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Meeting Date:
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6/22/2015 - 6:00 PM
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Category:
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Business/Action Items
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Type:
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Action
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Subject:
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16.22 Resolution No. 14/15-57 of the Board of Education of the Mt. Diablo Unified School District Approving the Form of the Preliminary Official Statement Prepared in Connection with the Issuance of Mt. Diablo Unified School District (Contra Costa, County) General Obligation Bonds, 2010 Election, 2015 Series F
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LCAP (Local Control Accountability Plan) Goal:
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Enclosure
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File Attachment:
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Summary:
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The Board of Education has already approved Resolution No. 14/15-45 authorizing the issuance of a series of general obligation bonds under the District’s 2010 bond authorization in a maximum principal amount of $38,500,000. In connection with the issuance of those bonds, the District will prepare a Preliminary Official Statement (“POS”) and an Official Statement (“OS”) which will be used by the District’s underwriter to market and sell the bonds to investors. Resolution No. 14/15-57 approves the form of the POS and directs staff to finalize the POS into an OS.
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Funding:
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The Bonds are repaid from property taxes levied by the County on real property within the boundaries of the District, not from the District’s General Fund. Issuing the Bonds will increase the tax rate on property owners within the District but the District is taking advantage of historically low interest rates in an effort to keep the total tax levy as low as possible.
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Fiscal Impact
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All expenses of issuing the Bonds, including the fees for Disclosure Counsel to draft the POS and the OS, would be paid from proceeds of the Bonds so that no General Fund moneys are required to pay for costs of issuing the Bonds. Issuance of the Bonds would result in available moneys for the District to spend on capital projects listed in the Project List approved by the voters at the Election.
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Recommendation:
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Approve to adopt Resolution No. 14/15-57: Preliminary Official Statement for Bond Issuance.
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Approvals:
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Recommended By:
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Signed By:
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Debbie Maher - Sr. Administrative Executive Assistant to the Superintendent
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Signed By:
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Dr. Nellie Meyer - Superintendent
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Vote Results:
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| New Motion | | Member Barbara Oaks Moved, Member Debra Mason seconded to approve the New motion 'Approve to adopt Resolution No. 14/15-57: Preliminary Official Statement for Bond Issuance.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Linda Mayo | Yes | | Cheryl Hansen | Yes | | Brian Lawrence | Yes | | Barbara Oaks | Yes | | Debra Mason | Yes | |
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