December 1, 2003
BOARD MEETING DATE:
December 16, 2003
Honorable Board of Supervisors
Resolution Authorizing the Issuance and Sale of San Mateo Union High School District Series C 2004 General Obligation Bonds
Adopt a resolution authorizing the issuance and sale of San Mateo Union High School District Election of 2000 General Obligation Bonds, Series C (2004), in an aggregate principal amount not to exceed $27,503,848.40 ("Series C 2004 Bonds"), prescribing the terms of the sale of the Series C 2004 Bonds and authorizing execution of the necessary documents.
The voters in the San Mateo Union High School District ("District") approved by more than two-thirds of the voters, a school bond measure on November 7, 2000, authorizing issuance of bonds in the maximum amount of $137,500,000 (the "Initial Bond Measure"). On November 5, 2002, the voters in the District approved by more than two-thirds of the voters, a proposition that amended the Initial Bond Measure. $60,000,000 aggregate principal amount of Bonds, designated "San Mateo Union High School District Election of 2000 General Obligation Bonds, Series A"; and $49,996,151.60 aggregate principal amount of Bonds, designated "San Mateo Union High School District Election of 2000 General Obligation Bonds, Series B" have heretofore been issued and sold. On November 13, 2003, the District's Board of Trustees passed a resolution authorizing the issuance of the Series C 2004 Bonds in the aggregate principal amount not to exceed $27,503,848.40, and requesting that the County Board of Supervisors authorize the issuance and sale of the Series C 2004 Bonds on their behalf.
The Series C 2004 Bond proceeds are to be used by the District as authorized by the voters of the District. The District is being assisted by Orrick, Herrington & Sutcliffe, as bond counsel, and UBS PaineWebber Inc. is the underwriter ("Underwriter"). The District has requested that the Series C 2004 Bonds be sold by negotiated sale to the Underwriter.
This resolution authorizes the County to issue the Series C 2004 Bonds for the San Mateo Union High 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 all principal and interest with respect to the Series C 2004 Bonds.