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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 Negotiated Sale of La Honda-Pescadero Unified School District Series 2007A General Obligation Bonds
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RECOMMENDATION:
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Adopt a resolution authorizing the issuance and sale of La Honda-Pescadero Unified School District, General Obligation Bonds, 2006 Election, Series 2007A, in an aggregate principal amount not to exceed $3,000,000, by negotiated sale and authorizing execution of the necessary documents.
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VISION ALIGNMENT:
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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 La Honda-Pescadero Unified School District will increase the funds available for the District to repair, replace and improve buildings, facilities and building systems and materials.
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BACKGROUND:
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On November 7, 2006, the voters in the La Honda-Pescadero Unified School District ("District") approved, by more than 55% of the votes cast, a school bond measure in the maximum aggregate principal amount of $15,000,000. By its Resolution No. 06-07-10, dated February 15, 2007, a certified copy of which has been filed with the Clerk of this Board, the District Board is now requesting the issuance of an initial series of the Bonds to be designated the “La Honda-Pescadero Unified School District (San Mateo County, California) General Obligation Bonds, 2006 Election, Series 2007A” (the “Bonds”) in an aggregate principal amount not to exceed $3,000,000.
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DISCUSSION:
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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 2007A Bonds for the District, and authorizes County officials to execute the necessary documents.
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The Series 2007A 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, as Bond Counsel, A. M. Peche & Associates LLC, as Financial Advisor, and RBC Dain Rauscher Inc., doing business under the name RBC Capital Markets, as Underwriter.
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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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