RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION AUTHORIZING THE COUNTY MANAGER TO NEGOTIATE AND ENTER INTO AGREEMENTS WITH THE LA HONDA-PESCADERO UNIFIED SCHOOL DISTRICT FOR AN ADVANCEMENT OF FUNDS TO THE DISTRICT IN THE AMOUNT OF UP TO $2,500,000 TO BE REIMBURSED FROM ANTICIPATED PROCEEDS FROM FUTURE BOND SALES

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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

WHEREAS, the La Honda-Pescadero Unified School District is currently completing construction at its elementary, middle, and high schools; and

WHEREAS, the District has approached the County with a request that the County make available funds in an amount not to exceed $2,500,000 to assist the District in ensuring prompt completion of the ongoing construction and payment of outstanding creditors for construction work already completed; and

WHEREAS, prompt completion of the construction will result in the school sites being ready for the beginning of school in August 2009, which will benefit the students of the District and avoid placing a burden on other school districts in the County who might be asked to house the District’s students if the school sites are not ready; and

WHEREAS, the Board has considered the request, and determined that it is in the best interests of the citizens of this County, to make available the requested funding, subject to reimbursement out of proceeds from future bond sales by the District;

NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the County Manager be, and hereby is, authorized to negotiate and execute agreements with the La Honda-Pescadero Unified School District which provide for the advance of available funds of the County, in the maximum amount of $2,500,000, for assisting the District in the completion of ongoing construction and payment of outstanding creditors, subject to the full amount being reimbursed to the County out of proceeds from future bond sales by the District, and further that the amounts to be reimbursed be increased by an amount equal to the amount that would have been earned by the funds had they been invested in the County’s investment pool.

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