Distrito Escolar del - Osceola County School District

9. CERTIFICATES OF PARTICIPATION
Certificates of Participation at June 30, 2012, are as follows:
Series Amount Interest Lease Term Original
Outstanding Rate Maturity Amount
2004 COPS, Series A 50,710,000 3.0 - 5.0 2028 63,245,000
2004 COPS, Series B and C, Refunding 11,085,000 3.0 - 5.0 2019 18,850,000
2005 COPS Refunding 10,880,000 3.25 - 4.5 2025 12,095,000
2007 COPS, Series A and B Refunding 61,595,000 3.625 - 4.5 2027 62,755,000
2009 COPS Refunding 28,350,000 3.0 - 5.0 2024 35,165,000
2010 COPS, Series A (QSCB) 40,500,000 6.658 (1) 2027 40,500,000
Total 203,120,000
Plus Unamortized Premium 1,326,154
Less: Deferred Amount on Refunding Debt (5,070,517)
Total Certificates of Participation $ 199,375,637
Note (1): The Series 2010A Lease is designated as a "qualified school construction bond" as defined in Section 54F of the Internal
Revenue Code, and pursuant to Section 6431 of the Code, the School Board has elected to receive federal subsidy payments on
each interest payment date for the Series 2010A Certificates in an amount equal to the lesser of the amount of interest payable with
respect to the Series 2010A Certificates on such date or the amount of interest which would have been payable with respect to the
Series 2010A Certificates if the interest were determined at the applicable tax credit rate for the Series 2010A Certificates pursuant
to Section 54A(b)(3) of the Code.
The District entered into a master financing arrangement on April 1, 1992, which arrangement was
characterized as a lease-purchase agreement, with the Osceola School Board Leasing Corporation, Inc.,
whereby the District secured financing of various educational facilities. The financings were accomplished
through the issuance of Certificates of Participation to be repaid from the proceeds of rents paid by the
District.
As a condition of the financing arrangement, the District has given ground leases on District properties to
the Osceola School Board Leasing Corporation, Inc., with a rental fee of $1 per year. The properties
covered by the ground leases are, together with the improvements constructed thereon from the financing
proceeds, leased back to the District. If the District fails to renew the leases and to provide for the rent
payments through to term, the District may be required to surrender the sites included under the various
Ground Lease Agreements for the benefit of the securers of the Certificates for a period of time specified by
the arrangement as follows:
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