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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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February 18, 2005
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BOARD MEETING DATE:
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March 8, 2005
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SPECIAL NOTICE/HEARING:
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None
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VOTE REQUIRED:
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Majority
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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 and Sale of the Sequoia Union High School District Series 2005 General Obligation Bonds
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RECOMMENDATION:
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Adopt a Resolution authorizing the issuance and sale of Bonds of the Sequoia Union High School District, prescribing the terms of sale of not to exceed $25,000,000 of said bonds, approving forms of and authorizing distribution of Official Notice of Sale and Notice of Intention to Sell Bonds, delegating to the County Treasurer-Tax Collector authorization to award bid for said Bonds, and authorizing execution of necessary certificates.
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VISION ALIGNMENT:
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Commitment: Sow the seeds of our future prosperity.
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Goal(s): The skill level of new workers rises with improved K-12 education and training options.
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The issuance and sale of General Obligation Bonds of the Sequoia Union High School District will increase the funds available to improve the facilities used in the education of the students within the District.
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BACKGROUND:
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The voters in the Sequoia Union High School District (“District”) approved by more than 55% of the voters a school bond measure on November 2, 2004, in the maximum aggregate principal amount of $70,000,000.
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On February 16, 2005, the District’s Board of Trustees passed a resolution authorizing the issuance of Sequoia Union High School District General Obligation Bonds, Election of 2004, Series 2005 (the “Series 2005 Bonds”) in the aggregate principal amount not to exceed $25,000,000, and requesting that the County Board of Supervisors authorize and consummate the issuance and competitive sale of the Series 2005 Bonds on their behalf.
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DISCUSSION:
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The Series 2005 Bond proceeds are to be used by the District as authorized by the voters of the District at the November 2, 2004, election.
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The District is being assisted by Orrick, Herrington & Sutcliffe LLP, as bond counsel, and Northcross, Hill & Ach, Inc., as financial advisor.
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Education Code sections 15140 and following, provide that bonds of a school district are to be issued and offered for sale by the county board of supervisors on behalf of the school district. This resolution authorizes the County to issue and sell, by competitive bid, the Series 2005 Bonds for the Sequoia Union High School District. It also authorizes the execution of the necessary documents.
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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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