Agenda Item
Meeting Date:
8/15/2024 - 7:00 PM  
Category:
Information and Study Items  
Type:
Action  
Subject:
Measure R: Resolution 24-25-02: Prescribing The Terms, Authorizing The Sale, and Issuance of Series 2024 Measure R Bonds And Related Actions  
District Priorities:
 
Enclosure:
 
File Attachment:
24-25-02 Authorizing 2024 Bonds.pdf
CambrianSD-2024GO-BoardDocsMemo-2024-08-06-final (1).pdf
Cambrian SD Preliminary Official Statement Series 2024 Bonds.pdf
Cambrian SD Second Supplemental Paying Agent 2024 General Obligation Bonds.pdf
Cambrian SD Continuing Disclosure Certificate Series 2024 Bonds.pdf
Cambrian SD Bond Purchase Agreement Series 2024 Bonds.pdf
 
Summary:
On November 3, 2020, 61% of voters within the District voted to approve Measure R, which authorized $88,000,000 of bonds for school construction projects. The District issued its first series of Measure R bonds in 2021 for $15,000,000, and its second series in 2022 for $38,680,000. On August 1st, the Board received an information presentation on issuing the third series of Measure R bonds (the “Series 2024 Bonds”) from the District’s public finance consultant, Government Financial Services Joint Powers Authority Current Consideration: The Board will be asked to consider the adoption of a Resolution authorizing the issuance and sale of the Series 2024 Bonds in an amount not to exceed $29,320,000. In addition, the Resolution: • Authorizes the sale to an underwriter to be selected using a competitive selection process • Approves various financing documents in draft form, and authorizes certain District officials to execute the final versions of the documents with information from the sale, including o Draft Second Supplemental Paying Agent Agreement o Draft Bond Purchase Agreement o Draft Continuing Disclosure Certificate o Draft Preliminary Official Statement Budget Implication: There is no anticipated impact to the General Fund.  
Funding:
 
Recommendation
Staff recommends that the Governing Board adopt Resolution 24-25-02 to authorize the issuance of the Bonds within the stated parameters.  
Approvals:
Recommended By:
Signed By:
Carlena Grandey - Administrative Assistant to the Superintendent
Signed By:  
Kristi Schwiebert - Superintendent