Board Approves Retention of the Financing Team and Schedule for Bond Sale
At its continued meeting on September 24th, the Board approved retention of its financing team including new members: (a) Roosevelt & Cross as Underwriter and (b) Greenberg Traurig as Bond Counsel. Blalock Walters continues as District Counsel and PFM remains as Financial Advisor for the Series 2019 Bonds.
Plan for the Bond Sale
The District plans to sell approximately $24,000,000 of Series 2019 Bonds in a competitive sale (in essence a public auction) now scheduled for November 14th.
District staff and the financing team are completing the preparation of bond financing documents, including the offering statement for the Bonds and the credit packages that will be submitted to the rating agencies and to bond insurance companies. We plan to invite the rating agencies and bond insurers to visit University Park to facilitate their due diligence. The financing team will carefully evaluate the costs and benefits of a rating and bond insurance and will recommend to the Board the most cost effective option for the Series 2019 Bonds. The District is optimistic about the pending sale given the attractiveness of the community; the strong credit quality of its homeowners; and the highly professional operations of the club and recreational facilities of University Park. Financial market conditions are also very attractive at this time.
Resident Purchase of the District’s Series 2019 Bonds
Residents have asked how they can purchase the Series 2019 Bonds. Since the District is planning a competitive sale, all prospective buyers must submit bids for the bonds. Residents interested in purchasing bonds should contact their broker and place their order through their broker. The minimum order size is $100,000. The District will be happy to provide all brokers with the information on the sale. The exact rules for the competitive sale are being determined now and will be reported soon. The bonds will be sold book-entry only (no physical bonds) and have CUSIP numbers (unique identifiers) so that they can be readily sold in the secondary market.
Collection of the $1,000 Special Assessment for Operations and Maintenance
The RD has collected $1,135,320 from 1,185 residents, 99% of homeowners, of which 147 chose to pay in installments. This leaves only 16 residents in arrears. The District sent reminder notices by Certified Mail to all those who had not paid their assessments. In addition, the District and Board Members have reached out to residents who have not paid their assessment. If you have not already made your payment, please do so.
Late notices have been sent to those who have not paid their assessment. The Board will allow late payments until September 30, 2019. A late fee of $50 must be included in all late payments. The Board also decided to waive the late fee for any resident who claims they did not receive the notice of the assessment in a timely fashion.
Please, if you have not made your payment, do so now. Failure to pay an assessment will force the District to take collection actions. Please include your University Park address on the check so that we can properly identify which parcels have paid. Please make the check payable to: University Park Recreation District.
Send your check to:
University Park Recreation District
12051 Corporate Blvd
Orlando, FL 32817
If you have any questions, please call or email
Alan Mishlove
PFM Group Consulting LLC
407.723.5900 – main number
mishlovea@pfm.com
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Upcoming Meetings
Regular Meeting September 13 1:00 PM Lakeside Room
Continued Meeting September 24 10:00 AM Card Room
Regular Meeting October 11 1:00 PM Lakeside Room
Workshop October 29 10:00 AM Card Room
Regular Meeting November 8 1:00 PM Lakeside Room
Workshop December 3 10:00 AM Card Room
Regular Meeting December 13 1:00 PM Lakeside Room
Workshop December 31* 10:00 AM Card Room
Regular Meeting January 10 1:00 PM Lakeside Room
Workshop February 4 10:00 AM Card Room
Regular Meeting February 14 1:00 PM Lakeside Room
Workshop March 3 10:00 AM Card Room
Regular Meeting March 13 1:00 PM Lakeside Room