COUNTY OF SAN MATEO Inter-Departmental Correspondence | ||
County Counsel | ||
DATE: |
July 21, 2005 | |
BOARD MEETING DATE: |
August 9, 2005 | |
SPECIAL NOTICE/HEARING |
None | |
VOTE REQUIRED |
Majority | |
TO: |
Honorable Board of Supervisors | |
FROM: |
County Counsel | |
SUBJECT: |
Resolution Authorizing the Issuance and Sale of Jefferson School District Election of 2001 General Obligation Bonds, Series 2005 | |
Recommendation | ||
Adopt a resolution authorizing the issuance of Jefferson School District General Obligation Bonds, Election of 2001, Series 2005, in the aggregate principal amount of not to exceed $17,000,000, and authorizing the competitive sale of such bonds. | ||
Vision Alignment | ||
Commitment: Sow the seeds of our future prosperity. | ||
Goal 19: The skill level of new workers rises with improved K-12 education and training options. | ||
The issuance and sale of General Obligation Bonds by the Jefferson School District is intended to raise money for the acquisition, construction, and rehabilitation of school facilities, as set forth in the proposition authorizing the issuance of such bonds. | ||
Performance Measures | ||
Performance Measures by the County do not apply in these circumstances. | ||
Background | ||
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, in the maximum principal amount of $52,000,000. On March 28, 2002 the first series of such Bonds were issued in the aggregate principal amount of $15,000,000. On February 4, 2004, the second series of such Bonds were issued in the aggregate principal amount of $20,000,000. | ||
On June 22, 2005, the District’s Board of Trustees passed a resolution authorizing the issuance of “Jefferson School District (San Mateo County, California) General Obligation Bonds, Election of 2001, Series 2005” (the “Series 2005 Bonds”) in the aggregate principal amount not to exceed $17,000,000, and requesting that the County Board of Supervisors authorize the issuance and sale of the Series 2005 Bonds on their behalf. | ||
Discussion | ||
The Series 2005 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 Jones Hall, as bond counsel, and Kelling, Northcross & Nobriga as financial advisor. | ||
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 District. | ||
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. |