FLORIDA DEPARTMENT OF EDUCATION
?
STATE BOARD OF EDUCATION
JOHN L. WINN
Commissioner of Education
F. PHILIP HANDY,
Chairman
T. WILLARD FAIR,
Members
DONNA G. CALLAWAY
ROBERTO MARTÍNEZ
PHOEBE RAULERSON
KATHLEEN SHANAHAN
LINDA K. TAYLOR
Memorandum Number 06-12
April 7, 2006
M E M O R A N D U M
TO:
Community College Presidents
FROM:
J. David Armstrong, Jr.
SUBJECT:
Capital Improvement Fee Bonds for 2006-2007
The Council of Presidents passed a motion on March 24, 2006, to initiate the sale of Capital Improvement
Fee bonds for 2006-07. In our efforts to meet the Florida Department of Education’s Strategic Imperative 7:
to Align Financial Resources with Performance, we have begun the process with the Division of Bond
Finance.
In order to assist the Division of Bond Finance in preparing for the sale of bonds, we need an indicator of
interest from those community colleges that plan to participate. If your college intends to participate in the
sale of Capital Improvement Fee bonds for 2006-07, please sign, date and return the attached form by fax or
regular mail to:
Maybelle Montford, Director of Business Services
Community College Office of Budget and Financial Services
325 West Gaines Street, Suite 1201
Tallahassee, Florida 32399-0400
Fax: 850-245-9393 or Suncom 205-9393.
The deadline for receipt of your response is by close of business
April 28, 2006
.
The estimated bond capacity for each college, based on th
gn, date and return the attached form by fax or
regular mail to:
Maybelle Montford, Director of Business Services
Community College Office of Budget and Financial Services
325 West Gaines Street, Suite 1201
Tallahassee, Florida 32399-0400
Fax: 850-245-9393 or Suncom 205-9393.
The deadline for receipt of your response is by close of business
April 28, 2006
.
The estimated bond capacity for each college, based on th
on the attached chart. Shortly after the receipt of your intention to participate in the bond sale, we will be
providing a bond resolution form to participating colleges for approval by your board of trustees.
Please contact Ed Cisek if you have any questions about this process.
JDA/ecc
Attachments
J. DAVID ARMSTRONG, JR.
Chancellor, Community Colleges and Workforce Education
325 W. GAINES STREET • SUITE 1314 • TALLAHASSEE, FL 32399-0400 • (850) 245-0407 • www.fldoe.org/cc
________________________________ __________________________________
________________________________
FLORIDA COMMUNITY COLLEGE SYSTEM
?
CAPITAL IMPROVEMENT FEE BOND SALES
?
Does your college intend to participate in the Capital Improvement Fee bond sale in 2006-07
to be administered by the Division of Bond Finance?
_______ YES
_______ NO
President’s Signature Community College Name
Date
Please fax or mail this form by close of business April 28, 2006, to:
Maybelle Montford, Director of Business Services
Community College Office of Budgeting and Financial Services
325 West Gaines, Street, Suite 1201
Tallahassee, Florida 32399-0400
Fax: 850-245-9393 or Suncom 205-9393
State of Florida
Bond Capacity of Community Colleges
Capital Improvement Fee Revenues Estimates and Projections
(Projection Based on the Three Year Average FTE)
COLLEGE
2006-07
Est. CIF Fee @$5
Current Adopted Fee Rates
Bonding Capacity Range*
Low
High
BREVARD
$1,343,566 $10,300,000
$11,000,000
BROWARD
$3,676,148 $28,100,000
$30,100,000
CENTRAL FLORIDA
$583,969 $4,400,000
$4,700,000
CHIPOLA
$222,963 $1,700,000
$1,800,000
DAYTONA BEACH
$1,329,873 $10,100,000
$10,900,000
EDISON
$1,122,808 $8,600,000
$9,200,000
FLA JC @ JAX
$2,489,713 $19,000,000
$20,400,000
FLORIDA KEYS
$133,364 $1,000,000
$1,000,000
GULF COAST
$615,859 $4,700,000
$5,000,000
HILLSBOROUGH
$2,378,192 $18,200,000
$19,500,000
INDIAN RIVER
$1,068,672 $8,100,000
$8,700,000
LAKE CITY
$297,461 $2,200,000
$2,400,000
LAKE-SUMTER
$325,318 $2,400,000
$2,600,000
MANATEE
$1,056,970 $8,100,000
$8,600,000
MIAMI-DADE
$7,463,878 $57,200,000
$61,300,000
NORTH FLORIDA
$117,998 $900,000
$900,000
OKALOOSA-WALTON ($4 fee)
$595,459 $4,500,000
$4,800,000
PALM BEACH
$2,502,992 $19,100,000
$20,500,000
PASCO-HERNANDO
$644,935 $4,900,000
$5,200,000
PENSACOLA
$1,045,501 $8,000,000
$8,500,000
POLK
$619,263 $4,700,000
$5,000,000
ST. JOHN'S RIVER
$446,224 $3,400,000
$3,600,000
ST. PETERSBURG
$2,505,332 $19,200,000
$20,500,000
SANTA FE
$1,797,170 $13,700,000
$14,700,000
SEMINOLE
$1,395,296 $10,600,000
$11,400,000
SOUTH FLORIDA
$204,602 $1,500,000
$1,600,000
TALLAHASSEE
$1,584,188 $12,100,000
$13,000,000
VALENCIA
$3,580,863 $27,400,000
$29,400,000
TOTAL
$41,148,576 $315,400,000
$352,700,000
Revised 03/13/06
* Estimated bonding capacity calculations are preliminary and subject to change based on
final bond program document requirements, actual student population and/or capital
improvement fee collections, and interest rates when bonds are sold. The assumptions used
to calculate bond capacity are believed to be reasonable but no assurance can be given that
actual bond capacity will not be significantly different than the estimates provided above.
Prepared by the Division of Bond Finance
F:\Education Research\Community College\Capacity revised March Revision
