Adopt a resolution authorizing the issuance and sale of Hillsborough City School District Election of 2002, Series B, General Obligation Bonds, in an aggregate principal amount not to exceed $30,000,000, by negotiated sale and authorizing execution of the necessary documents.
|
The issuance and sale of General Obligation Bonds by the Hillsborough City School District will increase the funds available to modernize, repair, replace and equip its school facilities to meet safety and instructional needs and create additional space for student class size reduction, additional educational programs and other needs.
|
On November 5, 2002, the voters in the Hillsborough City School District ("District") approved, by more than 55% of the votes cast, a school bond measure in the maximum aggregate principal amount of $66,800,000. Consistent with Chapter 1.5 of Part 10 of Division 1 of the California Education Code, and pursuant to this Board’s resolution No. 065990, passed on May 13, 2003, there was issued and sold on June 25, 2003, an initial series of bonds in the name of the District, known as the “Series 2003A Bonds”, in the aggregate principal amount of $13,500,000. By its Resolution No. 2006-09, dated June 21, 2006, a certified copy of which has been filed with the Clerk of this Board, the District Board is now requesting the issuance of an additional series of the Bonds to be designated the “Hillsborough City School District (San Mateo County, California) General Obligation Bonds, Election of 2002, Series B” (the “Series B Bonds”) in an aggregate principal amount not to exceed $30,000,000.
|
The Education Code provides that issuance and sale of these voter approved school bonds 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 B Bonds for the District, and authorizes County officials and their deputies and designees, to execute the necessary documents.
|
