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COUNTY OF SAN MATEO
Inter-Departmental Correspondence
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COUNTY COUNSEL
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DATE:
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June 22, 2004
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BOARD MEETING DATE:
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July 6, 2004
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TO:
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Honorable Board of Supervisors
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FROM:
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County Counsel
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SUBJECT:
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Resolution Authorizing the Issuance of Ravenswood City School District Election of 2000 General Obligation Bonds, Series C
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Recommendation
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Adopt a resolution authorizing the issuance and sale of Ravenswood City School District Election of 2000 General Obligation Bonds, Series C, in an aggregate principal amount not to exceed $2,500,000, prescribing the terms of the sale of the bonds and authorizing execution of the necessary documents.
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Background
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The voters in the Ravenswood City School District (“District”) approved by more than two-thirds of the voters a school bond measure on November 7, 2000, in the maximum principal amount of $10,000,000. On May 22, 2001, this Board passed a resolution authorizing the issuance and sale of the first series of such Bonds (“Series A Bonds”) in the aggregate principal amount not to exceed $3,000,000. $2,500,000 in Series A bonds were issued. On July 9, 2002, this Board passed a resolution authorizing the issuance and sale of the second series of such Bonds in the aggregate principal amount not to exceed $2,500,000 (“Series B Bonds”). $2,500,000 in Series B bonds were issued.
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On May 13, 2004, the District’s Board of Trustees passed a resolution authorizing the issuance of Ravenswood City School District Election of 2000 General Obligation Bonds, Series C (the “Series C Bonds”) in the aggregate principal amount not to exceed $2,500,000, and requesting that the County Board of Supervisors authorize the issuance and sale of the Series C Bonds on their behalf.
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Discussion
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The Series C Bond proceeds are to be used by the District as authorized by the voters of the District at the November 7, 2000, election.
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The District is being assisted by Lofton & Jennings as bond counsel, A.M. Peche’ & Associates, as financial advisory and M L Stern & Co., 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 C Bonds for the Ravenswood City 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
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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
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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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