Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John C. Beiers, County Counsel
Subject: Issuance by Redwood City School District of its General Obligation Bonds Series 2019
RECOMMENDATION:
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Adopt a resolution authorizing the Redwood City School District to issue and sell its General Obligation Bonds in an aggregate principal amount not to exceed $66,000,000 without further action of the County.
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BACKGROUND:
The voters in the Redwood City School District ("District") approved by more than fifty-five percent of the voters a school bond measure on November 3, 2015, authorizing the issuance of general obligation bonds in the maximum aggregate principal amount of $193,000,000 (the "Bond Measure"). To date, the District has issued $127,000,000 in bonds pursuant to the Bond Measure.
On August 14, 2019, the District's Board of Education authorized the issuance and sale of its Redwood City School District (San Mateo County, California) General Obligation Bonds (Election of 2015), Series 2019C (Tax-Exempt)" (the "Series 2019C Bonds"); "Redwood City School District (San Mateo County, California) General Obligation Bonds (Election of 2015), Series 2019C-1 (Federally Taxable) (the "Series 2019C-1 Bonds"); and/or "Redwood City School District (San Mateo County, California) General Obligation Bonds (Election of 2015), Series 2019C-2 (Tax-Exempt Technology)" (the "Series 2019C-2 Bonds" and together with the Series 2019C Bonds and the Series 2019C-1 Bonds, the "2019 Bonds"), and requested that the County Board of Supervisors authorize the District to issue and sell the 2019 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...
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