Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John C. Beiers, County Counsel
Subject: Resolution Authorizing Issuance and Sale by the Ravenswood City School District of its General Obligation Bonds Election of 2016, Series 2018
RECOMMENDATION:
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Adopt a resolution authorizing the Ravenswood City School District to issue and sell its General Obligation Bonds, Election of 2016, Series 2018 in an aggregate principal amount not to exceed $10,000,000 by negotiated sale, without further action of the County.
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BACKGROUND:
The voters in the Ravenswood City School District ("District") approved by more than fifty-five percent of the voters a school bond measure on June 7, 2016, authorizing the issuance of general obligation bonds in the maximum aggregate principal amount of $26,000,000 (the "Bond Measure"). The District previously issued $16,000,000 in bonds pursuant to the Bond Measure.
On December 14, 2017, the District adopted a resolution (the "District Resolution") providing for the issuance and sale of its "Ravenswood City School District General Obligation Bonds, Election of 2016, Series 2018," in an aggregate principal amount not to exceed $10,000,000 (the "2018 Bonds"), and requested that the County Board of Supervisors authorize the District to issue and sell the Series 2018 Bonds on its own behalf, by competitive or 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 Orrick, Herrington & Sutcliffe as bond counsel, and Eastshore Consulting LLC as financial advisor.
Authorizin...
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