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RECOGNITIONS

The superintendent recognized a group of students and staff members for honors and achievements earned in recent weeks. Congratulations were extended to the following:

• Two Cypress Woods High School students, who were selected as finalists in Duet Acting at the International Thespian Festival this summer in Nebraska. Bryan Gray and Phillip Wozny, both seniors who graduated in June, were among only 18 finalists selected out of more than 450 students who auditioned; and

• Five Cypress Ridge High School students, who competed at the National Forensic League’s National Speech and Debate Tournament this summer in Alabama.  Graduated seniors Brett Gray and Bradley Rheinboldt competed in Humorous Interpretation, where Gray advanced to the top 60 and was also a finalist in Prose Interpretation. Juniors Lario Albarran and Ray Roberts competed in Duo Interpretation, and graduated senior Nick Cugini competed against more than 200 others in United States Extemporaneous Speaking. Cugini is the first National Forensic League national finalist from Cy-Fair ISD in more than 10 years, and won third place overall. 

ELECTION ORDER
The Board approved an Election Order calling for an election on Tuesday, November 3, 2009, for Cypress-Fairbanks ISD Trustees, positions No. 3 and No. 4. Estimated expenses for the joint election with Harris County are anticipated to be $150,000.

BOND UPDATE
Ryan O’Hara of RBC Capital Markets gave an oral report on the recent financial transactions for the district:

• New Money Bond Sale
• On Wednesday, July 29, the district successfully sold $33,535,000 Unlimited Tax Schoolhouse Bonds, Series 2009-A, and $191,465,000 Unlimited Tax Schoolhouse Bonds, Series 2009-B at a combined True Interest Cost (all-in cost) of 4.3385 percent. The Series 2009-B bonds are Build America Bonds, created by the federal stimulus bill. Build America Bonds are taxable bonds in which CFISD receives a federal subsidy of 35 percent of the interest paid. The federal subsidy amounts to approximately $2.5 million per year. As compared to other tax-exempt sales in the current market, the district saved $42.3 million in total dollars, with a present value savings of $23.7 million. The underwriting syndicate was led by Merrill Lynch.

• The True Interest Cost realized for this sale of Build America Bonds is approximately 80 basis points better than the traditional municipal bond sale at this time in the market. According to CFISD’s financial advisors, the Build America Bonds issue was the best-priced (narrowest spread against the 30-year Treasury) deal to date in the country.

• Closing and delivery of proceeds is scheduled for Aug. 20, 2009.

• Conversion of Adjustable Rate Bonds
• On Thursday, July 30, the district successfully converted $25,500,000 outstanding Series 2002-B adjustable rate bonds and $141,570,000 outstanding Series 2005 adjustable rate bonds to fixed rate bonds at a True Interest Cost of 3.90564 percent. The remarketing syndicate was led by Morgan Keegan & Co.

• Closing is scheduled for Aug. 17, 2009.

• Tax Anticipation Notes
• On July 9, the district issued $36,000,000 of Tax Anticipation Notes, Series 2009, at an interest rate of 1.50 percent. The Tax Anticipation Notes will be used to finance projected deficits in the district’s general operating fund during the 2009-2010 fiscal year. Proceeds of the Tax Anticipation Notes were deposited on July 16, and are due for repayment on June 24, 2010.

The Board:

• approved construction proposals and contracts paid from bond funds to the recommended contractors and authorized the superintendent or designee to execute all necessary documents related to such contracts as follows:
• Package A-2009 – Cypress Ridge High School Additions and Renovations;
• Package M-2009 – Cypress Springs High School Additions and Renovations; and
• Channel Improvement Plans to Serve Westgreen Blvd. (179-acre multi-campus site);

• authorized the superintendent or designee to enter into miscellaneous professional service contracts related to the following projects:
• Package A-2009 – Cypress Ridge High School Additions and Renovations;
• Package M-2009 – Cypress Springs High School Additions and Renovations;
• Channel Improvement Plans to Serve Westgreen Blvd. (179-acre multi-campus site); and
• Middle School No. 17;

• amended orders authorizing the issuance of Cypress-Fairbanks ISD Unlimited Tax Adjustable Rate Schoolhouse Bonds, Series 2002B and Unlimited Tax Adjustable Rate and Capital Appreciation Refunding Bonds, Series 2005.

SUPERINTENDENT’S BRIEFING
The district served 10,059 students in the elementary, middle and secondary school levels during summer school. One-hundred thirty-eight students met graduation requirements, and commencement exercises were held at the Berry Center on July 31.

The 2009-2010 school year begins on August 24, and the district expects an enrollment of approximately 104,000 students. The following three new schools will open their doors to students for the first time: Swenke Elementary School, Smith Middle School and the Alternative Learning Ccenter-West. Dr. Anthony publicly thanked the Technology and Maintenance and Operations teams, whose planning, coordination and long hours have been critical to getting the buildings ready. He also thanked the Facilities Planning and Purchasing departments, all principals and staff members, the Curriculum staff and the Human Resource Department for ensuring that students have the highest quality teachers to greet them. As students return to school, Dr. Anthony encouraged everyone to be aware of speed limits while driving in all school zones. He also asked parents and students to reserve time to review the Student Handbook and Code of Conduct that will be provided to each student during the first few days of school. The Code of Conduct includes a Safety Pledge that reminds students to immediately notify an adult should they become aware of any unsafe condition or situation occurring in their schools.

The Cy-Fair Bus Buddies project will provide assistance to elementary students in exiting their buses at the correct locations. In partnership with Volunteers in Public Schools, the Cy-Fair campuses and the district’s Transportation department, Bus Buddies is designed to assist the district’s students and drivers during the first week of school. Interested volunteers can sign up to be a Bus Buddy by calling their local campus, the Bus Buddies hotline (281-894-3949) or via the district website.

Monday, Sept. 7, 2009 will be a student and staff holiday in observance of Labor Day. All facilities will be closed. In the event of an emergency, contact Security at 281-897-4337. Students will return to school Tuesday, Sept. 8, and all other facilities will also re-open for normal business hours.

AGENDA ITEMS
In other action, the Cypress-Fairbanks ISD Board of Trustees:

• approved bids and contracts to the recommended vendors;
• approved tax refunds of $500 or greater for Cypress-Fairbanks ISD and/or Harris County Education District;
• approved the Northwest Harris County Cooperative for the Hearing Impaired (NWHCC) Shared Service Arrangement;
• approved the Memorandum of Understanding between Harris County Juvenile Board and the Cypress-Fairbanks ISD to participate in the JJAEP for the 2009-2010 school year;
• approved the Campus Performance Objectives for the 2009-2010 Campus Improvement Plans;
• approved the 2009-2010 Cypress-Fairbanks ISD Student Code of Conduct; and
• approving on dual reading additions, deletions or revisions to district policies:
• CH (LOCAL) PURCHASING AND ACQUISITION
• DEC (LOCAL) COMPENSATION AND BENEFITS: Leaves and Absences
• DED (LOCAL) COMPENSATION AND BENEFITS: Vacations and Holidays
• EIF (LOCAL) ACADEMIC ACHIEVEMENT: Graduation.