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 Mateo Union High School District of its Election of 2020 General Obligation Bonds, Series A
RECOMMENDATION:
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Adopt a resolution authorizing the San Mateo Union High School District to issue and sell its election of 2020 General Obligation Bonds, Series A, through a negotiated sale, in an amount not-to-exceed $96,250,000 without further action of the County.
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BACKGROUND:
On March 3, 2020, an election was held in the San Mateo Union High School District (the "District"), for the purpose of submitting a bond measure (the "Bond Measure") to the qualified electors of the District, authorizing the issuance of general obligation bonds in the aggregate principal amount of $385,000,000 (the "Bonds"), in which more than 55% of the votes cast were in favor of the issuance of the Bonds.
On May 7, 2020, 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 "Series A Resolution") providing for the issuance and sale of San Mateo Union High School District Election of 2020 General Obligation Bonds, Series A, in an aggregate principal amount not-to-exceed $96,250,000 ("Series A Bonds"), and requesting that this Board of Supervisors of the County of San Mateo (the "County") authorize the District to issue and sell its proposed Series A Bonds on its own behalf at a negotiated sale pursuant to and subject to the Education Code or the Government Code and applicable law.
The District has represented and warranted that it has not received a qualified or negative certification in its most recent interim report.
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...
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