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COUNTY OF SAN MATEOInter-Departmental Correspondence |
COUNTY COUNSEL |
DATE: |
April 28, 2003 |
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BOARD MEETING DATE: |
May 13, 2003 |
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TO: |
Honorable Board of Supervisors |
FROM: |
County Counsel |
SUBJECT: |
Resolution Authorizing the Issuance and Sale of Hillsborough City School District Series 2003A General Obligation Bonds |
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Recommendation |
Adopt a resolution authorizing the issuance and sale of Hillsborough City School District Series 2003A General Obligation Bonds in an aggregate principal amount not to exceed $13,500,000, prescribing the terms of the sale of the bonds and authorizing execution of the necessary documents. |
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Background |
The voters in the Hillsborough City School District ("District") approved by more than 55% of the voters a school bond measure on November 5, 2002, in the maximum aggregate principal amount of $66,800,000. On April 9, 2003, the District's Board of Trustees passed a resolution authorizing the issuance of Series 2003A Bonds in the aggregate principal amount not to exceed $13,500,000, and requesting that the County Board of Supervisors authorize the issuance and sale of the Series 2003A bonds on their behalf. |
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Discussion |
The Series 2003A General Obligation Bond proceeds are to be used by the District as authorized by the voters of the District at the November 5, 2002, election. |
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The District is being assisted by the law firm of Jones Hall, as bond counsel, and by Stone & Youngberg LLC, as underwriter. |
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When the County issues bonds on behalf of a school district under Section 15100 of the Education Code, the code provides that issuance and sale of voter approved school bonds which will be sold on a negotiated basis must be authorized by both the school district Board of Trustees and the County Board of Supervisors. This resolution authorizes the County to issue the Series 2003A Bonds for the Hillsborough City School District and authorizes officers of the County to sign the necessary documents. |
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A copy of the District's Resolution is attached to this memo for information purposes only. |
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Vision Alignment |
The issuance and sale of these General Obligation Bonds keeps the commitment to securing the seeds to our future prosperity and goal number 19: Improving K-12 education. |
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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. |