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PAISBOND
Tax-exempt Financing Consortium

Objectives:

The objective of the Philadelphia Area Independent School Business Officers Association's new PAISBOND consortium is to provide all member schools with tax-exempt advisory services related to financing critical capital needs including but not limited to the construction or renovation of facilities and the acquisition or leasing of equipment. The PAISBOND Consortium is structured to provide schools objective and independent advise to determine the most appropriate manner to finance capital projects.

Products and Services:

PAISBOND currently offers member schools the following financial advisory services:
  • An annual tax-exempt variable rate bond pool Consortium (next issuance anticipated Spring 2004)

  • An annual master leasing pool Consortium (next issuance anticipated Summer 2003)

  • Stand alone financial advisory services to assist member schools with completing other types of tax-exempt financings, as well as providing schools with financial planning services related to the eventual funding of capital projects and understanding a school's capacity to pay for projects

Each of the PAISBOND Consortia is designed to provide member schools cost effective access to tax-exempt funding for needed capital projects. PAISBOA has negotiated discount pricing with tax-exempt finance professionals to serve the financing needs of all member schools.

History:

In December of 2000, four pioneer schools (Shipley, Springside, LaSalle College High and Meadowbrook schools) issued $27.3 million of tax-exempt bonds under the sponsorship of the PAISBOND Consortium. By combining their borrowing needs, the schools realized hundreds of thousands of dollars in savings by combing their financings into one issuance.

In 2002, PAISBOA solicited proposals from independent financial advisory firms with an expertise in working with private schools to serve as financial advisor to PAISBOA. PAISBOA selected a vendor to serve its member schools and negotiated favorable pricing to provide independent and objective financial advice to schools as part of any financing program.

Beginning in 2003, PAISBOND began providing financial planning and debt issuance services to member schools. PAISBOND has also begun preparing to restart its tax-exempt pool financing program scheduled to issue bonds again beginning in the Spring of 2004. In addition, PAISBOND has created a tax-exempt master leasing program for member schools that is scheduled to complete its first lease financing in the Summer of 2003.
The PAISBOND Consortium is overseen by the PAISBOA Board of Directors and is led by a team of business managers in completing tax-exempt bond financings. Each generation of member school borrowers mentors subsequent participants in the PAISBOND Consortium.

Costs of Fees:

Fees to participate in the various programs sponsored by PAISBOND are negotiated on a case-by-case basis. PAISBOA has preselected a vendor to assist member schools with all financing and financial planning needs and has negotiated discount pricing for these services for all member schools.

To view the PAISBOND  Committee please use the following link:

PAISBOND  Committee

For more information about PAISBOND, please contact:

Donald   Silverson

dsilverson@thehill.org