Manatee School for the Arts

City of Palmetto, Florida
Educational Facilities Refunding Revenue Bonds
(Renaissance Arts and Education, Inc. Project)
Series 2022A (Tax-Exempt) & Series 2022B (Taxable)


Founded in 1998, Manatee School for the Arts (MSA) is a tuition free, arts infused, public charter middle and high school located in Palmetto, Florida. MSA is fully accredited by the Southern Association of Colleges and Schools (SACS) and is the only accredited public middle school in Manatee County. MSA has an enrollment of approximately 2,000 students.

Project Overview

Proceeds of the Series 2022A and 2022B Bonds were used to (1) refinance the School’s outstanding tax-exempt and taxable debt and (2) fund for the construction of a new school building which will house a dual-language program for approximately 650 elementary students.

Financing Overview

The Series 2022 Bonds were issued through the City of Palmetto and structured as publicly offered fixed rate bonds. The Series 2022A Bonds were structured as tax-exempt revenue bonds amortizing over 40 years. The Series 2022B Bonds were structured as taxable revenue bonds fully-amortizing through 2025. In connection with this transaction, MSA established a Master Trust Indenture to facilitate the issuance of additional debt for future capital projects.

Several unique credit characteristics existed for this transaction including a project that had yet to receive a GMP and a borrower that had yet to receive a charter for its newly formed elementary school. All of that notwithstanding, MSA was successful in receiving an investment grade rating of BBB- from S&P Global for the Series 2022 Bonds.

The Bonds priced on May 18 and the transaction closed on schedule on June 1.