COUNTY OF SAN MATEO

Inter-Departmental Correspondence

COUNTY COUNSEL

DATE:

April 26, 2004

BOARD MEETING DATE:

May 11, 2004

TO:

Honorable Board of Supervisors

FROM:

County Counsel

SUBJECT:

Resolution Authorizing the Issuance and Sale of Brisbane School District Series 2004 General Obligation Bonds

 

Recommendation

Adopt a resolution authorizing the issuance and sale of not to exceed $9,000,000 of bonds of the Brisbane School District by a negotiated sale pursuant to a Bond Purchase Contract, prescribing the terms of sale of said bonds, approving the form of and authorizing the execution and delivery of said Bond Purchase Contract, and authorizing execution of necessary certificates.

 

Background

The voters in the Brisbane School District ("District") approved by more than 55% of the voters a school bond measure on November 4, 2003, in the maximum aggregate principal amount of $11,000,000. On April 19, 2004, the District's Board of Trustees passed a resolution authorizing the issuance of Brisbane School District General Obligation Bonds, Election of 2003, Series 2004 ("Series 2004 Bonds") in the aggregate principal amount not to exceed $9,000,000, and requesting that the County Board of Supervisors authorize the issuance and sale of the Series 2004 Bonds on their behalf.

 

Discussion

The Series 2004 Bonds proceeds are to be used by the District as authorized by the voters of the District at the November 4, 2003, election.

 

The District is being assisted by Orrick, Herrington & Sutcliffe, as bond counsel; California Financial Services, as financial advisory; and UBS Financial Services, Inc., as underwriter.

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 2004 Bonds for the Brisbane School District and authorizes officers of the County to sign the necessary documents.

 

A copy of the District's Resolution and a draft of the Bond Purchase Contract are enclosed with this memo.

 

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.

 

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.