Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John C. Beiers, County Counsel
Subject: Issuance and Sale by the San Bruno Park School District of its General Obligation Bonds, 2018 Election, 2019 Series A
RECOMMENDATION:
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Adopt an amended and restated resolution authorizing the San Bruno Park School District to issue and sell its General Obligation Bonds, 2018 Election, 2019 Series A in an aggregate principal amount not to exceed $25,000,000 without further action of the County.
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BACKGROUND:
The voters in the San Bruno Park School District ("District") approved by more than fifty-five percent of the voters a school bond measure on November 6, 2018, authorizing the issuance of general obligation bonds in the maximum aggregate principal amount of up to $79,000,000 (the "Bond Measure"). To date, the District has not yet issued any bonds pursuant to the Bond Measure.
On December 12, 2018, the Governing Board 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 "San Bruno Park School District General Obligation Bonds 2018 Election, 2019 Series A," in an aggregate principal amount not to exceed $25,000,000 (the "2019 Series A Bonds"). The District now desires to issue and sell the 2019 Series A Bonds on its own behalf, and provide for a negotiated sale process, all subject to the Education Code, the Government Code and applicable law, 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 b...
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