APS Finance Corporation Holds Final Meeting after 18 Years

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	Picking up the PACE!

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In 1988, Joseph Basile, Rich Merritt and Daniel Tauriello accepted the call to serve on the APS Finance Corporation. The corporation was formed at a time when bond funds were not available to finance a much-needed remodel at Aurora Central High School. The APS Finance Corporation oversaw the financing of the $13 million project.

The corporation used an alternative legal funding mechanism for governmental capital projects, Certificates of Participation, instead of bonds.


	"This was a unique and beneficial way to finance the remodel. It was the first and only time we had done this in APS. It was a creative solution to improve one of our schools without negatively impacting our bonding capacity. Our students and staff benefitted the most." - Rod Weeks APS Chief Financial Officer

For 18 years, Basile, Merritt and Tauriello met to review financial statements to monitor the COP debt and oversee the project. The last payment to fully retire the COP debt is scheduled for June 15, 2007.

APS Finance Corporation members, from left: Richard Merritt, Daniel Tauriello and Joseph Basile.


	"It has been a pleasure to serve on this corporation. It has kept me in touch with what is going on in APS." - Rich Merritt

Basile, Merritt and Tauriello are former APS Board of Education members, parents of APS graduates and lifelong friends.


	"We will always have a soft spot in our hearts for APS." - Joseph Basile and Daniel Tauriello

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