
of
eight
percent
capacity,
and
you
can
imagine
what
40
or
50
million
dollars
with
the
debt
dues
in
terms
of
building
schools.
E
It
doesn't
get
you
very
far,
so
you
are
in
a
very
good
position
and
we
stay
well
within
that
limit
within
all
of
our
projections
in
our
model,
flipping
to
the
next
slide
and
again
I'm
trying
not
to
get
too
much
in
the
weeds.
But
this
is
the
really
the
output
that
we,
you
know,
look
at
moving
forward.
E
So
when
you
take
into
account
all
of
your
current
debt,
what
we
need
to
pay
off
your
installment
revenue
bonds
and
what
we
currently
have
in
terms
of
your
phase-
five
sales
tax
program,
the
420
million
dollars
after
the
issuance
of
this
ban,
you
still
have
a
172
Million
worth
of
eight
percent
debt
capacity
and
while
that
is
important,
there's
a
plan
in
place
to
actually
issue
about
99
million
dollars
worth
of
that
capacity
later
this
year
for
some
projects
that
are
scheduled
to
be
be
done.
E
So
even
if
that
is
approved,
and
we
move
forward
with
that,
there's
still
sufficient
capacity
within
your
eight
percent
debt
limit
to
handle
all
of
this
and
then
skipping
to
page
nine.
I
think
this
goes
without
saying,
or
we've
actually
said
it
a
bunch
already.
This
eight
percent
capacity
changes
over
time,
hopefully
assessed
values
continue
to
grow,
which
improves
that
eight
percent
capacity
also
improves
the
amount
of
money
that
you
can
generate
by
that
28
mils
of
Debt
Service
Levy.
It
also
improves,
as
debt
is
retired.
E
But
then,
if
we
issue
new
debt,
it
goes
down.
So
it's
a
real
balancing
act
that
we
model
out
over
again
the
full
term
of
your
program
to
make
sure
we
stay
well
within
the
limits-
and
we've
mentioned
this
before
as
well.
We
target
28
million
dollars,
I
mean
excuse
me
28
Mills,
for
Debt
Service.
We
issue
about
55
million
dollars
a
year
for
fixed
cost
of
ownership.
I
think
so.
I
think
the
size
one,
oh
one
back
one
more
you're
fine
and
that
grows
each
year
as
the
needs
grow
grow.
E
So
going
to
the
last
slide
and
again,
I
think
this
is
another
one
of
the
takeaways
and
we'll
kind
of
come
full
circle
from
Miss
Williams
presentation.
You
know
it
seems
like
there's
a
lot
of
debt
outstanding
and
I'm.
Not
there
is
a
lot
of
debt,
it's
big
numbers,
you're,
a
very
large
school
district,
but
the
District
staff
and
the
board
has
been
very
proactive
in
how
they
manage
this
debt
and
it's
really
resulted
in
very
strong
credit
ratings.
E
So
if
you
look
here,
we
pay
off
about
45
million
dollars
of
debt
per
year
and
all
the
debt
will
be
paid
off
by
fiscal
year
2032..
We
continue
to
reiterate
that,
because
that's
something
we've
talked
about
for
years
and
years
and
are
on
plan
to
do
that.
We
also
have
been
in
a
declining
interest
rate
cycle
up
until
about
a
year
ago.
So
we've
been
very
proactive
in
taking
advantage
of
market
conditions
to
do
refinancings
you
talk
about
your
mortgage.
Just
like
you
would
refinance
your
mortgages
rates,
go
down.
E
We've
done
that
with
the
district's
debt
and
saved
to
the
tune
of
about
90
million
dollars
on
a
Net
Present
Value
basis.
Since
2010.
those
opportunities
might
be
less
frequent
moving
forward
because
we're
on
a
rising
interest
rate
environment
now
and
we've
actually
lowered
the
debt
rate
on
each
of
our
outstanding
obligations.
Significantly,
there's
one
main
opportunity:
we
are
monitoring
associated
with
your
installment
purchase
revenue,
bonds
that
with
a
little
bit
of
help
from
interest
rates
over
the
next
year,
or
so
we
might
be
able
to
save
some
money
on
that.
E
But
that
would
come
back
to
you
for
further
consideration
the
appropriate
time
and
I'll
conclude
just
by
saying
anytime,
you
issue
debt,
you
go
out
and
get
what's
called
a
credit
rating.
So
that's
a
third
party
entity
that
comes
in
and
looks
at
the
financial
position
of
the
District,
your
debt
metrics
and
they
put
a
credit
rating
on
the
district
and
right
now,
you're
rated
double
A,
2
and
double
A
Plus
by
Moody's
and
s
p.
E
Triple
A
is
the
highest
credit
rating
you
can
get,
which
is
one
notch
below
that
double
A
Plus
rating
that
you
have
and
I
am
not
aware
of
any
school
district,
at
least
in
the
state
of
South
Carolina
and
potentially
in
the
nation.
I'm
sure
there
might
be
one
in
the
nation.
I
probably
shouldn't
say
it
on
the
record,
but
not
in
South
Carolina
I'm,
aware
of
that
has
a
triple
A
rating.
E
The
wrong
direction,
I
think
they
got
as
low
as
potentially
a
at
least
in
the
a
category
mainly
related
to
that
fund
balance,
and
since
then,
that
steady
progression
and
fund
balance
up
to
the
159
million
dollar
level
last
year
is
really
one
of
the
main
reasons
why
these
credit
ratings
are
so
strong.
So
I
would
encourage.
You
continue
to
be
diligent
about
fund
balance
and
make
sure
that
sort
of
at
the
top
of
your
mind
when
you're
making
financial
decisions,
which
I
know
it
will
be.
E
But
again,
if
there's
just
a
couple
of
takeaways
I
know
it
sounds
like
a
lot
of
debt,
but
it
is
very
conservatively
managed.
Your
staff
is
very
proactive
about
how
they
go
about
doing
it.
We
as
Financial
professionals,
support
them
in
doing
so,
and
I
think
we'll
be
in
good
position
to
execute
on
that
plan.
E
To
have
you
all
out
of
debt
by
2032,
you
know
absent
any
decisions
you
might
make
in
the
future
to
add
additional
debt,
but
with
that
I
know
it
was
a
lot
and
a
little
bit
in
the
weeds,
but
I
hope
that
at
least
gives
you
a
sense
of
things
that
might
come
before
you
in
terms
of
debt
and
reassuring
you
that
it
is
managed
in
a
proactive
and
efficient
manner.
D
E
So
you're
one
notch
below
AAA
rating
with
just
the
highest
credit
rating
you
can
have,
and
actually
s
p
does
integrate.
The
federal
government,
AAA
so
I
think
like
Charleston
County
is
a
triple
A
and
it's
not
uncommon
for
a
city
or
county
to
get
to
that
AAA
level,
which
is
the
highest
level.
I
would
suggest
to
you
that
staying
at
that
double
A
Plus
level
is
a
great
achievement
and
absent
any
Financial
deterioration.
You
would
stay
there.
It's
very
unlikely.
E
The
school
district
is
going
to
get
to
that
AAA
rating,
and
the
reason
is
because
you
would
have
to
build
your
fund
balance
up
to
a
level-
that's
probably
not
seen
very
well
by
the
state
per
se.
They
would
want
you
to
spend
that
money.
So
you
get
to
some
point
where
you
know
your
fund
balance
needs
to
get
so
high
to
get
your
AAA
that
you
really
don't
want
to
get
there,
because
there's
trade-offs
in
terms
of
your
operations
and
other
things
to
do
that.
A
Thank
you,
Jay
one.
One
thing
I
wanted
to
add
to
Jay's
great
presentation
is
one
thing
I
wanted
to
highlight
that
he
said
is
that
we
do
this
work
in
partnership
with
pfm,
so
the
finance
team
is
very
diligent
about
meeting
discussing
what
our
debt
is.
A
The
financial
Outlook
I
know,
I,
specifically
and
and
CFOs
before
me
have
asked
for
different
scenarios
to
model
out
things
before
we
bring
them
to
the
board
and
they're
very
good
at
doing
that.
So
so
we
take
all
things
into
consideration
before
we
bring
something
as
significant
as
debt
before
the
board
for
voting.
E
And
and
Miss
Williams,
if
I
might
add,
I
know
there
was
a
lot
of
questions.
You
know
we
prepare
a
presentation
periodically.
That
goes
to
your
sales
tax
oversight
committee,
that
looks
at
stress
tests
and
we
look
at
what
the
Baseline
revenue
is.
We
look
at
like
what
happens
if
there's
a
15
decline,
recession
scenario,
and
then
you
go
at
two
percent
after
that,
and
really
under
almost
every
scenario,
you're
well
within
the
baselines
in
the
model,
and
we
hope
that
over
time
the
collections
are
much
stronger
than
we're
estimating.
E
But
we
intentionally
are
very
conservative
in
that
and
that
served
you
well
you've
hit
coven.
You
know
we,
it
was
a
temporary
blip,
thankfully,
but
you
all
rebounded
relatively
well,
and
we
hope
that
any
future
kind
of
issues
we'll
be
able
to
withstand
as
well.
A
So
Carol
is
going
to
review
one
final
component
of
debt.
Just
so
you
guys
are
Ultra
clear
on
what
we're
presenting
to
you
for
a
vote.
Maggie.
Can
you
can
you
pull
that
up?
Please,
foreign.
C
Yes,
that's
it
as
I
mentioned,
when
we
got
started
that
we
do
have
one
item
on
the
agenda
today.
That
makes
this
presentation
timely,
because
we
are
talking
about
the
bond
anticipation,
notes,
which
we
will
go
out
in
the
market
to
sell
in
April
and
then
close
on
those
in
May
and
One
One
requirement
of
that
or
anytime.
We
issue
debt.
C
The
board
has
to
approve
a
resolution
authorizing
the
issuance
of
the
debt,
and
so
we've
got
the
sort
of
40
page
document
here
that
has
all
of
the
details
and
then
what
Maggie
has
up
on
the
screen
is
the
sort
of
the
two
two-page
Cliff
Notes
Edition,
and
so
we
can
just
kind
of
walk
through
that
quickly.
Just
to
spell
out
the
specifics
of
what's
being
approved,
we've
got
three
series
that
we
are
looking
to
have
approved
in
this
resolution,
and
this
all
relates
back
to
what
we
were
talking
about.
C
With
the
bond
anticipation
notes,
we've
got
series
a
which
is
being
authorized
in
the
amount
not
to
exceed
70
million
dollars
and
that
that
will
fund
three
different
parts
of
the
overall
program.
C
As
I
mentioned
earlier,
we
will
use
funding
from
that
to
make
the
installment
payments
the
the
June
1
interest
payment
on
the
installment
bonds
and
the
total
funding
that
will
be
coming
from
series.
A
band
will
be
approximately
5.9
million
and
then
on
the
second.
The
largest
piece
of
it
is
the
fixed
cost
of
ownership
program
which
will
include
facilities,
maintenance,
technology,
security,
furnishings
and
equipment
and
I
believe,
there's
an
item
on
the
agenda
today.
C
That
will
go
into
some
detail
all
as
to
exactly
what
is
being
approved
to
be
funded
in
that
fix,
fixed,
fixed
cost
of
ownership,
sort
of
umbrella,
and
there
the
approximate
amount
is
55
million
dollars
and
then
finally,
there
were
three
schools
that
were
approved
in
the
current
sales
tax
program
and
we
issued
a
small
amount
of
money
last
year,
I
think
to
fund
the
advanced
design
of
these
schools
being
Morningside,
Middle,
School,
AC,
Corcoran,
Elementary
and
Deer
Park
middle
and
the
the
series
2023
a
band
will
include
approximately
1.2
million
to
begin
construction
on
those
schools.
C
So
that's
that
series
a
and
series
a
will
be
paid
off
in
November
of
this
year
by
a
short-term
General
obligation
bond,
which
will
be
retired
in
its
entirety,
on
March,
1st
of
2024,
and
so
where
we
are
talking
about
issuing
debt
to
retire
debt.
It
still
will
all
be
within
about
a
nine
month
period
and
then
series
B
is
the
sales
tax
program,
we're
asking
for
authorization
not
to
exceed
135
million
dollars
and
those
funds
will
be
used
for
two
purposes.
C
It
will
retire
the
2022
sales
tax
ban,
which
matures
in
May
this
year
in
the
approximate
amount
of
84.5
million,
and
then
it
will
also
provide
cash
flow
funding
for
construction
of
approximately
40
million
dollars
of
the
current
sales
tax
program
and
then
finally,
one
smaller
item
that
we
really
didn't
touch
on.
But
back
in
2020
there
was
a
refunding
opportunity
to
refunding
a
portion
of
the
2013
installment
bonds,
but
because
of
changes
in
the
tax
law.