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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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January 23, 2006
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BOARD MEETING DATE:
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February 7, 2006
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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 Negotiated Sale of Woodside Elementary School District of Series 2006 General Obligation Bonds
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RECOMMENDATION:
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Adopt a resolution authorizing the issuance and sale of Woodside Elementary School District Election of 2005, Series 2006, General Obligation Bonds, in an aggregate principal amount not to exceed $12,000,000, by negotiated sale and authorizing execution of the necessary documents.
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VISION ALIGNMENT:
Commitment: Sow the seeds of our future prosperity.
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Goal 19: 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 by the Woodside Elementary School District will increase the funds available to improve, renovate and modernize the Woodside School.
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BACKGROUND:
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The voters in the Woodside Elementary School District (“District”) approved, by more than 55% of the vote, a school bond measure on November 8, 2005, in the maximum aggregate principal amount of $12,000,000. On January 17, 2006, the District’s Board of Trustees passed its Resolution No. 470 authorizing the issuance of the Woodside Elementary School District General Obligation Bonds, Election of 2005, Series 2006 (“Series 2006 Bonds”), and requesting that the County Board of Supervisors authorize the issuance and sale of the Series 2006 Bonds on their behalf.
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DISCUSSION:
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The Series 2006 Bond proceeds are to be used by the District as authorized by the voters of the District at the November 8, 2005, election.
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The District is being assisted by Orrick Herrington & Sutcliffe as bond counsel and Piper Jaffray & Co. 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 and sell, by negotiated sale to the Underwriter, the Series 2006 Bonds for the District, and authorizes certain County officials and their deputies and designees, to execute 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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