Adopt a resolution authorizing the issuance and sale of the San Bruno Park School District Series C General Obligation Bonds in an aggregate principal amount not to exceed $7,000,000, prescribing the terms of the sale of the bonds and authorizing execution of the necessary documents.
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The voters in the San Bruno Park School District ("District") approved by more than two-thirds of the voters a school bond measure on April 14, 1998, authorizing issuance of bonds in the maximum amount of $30,000,000. The District issued a first series of bonds on August 12, 1998 in the aggregate principal amount of $15,116,059.55 ("Series A Bonds"). On August 16, 2000, the District issued a second series of such Bonds in the aggregate principal amount of $7,999,644.05 ("Series B Bonds"). Also on August 16, 2000, the District issued $9,628,674.40 of its San Bruno Park School District 2000 General Obligation Refunding Bonds ("Refunding Bonds") to refund a portion of the Series A Bonds. On November 14, 2001, the District's Board of Trustees passed a resolution authorizing the issuance of a third series of bonds in the aggregate principal amount of $7,000,000 ("Series C Bonds"), and requesting that the County Board of Supervisors authorize the issuance and sale of the Series C Bonds on their behalf.
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The District has indicated that the bond proceeds will be used to renovate and upgrade school classrooms. The District is being assisted by Stradling Yocca Carlson & Rauth, as bond counsel and the Underwriter is UBS PaineWebber Inc. The Education Code provides that the bonds of a school district shall be offered for sale by the County Board of Supervisors as soon as possible following receipt of a resolution duly adopted by the governing board of the School District.
This resolution authorizes the County to issue and sell the Series C Bonds for the San Bruno Park School District and authorizes the President and Clerk of the Board of Supervisors and the Tax Collector-Treasurer to sign the necessary documents.
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