Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John C. Beiers, County Counsel
Subject: Issuance and Sale by the Las Lomitas Elementary School District of its Election of 2013 General Obligation Bonds, Series B
RECOMMENDATION:
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Adopt a resolution authorizing the Las Lomitas Elementary School District to issue and sell Series B Bonds, through a negotiated sale, in an amount not to exceed $30,000,000 without further action of the County.
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BACKGROUND:
The voters in the Las Lomitas Elementary School District (“District”) approved by more than fifty-five percent of the voters a school bond measure on November 5, 2013, authorizing the issuance of general obligation bonds in the maximum aggregate principal amount of $60,000,000 (the “Bond Measure”). In one prior issuance in 2015, the District issued $30,000,000 of the total authorized amount of $60,000,000.
In its Resolution adopted on August 24, 2017, the District’s Board of Trustees authorized the issuance and sale of “Las Lomitas Elementary School District (San Mateo County, California) Election of 2013 General Obligation Bonds, Series B, in an aggregate principal amount not-to-exceed $30,000,000” (“Series B Bonds”), and requested that the County Board of Supervisors authorize the District to issue and sell the Series B 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 KNN Public Finance, LLC as financial advisor.
Authorizing the District to issue and sell its own bonds will contribute to the Shared Vision 2025 outcome of Collaborative Community by supporting fiscal accountability.
FISCAL IMPACT:
These bonds are general obligations of the District, and do not constitute an obligation of the County. No part of any fund of the County is pledged or obligated to the payment of the bonds.