COUNTY OF SAN MATEO

COUNTY OF SAN MATEO

Inter-Departmental Correspondence

County Counsel

DATE:

February 8, 2008

BOARD MEETING DATE:

February 26, 2008

SPECIAL NOTICE/HEARING:

None

VOTE REQUIRED:

Majority

TO:

Honorable Board of Supervisors

FROM:

County Counsel

SUBJECT:

Resolution Authorizing the Issuance and Sale of Burlingame Elementary School District Series A General Obligation Bonds

RECOMMENDATION:

Adopt a resolution authorizing the issuance and competitive sale of Burlingame Elementary School District Election of 2007 General Obligation Bonds, Series A, in an aggregate principal amount not to exceed $18,300,000, by competitive public sale and authorizing execution of the necessary documents.

VISION ALIGNMENT:

Commitment: Sow the seeds of our future prosperity.

Goal 19: The skill level of new workers rises with improved K-12 education and training options.

The issuance and sale of General Obligation Bonds by the Burlingame Elementary School District will increase the funds available to renovate, acquire, construct, repair and equip local neighborhood schools, sites and facilities.

BACKGROUND:

The voters in the Burlingame Elementary School District (“District”) approved, by more than 55% of the vote, a school bond measure on November 6, 2007, in the maximum aggregate principal amount of $48,300,000. On February 5, 2008, the District’s Board of Trustees passed its Resolution 2007/08-12 authorizing the issuance of a portion of said bonds to be designated the “Burlingame Elementary School District (San Mateo County, California) Election of 2007 General Obligation Bonds, Series A” (the “Series A Bonds”), in an aggregate principal amount not to exceed $18,300,000, and requesting that the County Board of Supervisors authorize the issuance and competitive public sale of the Series A Bonds on their behalf.

DISCUSSION:

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 Burlingame Elementary 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 County officials to execute the necessary documents.

The Series A Bond proceeds are to be used by the District as authorized by the voters of the District at the November 6, 2007, election.

The District is being assisted by Stradling Yocca Carlson & Rauth, a Professional Corporation, as bond counsel, and Backstrom, McCarley, Berry & Co., LLC, as financial advisor.

FISCAL IMPACT:

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.

Inter-Departmental Correspondence

DATE:

BOARD MEETING DATE:

SPECIAL NOTICE/HEARING:

VOTE REQUIRED:

TO:

FROM:

SUBJECT:

RECOMMENDATION:

VISION ALIGNMENT:

Commitment: Sow the seeds of our future prosperity.

Goal 19: The skill level of new workers rises with improved K-12 education and training options.

BACKGROUND:

DISCUSSION:

FISCAL IMPACT:



COUNTY OF SAN MATEO Inter-Departmental Correspondence
County Counsel

DATE:		February 8, 2008
BOARD MEETING DATE:		February 26, 2008
SPECIAL NOTICE/HEARING:		None
VOTE REQUIRED:		Majority

TO:	Honorable Board of Supervisors
FROM:	County Counsel
SUBJECT:	Resolution Authorizing the Issuance and Sale of Burlingame Elementary School District Series A General Obligation Bonds

RECOMMENDATION:
Adopt a resolution authorizing the issuance and competitive sale of Burlingame Elementary School District Election of 2007 General Obligation Bonds, Series A, in an aggregate principal amount not to exceed $18,300,000, by competitive public sale and authorizing execution of the necessary documents.

VISION ALIGNMENT: Commitment: Sow the seeds of our future prosperity.
Goal 19: The skill level of new workers rises with improved K-12 education and training options.

The issuance and sale of General Obligation Bonds by the Burlingame Elementary School District will increase the funds available to renovate, acquire, construct, repair and equip local neighborhood schools, sites and facilities.

BACKGROUND:
The voters in the Burlingame Elementary School District (“District”) approved, by more than 55% of the vote, a school bond measure on November 6, 2007, in the maximum aggregate principal amount of $48,300,000. On February 5, 2008, the District’s Board of Trustees passed its Resolution 2007/08-12 authorizing the issuance of a portion of said bonds to be designated the “Burlingame Elementary School District (San Mateo County, California) Election of 2007 General Obligation Bonds, Series A” (the “Series A Bonds”), in an aggregate principal amount not to exceed $18,300,000, and requesting that the County Board of Supervisors authorize the issuance and competitive public sale of the Series A Bonds on their behalf.

DISCUSSION:
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 Burlingame Elementary 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 County officials to execute the necessary documents.

The Series A Bond proceeds are to be used by the District as authorized by the voters of the District at the November 6, 2007, election.

The District is being assisted by Stradling Yocca Carlson & Rauth, a Professional Corporation, as bond counsel, and Backstrom, McCarley, Berry & Co., LLC, as financial advisor.

FISCAL IMPACT:
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.