Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John C. Beiers, County Counsel
Subject: Issuance by Burlingame Elementary School District of its Election of 2016 General Obligation Bonds, Series B
RECOMMENDATION:
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Adopt a resolution authorizing the Burlingame Elementary School District to issue and sell its Election of 2016 General Obligation Bonds, Series B, through a negotiated sale, in an aggregate principal amount not to exceed $28,000,000 without further action of the County.
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BACKGROUND:
The voters in the Burlingame Elementary School District (“District”) approved by more than fifty-five percent of the voters a school bond measure on November 8, 2016, authorizing the issuance of general obligation bonds in the maximum aggregate principal amount of $56,000,000 (the “Bond Measure”). To date, the District has issued $28,000,000 in bonds pursuant to the Bond Measure.
On September 10, 2019, the Board of Trustees of the District authorized the issuance and sale of its “Burlingame Elementary School District (San Mateo County, California) Election of 2016 General Obligation Bonds, Series B,” in an aggregate principal amount not-to-exceed $28,000,000 (“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 Isom Advisors, a division of Urban Futures, Inc., 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 County funds are pledged or obligated to the payment of the bonds