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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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July 23, 2007
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BOARD MEETING DATE:
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August 7, 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 Belmont-Redwood Shores School District Redwood Shores School Facilities Improvement District Series A General Obligation Bonds
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RECOMMENDATION:
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Adopt a resolution authorizing the issuance and negotiated sale of Belmont-Redwood Shores School District Redwood Shores School Facilities Improvement District Election of 2005 General Obligation Bonds, Series A, in an aggregate principal amount not to exceed $25,000,000.
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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 Belmont-Redwood Shores School District Redwood Shores School Facilities Improvement District will make available funds to acquire and improve land, and to acquire, construct and equip classrooms, school facilities, labs and libraries.
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BACKGROUND:
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The Belmont-Redwood Shores School District (“School District”) established the Redwood Shores School Facilities Improvement District (“Improvement District”) in 2005. The District Board serves as the legislative body of the Improvement District. The voters in the Improvement District approved, by more than 55% of the vote, a bond measure on November 8, 2005, in the maximum aggregate principal amount of $25,000,000. On July 16, 2007, the School District’s Board of Trustees, acting as the legislative body of the Improvement District, passed its Resolution #1 authorizing the issuance of said bonds to be designated the “Belmont-Redwood Shores School District Redwood Shores School Facilities Improvement District (San Mateo County, California) Election of 2005 General Obligation Bonds, Series A (the “Bonds”), in an aggregate principal amount not to exceed $25,000,000, and requesting that the County Board of Supervisors authorize the issuance and negotiated sale of the Bonds on their behalf.
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DISCUSSION:
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Chapters 1.5 and 2 of Part 10 of Division 1 of Title 1 of the California Education Code provides that bonds of a school improvement 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 School District’s Board of Trustees, acting as the legislative body of the Improvement District, has made such a request and this resolution authorizes the County to issue and sell, by negotiated sale, the Bonds for the Improvement District, and authorizes certain County officials to execute the necessary documents.
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The Bond proceeds are to be used by the Improvement District as authorized by the voters of the Improvement District at the November 8, 2005, election.
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The Improvement District is being assisted by the firm of Stradling Yocca Carlson & Rauth, as bond counsel, and Stone & Youngberg LLC, as underwriter.
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FISCAL IMPACT:
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These Bonds are general obligations of the Improvement 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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