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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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December 26, 2006
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BOARD MEETING DATE:
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January 9, 2007
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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 Menlo Park City School District Series 2007 General Obligation Bonds
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RECOMMENDATION:
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Adopt a resolution authorizing the issuance and sale of Menlo Park City School District Election of 2006, Series 2007, General Obligation Bonds, in an aggregate principal amount not to exceed $35,000,000, by competitive 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 Menlo Park City School District will increase the funds available to build, modernize, renovate and acquire buildings and facilities at each of the schools sites within the school district.
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BACKGROUND:
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The voters in the Menlo Park City School District (“District”) approved, by more than 55% of the vote, a school bond measure on June 6, 2006, in the maximum aggregate principal amount of $91,100,000. On December 13, 2006, the District’s Board of Trustees passed its Resolution No. 06.07.12 authorizing the issuance of a portion of said bonds to be designated the Menlo Park City School District General Obligation Bonds, Election of 2006, Series 2007 (“Series 2007 Bonds”), in an aggregate principal amount not to exceed $35,000,000, and requesting that the County Board of Supervisors authorize the issuance and competitive sale of the Series 2007 Bonds on their behalf.
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DISCUSSION:
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The Series 2007 Bond proceeds are to be used by the District as authorized by the voters of the District at the June 6, 2006, election.
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The District is being assisted by Orrick Herrington & Sutcliffe LLP as bond counsel, and Kelling, Northcross & Nobriga as financial advisor.
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Education Code Section 15140 provides that bonds of a school district are to be offered for sale by the county board of supervisors following receipt of the school district’s resolution requesting such action. The Menlo Park City School District has made such a request and this resolution authorizes the County to issue and sell, by competitive bidding, the Series 2007 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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