|
|
|
|
COUNTY OF SAN MATEO
Inter-Departmental Correspondence
|
County Counsel
|
|
|
DATE:
|
May 22, 2009
|
BOARD MEETING DATE:
|
June 9, 2009
|
SPECIAL NOTICE/HEARING:
|
None
|
VOTE REQUIRED:
|
Majority
|
|
|
TO:
|
Honorable Board of Supervisors
|
FROM:
|
County Counsel
|
SUBJECT:
|
Resolution Authorizing the Issuance and Sale of Jefferson Union High School District Series B General Obligation Bonds
|
|
|
RECOMMENDATION:
|
Adopt a resolution of the Board of Supervisors of the County of San Mateo authorizing the issuance and competitive public sale of Jefferson Union High School District General Obligation Bonds, 2006 election, series B in a principal amount not to exceed $40,000,000.
|
|
|
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 Jefferson Union High School District will increase the funds available to construct, acquire, renovate and upgrade classroom and school facilities throughout the school district.
|
|
|
BACKGROUND:
|
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. To date, $50,000,000 aggregate principal amount of said bonds, designated “Jefferson Union High School District (San Mateo County, California) General Obligation Bonds, 2006 Election, Series A”, have been issued.
|
On April 21, 2009, the District’s Board of Trustees passed its Resolution 2008-09/23 authorizing the issuance of a second series of said bonds as approved by the November 7, 2006 election, to be designated the “Jefferson Union High School District (San Mateo County, California) General Obligation Bonds, 2006 Election, Series B” (hereinafter the “Series B Bonds”), in an aggregate principal amount not to exceed $40,000,000, and requested that the County Board of Supervisors authorize the issuance and competitive public sale of the Series B 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 Jefferson Union High School District has made such a request and this resolution authorizes the County to issue and sell, by competitive bidding, the Series B Bonds for the District, and authorizes certain County officials and their deputies and designees, to execute the necessary documents.
|
|
|
The Series B Bond proceeds are to be used by the District as authorized by the voters of the District at the November 7, 2006 election.
|
|
|
The District is being assisted by Jones Hall, A Professional Law Corporation, as bond counsel, and Dale Scott & Company, Inc., 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.
|