|
|
|
|
|
|
COUNTY OF SAN MATEO
Inter-Departmental Correspondence
County Counsel
|
|
|
|
DATE:
|
May 10, 2011
|
BOARD MEETING DATE:
|
May 24, 2011
|
SPECIAL NOTICE/HEARING:
|
None
|
VOTE REQUIRED:
|
Majority
|
|
|
TO:
|
Honorable Board of Supervisors
|
FROM:
|
John C. Beiers, County Counsel
|
SUBJECT:
|
Issuance and Negotiated Sale of Belmont-Redwood Shores School District Belmont Elementary Schools Facilities Improvement District General Obligation Bonds in an amount not to exceed $31,000,000.
|
|
|
RECOMMENDATION:
|
Adopt a Resolution authorizing the issuance and negotiated sale of Belmont-Redwood Shores School District Belmont Elementary Schools Facilities Improvement District (San Mateo County, California) Election of 2010 General Obligation Bonds in one or more series, in an aggregate principal amount not to exceed $31,000,000
|
|
|
BACKGROUND:
|
The Belmont-Redwood Shores School District (“School District”) established the Belmont School Facilities Improvement District (“Improvement District”) in 2010. 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 school bond measure on November 2, 2010 (“Measure N”), in the maximum aggregate principal amount of $35,000,000. On March 17, 2011, the District’s Board of Trustees passed its Resolution #28 (Amended) (the “District Resolution”) authorizing the issuance of a portion of said bonds in an aggregate principal amount not to exceed $31,000,000, to be styled as the “Belmont-Redwood Shores School District Elementary Schools Facilities Improvement District (San Mateo County, California) Election of 2010 General Obligation Bonds, Series A” (the “Bonds”), and requesting that the County Board of Supervisors authorize the issuance and negotiated sale of the Bonds on their behalf. The District Resolution authorized the issuance of the Bonds in one or more series and authorized the negotiated sale of the Bonds.
|
|
|
DISCUSSION:
|
Government Code Section 53506, et. seq. authorizes the issuance and negotiated sale of the Bonds as set forth in the District Resolution. The District Resolution styled the Bonds as the “Belmont-Redwood Shores School District Elementary Schools Facilities Improvement District (San Mateo County, California) Election of 2010 General Obligation Bonds, Series A”. However, it is believed that the District intended to have the Bonds designated as the “Belmont-Redwood Shores School District Belmont Elementary Schools Facilities Improvement District (San Mateo County, California) Election of 2010 General Obligation Bonds, Series A” – to distinguish the Bonds from the Belmont-Redwood Shores School District Redwood Shores School Facilities Improvement District bonds issued in the past. The County resolution authorizes the issuance and negotiated sale of the Bonds, on behalf of the District, including the “Belmont” designation in the title, and authorizes certain County officials to execute the necessary documents.
|
|
|
The Bond proceeds are to be used by Improvement District as authorized by the voters in Measure N.
|
|
|
The District is being assisted by the firm of Stradling Yocca Carlson & Rauth, as Bond Counsel and Disclosure Counsel; by Stone & Youngberg LLC, and Piper Jaffray & Co., as Underwriters; and by California Financial Services, as Financial Advisor.
|
|
|
A copy of the District’s Resolution and of the Purchase Agreement to be used in connection with the sale of the Bonds has been filed with the Clerk of the Board.
|
|
|
Authorizing the issuance and sale of the Bonds will contribute to the Shared Vision 2025 outcome of Collaborative Community by supporting fiscal accountability.
|
|
|
FISCAL IMPACT:
|
The Bonds are not an obligation of the County and have no fiscal impact on the County.
|