Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John C. Beiers, County Counsel
Subject: Issuance and Sale by the Pacifica School District of its General Obligation Bonds, Election of 2018, Series 2018
RECOMMENDATION:
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Adopt a resolution authorizing the Pacifica School District to issue and sell its General Obligation Bonds, Election of 2018, Series 2018 in an aggregate principal amount not to exceed $18,000,000 by negotiated sale, without further action of the County.
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BACKGROUND:
The voters in the Pacifica School District ("District") approved by more than fifty-five percent of the voters a school bond measure on June 5, 2018, authorizing the issuance of general obligation bonds in the maximum aggregate principal amount of up to $55,000,000 (the "Bond Measure"). To date, the District has not yet issued any bonds pursuant to the Bond Measure.
On August 8, 2018, the Board of Trustees of the District, a school district under the jurisdiction of the Superintendent of Schools of the County of San Mateo, adopted a resolution (the "District Resolution") providing for the issuance and sale of its "Pacifica School District General Obligation Bonds, Election of 2018, Series 2018," in an aggregate principal amount not to exceed $18,000,000 (the "2018 Bonds"). The District now desires to issue and sell the 2018 Bonds on its own behalf, and District staff has requested that the County Board of Supervisors authorize the District to do so.
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, Herringto...
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