COUNTY OF SAN MATEO

Inter-Departmental Correspondence

County Counsel

 

DATE:

September 22, 2008

BOARD MEETING DATE:

October 7, 2008

SPECIAL NOTICE/HEARING:

None

VOTE REQUIRED:

Majority

 

TO:

Honorable Board of Supervisors

FROM:

County Counsel

SUBJECT:

Resolution Authorizing the Issuance and Sale of San Mateo-Foster City School District General Obligation Bonds, Election of 2008, Series A

 

RECOMMENDATION:

Adopt a resolution authorizing the issuance and sale of San Mateo-Foster City School District General Obligation Bonds, Election of 2008, Series A, in an aggregate principal amount not to exceed $55,000,000.

 

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 San Mateo-Foster City School District will increase the funds available to make repairs, improvements and upgrades to facilities and systems within the school district.

 

BACKGROUND:

The voters in the San Mateo-Foster City School District (“District”) approved, by more than 55% of the vote, a school bond measure on February 5, 2008, in the maximum aggregate principal amount of $175,000,000. On September 4, 2008, the District’s Board of Trustees passed its Resolution No. 47/07-08 authorizing the issuance of a portion of said bonds to be designated the San Mateo-Foster City School District (San Mateo County, California) General Obligation Bonds, Election of 2008, Series A (hereinafter the “Series A Bonds”), in an aggregate principal amount not to exceed $55,000,000, and requesting that the County Board of Supervisors authorize the issuance and 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 San Mateo-Foster City School District has made such a request and this resolution authorizes the County to issue and sell the Series A Bonds for the District, and authorizes county officers 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 February 5, 2008 election.

 

The District is being assisted by Johns Hall, A Professional Law Corporation, as bond and disclosure counsel, and Keygent 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.