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Meeting Date:
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5/4/2015 - 6:00 PM
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Category:
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Business/Action Items
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Type:
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Action
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Subject:
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17.3 Resolution No. 14/15-45 of the Board of Education of the Mt. Diablo Unified School District Authorizing the Issuance and Sale of its General Obligation Bonds, 2010 Election, 2015 Series F in an Aggregate Principal Amount Not to Exceed Thirty-Eight Million, Five Hundred Thousand Dollars and No Cents
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LCAP (Local Control Accountability Plan) Goal:
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Strategic Initiative 5.3 Optimal Operations and Infrastructure Ensure that our facilities and infrastructure support and enhance student learning and safety.
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Enclosure
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File Attachment:
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Summary:
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Consideration of a Resolution authorizing the issuance of the sixth series of Bonds under the June 8, 2010, bond election (the “Election”). The proceeds of the Bonds would be used to finance capital improvements as approved by the voters at the Election. Currently low interest rates make it an optimal time to issue additional bonds so that the District can lock in low interest rates and minimize the interest to be paid on the bonds.
The Bonds are repaid from property taxes levied by the county on real property within the boundaries of the district, not from the District’s General Fund. Issuing the Bonds will increase the tax rate on property owners within the District from $85.30 per $100,000 of assessed property value (current) to no more than approximately $89.00 per $100,000 of assessed property value (based on conservative 3% growth), but the District is taking advantage of historically low interest rates in an effort to keep the total tax levy as low as possible.
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Funding:
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Fiscal Impact
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All expenses of issuing the Bonds would be paid from proceeds of the Bond sale and no General Fund monies are required to pay for costs of issuing the Bonds. Issuance of the Bonds would result in available monies for the District to spend on capital projects listed on the Project List approved by the voters at the Election.
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Recommendation:
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Approve Resolution No. 14/15-45 of the Board of Education of the Mt. Diablo Unified School District authorizing the issuance and sale of its General Obligation Bonds, 2010 Election, 2015 Series F in an aggregate principal amount not to exceed Thirty-Eight Million, Five Hundred Thousand Dollars and No Cents.
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Approvals:
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Recommended By:
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Signed By:
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Tim Cody - Program Manager
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Signed By:
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Nance Juner - Director of Fiscal Services
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Signed By:
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Larry Schoenke - Legal Counsel
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Signed By:
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Dr. Nellie Meyer - Superintendent
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Vote Results:
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| New Motion | | Member Debra Mason Moved, Member Cheryl Hansen seconded to approve the New motion 'Approve Resolution No. 14/15-45 of the Board of Education of the Mt. Diablo Unified School District as written, amended to prohibit the use of bond premium to pay for cost of issuance, authorizing the issuance and sale of its General Obligation Bonds, 2010 Election, 2015 Series F in an aggregate principal amount not to exceed Thirty-Eight Million, Five Hundred Thousand Dollars and No Cents.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 2 Nay: 3. | | The motion Failed 2 - 3 | | | | | Linda Mayo | No | | Cheryl Hansen | Yes | | Brian Lawrence | No | | Barbara Oaks | No | | Debra Mason | Yes | |
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