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Meeting Date:
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8/15/2024 - 7:00 PM
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Category:
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Information and Study Items
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Type:
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Action
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Subject:
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Measure R: Resolution 24-25-02: Prescribing The Terms, Authorizing The Sale, and Issuance of Series 2024 Measure R Bonds And Related Actions
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District Priorities:
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Enclosure
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File Attachment:
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Summary:
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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.
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Funding:
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Recommendation:
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Staff recommends that the Governing Board adopt Resolution 24-25-02 to authorize the issuance of the Bonds within the stated parameters.
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Approvals:
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Recommended By:
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Signed By:
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Carlena Grandey - Administrative Assistant to the Superintendent
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Signed By:
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Kristi Schwiebert - Superintendent
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