2.  ACC Public Community College District created in 1973.  Nine member elected Board of Trustees.  36,000 Students in Fall 2008.  Seven Campuses & Two Service Buildings.  Taxing District AV $98 billion.  Annual Budget $198 million.  Tax Rate.09 M&O +.01 G.O. Debt Service.

3.  Add space for 20,000 more students by 2025  10,000 at new campuses  10,000 at existing campuses.  Land Banking for new campuses and existing campus expansions.  New Campus Construction.  Major Renovations at Existing Campuses.  Estimated Cost $600 to $800 million.

4.  Campuses in newly annexed territories will be funded by the ACC District Public Facility Corporation (Created December 2007).  Existing District Campus Construction will be funded by:  Revenue Bonds;  General Obligation Bonds.

6.  ACC Campus will have 10,000-12,000 students at full build out.  85 acre “greenfield” site.  Shares location at Round Rock Higher Education Center with new:  Texas State University-San Marcos Campus  Texas A&M Medical Campus  Seton Medical Center  Full service campus will have nursing and other allied health program emphasis.

8. New ACC Campus

9.  Financing Requirements  Fast Track Construction upon Annexation into ACC District (Annexed May 2008).  Issued $118,980,000 Lease Revenue Bonds in August 2008 for Construction of Phase I.  Use the $12 million annually in new tax revenues from RR Annexation to fund Phase I of Campus Construction:  $8 million to PFC for Lease Payments (debt service) for Construction and FF&E;  $4 million for Operations.

10.  Created upon advice from ACC Financial Advisor.  ACC Board of Trustees are PFC Directors.  ACC staff provide admin support to PFC.  Directors meet as needed prior to regular ACC Board meetings.  ACC and Houston CC are the only Community Colleges in Texas using a PFC to date.

11.  Lease Revenue Bonds can be issued without a public referendum.  Preserves debt capacity for Revenue Bonds which will be used for other projects.  Maximum flexibility in which funding sources are used for lease payments (all sources).  Revenue Bonds have restrictions on how much tuition can be pledged for debt service – taxes cannot be pledged at all.  G.O. Bonds must have voter approval.

12.  Pro’s  PFC can be created quickly.  Control retained by ACC Board of Trustees.  Flexible in payment sources.  Reasonable cost of financing.  Con’s  Legal requirements more complex and costly.  More complex to administer.