Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John C. Beiers, County Counsel
Subject: Issuance and Sale by the Cabrillo Unified School District of its General Obligation Bonds, Election of 2018, Series B
RECOMMENDATION:
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Adopt a resolution authorizing the Cabrillo Unified School District to issue and sell its general obligation bonds, in an aggregate principal amount not-to-exceed $40,000,000 without further action of the County.
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BACKGROUND:
On June 5, 2018, an election was duly and regularly held in the Cabrillo Unified School District (the "District"), for the purpose of submitting a bond measure (Measure M) to the qualified electors of the District, authorizing the issuance of general obligation bonds in the aggregate principal amount of $99,000,000 (the "Bonds"), and more than 55% of the votes cast were in favor of the issuance of the Bonds.
On April 16, 2020, the Governing Board of the District, a school district under the jurisdiction of the Superintendent of Schools of the County of San Mateo (the "County"), approved a resolution (the "District Resolution") providing for the issuance and sale of its "Cabrillo Unified School District (San Mateo County, California) General Obligation Bonds, Election of 2018, Series B (the "2020 Bonds") in an aggregate principal amount not to exceed $40,000,000.
The District has not received a qualified or negative certification in its most recent interim report.
The District has requested that the County Board of Supervisors authorize the District to issue and sell the 2020 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 directl...
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