Invest in Broward County Schools

Facts About Broward County Public Schools

Fact #1 - Sixth Largest District in U.S.

Broward County Public Schools (BCPS) is the sixth largest public school system in the United States and the second largest in the state of Florida. BCPS is also Florida’s first fully accredited school system since 1962.

Fact #2 - First Code.org District in Florida

BCPS is the first Florida school district selected to partner with the national organization, Code.org, to increase students’ access to computer science in schools. In the 2015/16 school year, all BCPS high schools offer computer science, and computer science programs are expanding among elementary and middle schools.

Fact #3 - Ranked #14 by U.S. News & World Report

BCPS is home to many of the best high schools in the nation and state. In 2015, U.S News & World Report ranked 14 BCPS high schools among the Best High Schools in the country. In addition, The Washington Post ranked 29 BCPS high schools among “America’s Most Challenging High Schools.”

Fact #4 - National Leader in Innovative Educational Initiatives

BCPS is a leader in the nation for providing innovative educational initiatives, such as offering scholastic chess to all second and third grade students in the District. Scholastic chess helps improve students’ critical thinking, problem-solving and social skills.

Fact #5 - Largest JROTC Program in the Nation

BCPS offers Montessori, Cambridge-AICE, International Baccalaureate (IB) programs and the largest JROTC cadet program in the nation.

Fact #6 - Provides College Credits in High School

All BCPS high schools provide students with advanced academic programs allowing them to earn college credits in high school.

District Ratings

Agency	COPs	GOs	Short-Term
Moody’s Investors Service	Aa3 Stable	Aa2 Stable	MIG-1
Standard & Poor’s Ratings Services	A+ Stable	AA- Stable	N/A
Fitch Ratings	A+ Stable	AA- Stable	N/A

Other

Certificates of Participation, Series 2025A - Refunding Summary

On June 9, 2025, the School District of Broward County issued $207.42 million in Certificates of Participation, Series 2025A, to current-refund the outstanding Series 2015A and 2015B certificates totaling $217.60 million

The Series 2025A certificates were sold at a premium of $11.41 million, producing total proceeds of $218.83 million. The issue achieved a True Interest Cost (TIC) of 3.32 percent with an average coupon rate of 5.00 percent and a weighted average maturity of 3.47 years.

This transaction generated present-value savings of $10.77 million, equal to 4.95 percent of the refunded bonds. The District’s average annual debt service decreased by about $1.5 million per year, providing immediate budgetary relief while maintaining level principal amortization through July 1, 2032

Underwriter: J.P. Morgan Securities LLC Financial Advisor: PFM Financial Advisors LLC

Certificates of Participation, Series 2022A

On April 4, 2022, the School District of Broward County issued $65.77 million in Certificates of Participation, Series 2022A, to advance refund the 2012A Certificates of Participation totaling $74.02 million

The certificates were sold at a premium of $9.47 million, generating total proceeds of $75.24 million. The transaction achieved a True Interest Cost (TIC) of 1.18% and a 5.00% average coupon, with an average life of 3.88 years.

The refunding produced present-value savings of $8.45 million, equal to 11.42% of the refunded bonds, and reduced average annual debt service by roughly $1.45 million through July 1, 2028.

Lender: Morgan Stanley Bank, N.A. Financial Advisor: PFM Financial Advisors LLC

Certificates of Participation, Series 2019A & 2019B

On July 18, 2019, the District issued $170.33 million in Certificates of Participation, Series 2019A and 2019B, primarily to terminate outstanding swaps and refund prior floating-rate notes

The issue included $105.24 million (Series 2019A) and $65.09 million (Series 2019B), sold at a combined premium of $44.52 million, producing $214.84 million in total proceeds.

The Series 2019A achieved a TIC of 1.82% and Series 2019B a TIC of 1.94%, both with a 5.00% average coupon and maturities through July 1, 2029. The combined transaction generated net present-value savings of $161,599, reflecting a 0.09% savings on refunded bonds, largely due to restructuring and swap terminations.

Senior Underwriter: Bank of America Merrill Lynch Financial Advisor: PFM Financial Advisors LLC

General Obligation Bonds, Series 2025 - Refunding Summary

On June 9, 2025, the School District issued $69.46 million in General Obligation School Refunding Bonds, Series 2025, to current refund $75.42 million of the Series 2015 GO Bonds.

The issue was sold at a premium of $6.20 million, producing $75.65 million in proceeds. The bonds achieved a True Interest Cost (TIC) of 3.47% and a 5.00% average coupon, with a 6.56-year average life and maturities through July 1, 2036.

The refunding produced present-value savings of $2.02 million, representing 2.68% of the refunded bonds, and lowered the average annual debt service to $8.34 million.

Underwriter: J.P. Morgan Securities LLC Financial Advisor: PFM Financial Advisors LLC

Tax Anticipation Notes, Series 2022

On July 28, 2022, the School District of Broward County issued $156.81 million in Tax Anticipation Notes (TANs), Series 2022, with proceeds of $160.15 million to fund operating cash flow needs pending receipt of ad valorem taxes.

The issue achieved a True Interest Cost (TIC) of 1.66% and a 4.00% coupon rate, maturing on June 30, 2023. It was sold at a premium of $3.35 million, resulting in total debt service of $162.59 million.

Underwriter: J.P. Morgan Securities LLC Financial Advisor: PFM Financial Advisors LLC

Tax Anticipation Notes, Series 2023

On July 27, 2023, the District issued $197.45 million in Tax Anticipation Notes, Series 2023, producing $200.18 million in total proceeds.

The notes carried a 5.00% coupon and achieved a True Interest Cost (TIC) of 3.45%, maturing on June 28, 2024. The sale generated a premium of $2.73 million, with total debt service of $206.53 million.

Underwriter: J.P. Morgan Securities LLC Financial Advisor: PFM Financial Advisors LLC

Tax Anticipation Notes, Series 2024

On July 25, 2024, the School District issued $269.30 million in Tax Anticipation Notes, Series 2024, producing $270.17 million in proceeds.

The notes were sold at a premium of $877,902 with a 4.00% coupon and True Interest Cost (TIC) of 3.37%, maturing on January 29, 2025. The issue resulted in total debt service of $274.80 million.

Underwriter: J.P. Morgan Securities LLC Financial Advisor: PFM Financial Advisors LLC

Tax Anticipation Notes, Series 2025

On July 24, 2025, the District issued $247.46 million in Tax Anticipation Notes, Series 2025, generating $250.16 million in total proceeds.

The notes carried a 4.00% coupon rate, achieving a True Interest Cost (TIC) of 2.77%, and will mature on June 25, 2026. The transaction included a $2.70 million premium and resulted in total debt service of $256.56 million.

Underwriter: J.P. Morgan Securities LLC Financial Advisor: PFM Financial Advisors LLC