On 29 September 2007 the first Programme Contract (or private-public partnership agreement) was signed with the Portuguese State, which was a programming and financing contract (for the 2007-2009 Investment Phase), in which:
Parque Escolar, E.P.E. undertakes to carry out the work of modernisation of schools and their conservation and maintenance throughout their productive life;
the State undertakes to transfer the funding necessary for that purpose;
Parque Escolar, E.P.E. is authorised to secure the financing necessary for the investments to be made that are not covered by EU and PIDDAC funding, creating the conditions for Parque Escolar, E.P.E. to find financing under the best market conditions in the market;
the articulation of actions between the Ministry of Education, Parque Escolar, E.P.E. and the schools’ executive boards is established, respecting the powers of each entity and, in particular, the process of growing independence of the schools.
Giving continuity to the Business Plan, and in conformity with the measures recommended by the Investment and Employment Initiative, on 14 October 2009 the new Programme Contract with the Portuguese State was signed, defining the scope of the services to be provided by Parque Escolar, E.P.E., the school infrastructures covered by the contract and the amounts to be paid to the company by the State in return for the services that are the object of the contract. The Contract Program is endorsed by the Tribunal de Contas on 15 November 2010.
The contract, to be reviewed after three years, defines the remuneration for the maintenance and conservation services and investment components for the three years beginning in 2009. The principles of economic sustainability of the company are thus established.
The financing system can be divided into and analysed according to two distinct phases:
Construction/Initial Investment Phase
In this phase, Parque Escolar EPE relies on the following financing sources:
National Strategic Reference Framework (NSRF) - European Regional Development Fund (ERDF)
Government (PIDACC + IIE)
European Investment Bank (EIB)
Council of Europe Development Bank (CEB)
Availability/Operation Phase (Sept. 2008 – 2037)
One should point out that in this phase, for the purposes of the financial exercise intended, a time frame of 30 years was taken into consideration, even though the Parque Escolar, E.P.E activity is not restricted to this period and is understood as being unlimited.
The amount to be paid by the State to Parque Escolar, E.P.E, based on the number of square metres made available, was calculated on the basis of responsibilities resulting from the investments made in the construction, remodelling and refurbishing of the school infrastructures and the regular and major maintenance work. Thus, the amount relating to investment in the building, remodelling and refurbishing of the schools, will be defined for periods of one year, while the funding for maintenance and conservation will be established for three-year periods.
Accordingly, there will be phased payment of the amounts for investment in the context of the modernisation programme, defined by different time frames and established in accordance with the two types of funding to be made: investment in construction and maintenance/conservation.