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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 22, 2007
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BOARD MEETING DATE:
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March 13, 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 Jefferson Union High School District Series A General Obligation Bonds
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RECOMMENDATION:
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Adopt a resolution authorizing the issuance and sale of Jefferson Union High School District General Obligation Bonds, 2006 Election, Series A, in an aggregate principal amount not to exceed $50,000,000, by competitive public 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 Jefferson Union High School District will increase the funds available to construct, acquire, renovate and upgrade classroom and school facilities throughout the school district.
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BACKGROUND:
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The voters in the Jefferson Union High School District (“District”) approved, by more than 55% of the vote, a school bond measure on November 7, 2006, in the maximum aggregate principal amount of $136,900,000. On January 16, 2007, the District’s Board of Trustees passed its Resolution 2006-07/15 authorizing the issuance of a portion of said bonds to be designated the Jefferson Union High School District (San Mateo County, California) General Obligation Bonds, 2006 Election, Series A (the “Series A Bonds”), in an aggregate principal amount not to exceed $50,000,000, and requesting that the County Board of Supervisors authorize the issuance and competitive public sale of the Series A Bonds on their behalf.
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DISCUSSION:
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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 Jefferson Union High School District has made such a request and this resolution authorizes the County to issue and sell, by competitive public bidding, the Series A Bonds for the District, and authorizes certain County officials to execute the necessary documents.
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The Series A Bond proceeds are to be used by the District as authorized by the voters of the District at the November 7, 2006, election.
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The District is being assisted by Jones Hall, A Professional Law Corporation, as bond counsel, and Dale Scott & Company Inc., as financial advisor.
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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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