Meeting Date:
8/10/2010 - 7:30 PM  
Category:
Business/Action Items  
Type:
Action  
Subject:
14.8 Resolution No. 10/11-5 of the Board of Education of the Mt. Diablo Unified School District, Authorizing the Issuance and Sale of its General Obligation Bonds, 2010 Election, 2010 Series A and General Obligation Bonds, 2010 Election, 2010 Series A (Federally Taxable New Clean Renewable Energy Bonds – Direct Payment) in an Aggregate Principal Amount not to Exceed One Hundred and Ten Million Dollars  
Strategic Plan:

 
Policy:
 
Enclosure:
Resolution No. 10/11-5  
File Attachment:
Resolution #10-11-5.pdf
 
Summary:
Consideration of a Resolution authorizing the first issuance of bonds under the June 8, 2010 bond election. The proceeds of the bonds would be used to pay or prepay certain obligations that are currently being paid from the General Fund as well as to fund capital improvements, including solar energy projects to decrease energy costs.  
Funding:
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.  
Fiscal Impact:
All expenses of issuing the bonds would be paid from proceeds of the bonds so that no General Fund moneys are required to pay for costs of issuance. Issuance of the Bonds would result in available moneys for the District to spend on capital projects listed in the Project List approved by the voters at the June 8, 2010 election, including the payment of certain obligations which are currently paid from the General Fund.  
 Recommendation
Approval of Resolution No. 10/11-5  
Approvals:
Recommended By:
Signed By:
Greg Rolen, Esq. - General Counsel
Signed By:
Bryan Richards - Chief Financial Officer
Signed By:
Steven Lawrence - Superintendent
 
Vote Results:

Original Motion
Member (Gary Eberhart) Moved, Member (Richard Allen) seconded to approve the Original motion 'Approval of Resolution No. 10/11-5'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0.
The motion CARRIED 5 - 0
   
Gary Eberhart     Yes
Linda Mayo     Yes
Paul Strange     Yes
Richard Allen     Yes
Sherry Whitmarsh     Yes