Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John C. Beiers, County Counsel
Subject: Issuance and Sale by the Jefferson Elementary School District of its Election of 2012 General Obligation Bonds, Series D
RECOMMENDATION:
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Adopt a resolution authorizing the Jefferson Elementary School District to issue and sell Series D Bonds, through a negotiated sale, in an amount not to exceed $15,000,000 without further action of the County.
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BACKGROUND:
The voters in the Jefferson Elementary School District ("District") approved by more than 55 percent of the voters a school bond measure on November 6, 2012, authorizing the issuance of general obligation bonds in the maximum aggregate principal amount of $67,500,000 (the "Bond Measure"). In three prior issuances in 2013, 2014, and 2015, the District issued $52,500,000 of the total authorized amount of $67,500,000.
In its Resolution No. 17-06-14A, adopted on June 14, 2017, the District's Board of Education authorized the issuance and sale of "Jefferson Elementary School District (San Mateo County, California) Election of 2012 General Obligation Bonds, Series D, in an aggregate principal amount not-to-exceed $15,000,000" ("Series D Bonds"), and requested that the County Board of Supervisors authorize the District to issue and sell the Series D Bonds on its own behalf, by negotiated sale.
DISCUSSION:
State law generally provides that the County may issue and sell general obligation bonds on behalf of a school district, but California Government Code ?? 53506 et. seq. and Education Code ? 15140(b) also allow the Board of Supervisors to authorize the District to sell and issue bonds directly on its own behalf without further action of the Board of Supervisors or officers of the County.
The District is being assisted by Stradling, Yocca, Carlson & Rauth, as bond counsel, and Keygent, LLC as financial advisor.
Authorizing the District ...
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