Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John D. Nibbelin, County Attorney
Subject: Issuance of Pacifica School District General Obligation Bonds, Election of 2024, Series 2026
RECOMMENDATION:
title
Adopt a resolution:
A) Authorizing the issuance and sale of general obligation bonds, Election of 2024, Series 2026 of Pacifica School District, prescribing the terms of sale of not to exceed $30,000,000 of said bonds by a negotiated sale pursuant to one or more bond purchase agreements; and
B) Approving the form of and authorizing the execution and delivery of said bond purchase agreements; and
C) Approving the forms of one or more paying agent agreements, and authorizing the execution of necessary documents and certificates relating to said bonds.
body
BACKGROUND:
On March 5, 2024, the voters in the Pacifica School District (the "District") approved by more than fifty-five percent of the votes cast a school bond measure, authorizing the issuance of general obligation bonds in the maximum aggregate principal amount of $70,000,000 (the "Bond Measure"). To date, the District has issued $10,000,000 in bonds pursuant to the Bond Measure.
On March 11, 2026, the Governing Board of the District adopted a resolution requesting that this Board issue a portion of said bonds, designated the "Pacifica School District General Obligation Bonds, Election of 2024, Series 2026" (the "2026 Bonds"), with such additional or other series or subseries designations as may be approved in an aggregate principal amount not exceeding $30,000,000, and to authorize the sale of the 2026 Bonds by a negotiated sale to RBC Capital Markets, LLC (the "Underwriter"), pursuant to one or more Bond Purchase Agreements (each, a "Bond Purchase Agreement"), a form of which has been submitted to and is on file with the Clerk of this Board. A copy of the District's resolution is submitted with this memorandum.
Also inclu...
Click here for full text