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COUNTY OF SAN MATEOInter-Departmental Correspondence |
COUNTY COUNSEL |
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DATE: |
February 11, 2002 |
BOARD MEETING DATE: |
February 26, 2002 |
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TO: |
Honorable Board of Supervisors |
FROM: |
County Counsel |
SUBJECT: |
Adopt a Resolution Authorizing the Issuance and Sale of Jefferson School District General Obligation Bonds |
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Recommendation |
Adopt a resolution authorizing the issuance and sale of the Jefferson School District General Obligation Bonds in an aggregate principal amount not to exceed $15,000,000, prescribing the terms of the sale of the bonds, approving the forms of associated documents, and authorizing execution of the necessary documents. |
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Background |
The voters in the Jefferson School District ("District") approved by more than two-thirds of the voters, a school bond measure on November 6, 2001, authorizing issuance of bonds in the maximum amount of $52,000,000. On February 13, 2002, the District's Board of Trustees passed a resolution authorizing the issuance of bonds in the aggregate principal amount not exceeding $15,000,000 ("Series 2002 Bonds"), and requesting that the County Board of Supervisors issue and sell the Series 2002 Bonds on their behalf. |
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Discussion |
The bond measure under which these bonds would be issued indicated that the bond proceeds would be used for renovating and modernizing the school buildings in the Jefferson Elementary School District. The District is being assisted by Orrick, Herrington & Sutcliffe, as bond counsel, and the financial advisor is Kelling, Northcross & Nobriga. 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. The requisite resolution of the Jefferson School District's Board of Trustees was passed on February 13, 2002. |
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This resolution authorizes the County to issue and sell the Series 2002 Bonds for the Jefferson 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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Vision Alignment |
The issuance and sale of the bonds keeps the commitment to sow the seeds of our future prosperity, and goal number 19: The skill level of new workers rises with improved K-12 education and training options. The bonds contribute to this commitment and goal by providing the funding for the renovation and modernization of school buildings which should help improve education in the Jefferson School District. |
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Fiscal Impact |
These bonds are general obligations of the District and do not constitute an obligation of the County. No part of any fund of the County is pledged or obligated to the payment of the bonds. |
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__________________________________________ |
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THOMAS F. CASEY III, COUNTY COUNSEL |
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cc: |
John L. Maltbie, County Manager |
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Lee Buffington, Treasurer-Tax Collector |
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Tom Huening, Controller |