Agenda Item
Meeting Date: 4/22/2019 - 7:00 PM
Category: Business/Action Item
Type: Action
Subject: 17.2 Resolution 18/19-51 the Authorizing Issuance and Sale of its General Obligation Bonds, 2018 Election, Series A in an Aggregate Principal Amount Not to Exceed Twenty Million Dollars and No Cents
LCAP (Local Control Accountability Plan) Goal:
Goal 1: All students will receive a high quality education in a safe and welcoming environment with equitable and high expectations, access to technology, and instruction in the California State Standards that prepare them for college and/or career.
Policy:
Enclosure: Resolution 18/19-51 of the Board Of Education of the Mt. Diablo Unified School District authorizing the issuance and sale of general obligation bonds, 2018 Election, Series A in the principal amount of not to exceed $20,000,000 and approving related documents and actions
File Attachment:
Mt Diablo Next Financing 4 15 19 FINAL.pdf
BPA Mt Diablo USD 2018 Srs A.pdf
Measure J Series A Bond Res Mt Diablo USD 4_22_19 .pdf
Mt Diablo Next Financing 4 22 19 FINAL.pdf
Summary: Resolution 18/19-51 authorizes the issuance of $20,000,000, the first series of Measure J Bonds under the November 6, 2018, bond election (the “2018 Election”). The proceeds of the Bonds would be used to finance capital improvements as approved by the voters at the Election. 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 for the 2018 Election bonds to no more than $27.96 per $100,000 of assessed value. The total tax rate for bonds from all prior elections will increase from approximately $92.00 per $100,000 of assessed value to approximately $98.00 per $100,000 of assessed value. The tax rate projections are based on annual assessed value growth assumptions of 5.0% for 2020 and 2021 and 3.5% thereafter. (Actual growth has averaged 5.8% annually for the last three years.)

In an effort to keep the total tax levy and issuance costs as low as possible, the District will take bids from banks in order to receive the lowest interest rate and will be placing these bonds with the lowest bidding bank.

Representatives from Dale Scott & Company and Jones Hall will be in attendance.
Funding: Measure J
Fiscal Impact $20,000,000
Recommendation: Approve Resolution 18/19-51 authorizing the issuance and sale of general obligation bonds, 2018 Election, Series A in the principal amount of not to exceed $20,000,000.
Approvals:
Recommended By:
Signed By:
Rose Ramos - Chief Business Officer
Signed By:
Nance Juner - Director of Fiscal Services
Signed By:
Dr. Nellie Meyer - Superintendent
Vote Results:

New Motion
Member Brian Lawrence Moved, Member Cherise Khaund seconded to approve the New motion 'Approve Resolution 18/19-51 authorizing the issuance and sale of general obligation bonds, 2018 Election, Series A in the principal amount of not to exceed $20,000,000, with the three year option and the direct placement funding mechanism. '. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0.
The motion Carried 5 - 0
   
Linda Mayo     Yes
Joanne Durkee     Yes
Brian Lawrence     Yes
Debra Mason     Yes
Cherise Khaund     Yes