December 1, 2003
BOARD MEETING DATE:
December 16, 2003
Honorable Board of Supervisors
Resolution Authorizing the Issuance and Sale of Jefferson School District Series 2004 General Obligation Bonds
Adopt a resolution authorizing the issuance and sale of Jefferson School District General Obligation Bonds, Election of 2001, Series 2004, in an aggregate principal amount not to exceed $20,000,000 ("Series 2004 Bonds"), prescribing the terms of the sale of the Series 2004 Bonds and authorizing execution of the necessary documents.
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. $15,000,000 aggregate principal amount of Bonds, designated "Jefferson School District General Obligation Bonds, Election of 2001, Series 2002" have heretofore been issued and sold pursuant to a February 26, 2002 Resolution of this Board. On November 12, 2003, the District's Board of Trustees passed a resolution authorizing the issuance of the Series 2004 Bonds in the aggregate principal amount not to exceed $20,000,000, and requesting that the County Board of Supervisors authorize the issuance and sale of the Series 2004 Bonds on their behalf.
The Series 2004 Bond proceeds are to be used by the District as authorized by the voters of the District at the November 6, 2001, election. The District is being assisted by Orrick, Herrington & Sutcliffe, as bond counsel, and the financial advisor is Kelling, Northcross & Nobriga, of Oakland California. The District has requested that the Series 2004 Bonds be sold by competitive sale.
This resolution authorizes the County to issue the Series 2004 Bonds for the Jefferson School District and authorizes officers of the County to sign the necessary documents.
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.
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, but the County is obliged to levy and collect the taxes on the property within the District, which taxes provide the money for the payment of principal, redemption premium, if any, and interest with respect to the Series 2004 Bonds.