Meeting Date:   2/22/2011 - 7:30 PM
Category:   Business/Action Items
Type:   Action
Subject:   16.4 Resolution #10/11-47 of the Board of Education of the Mt. Diablo Unified School District, Authorizing the Issuance and Sale of its General Obligation Bonds, 2010 Election, 2011 Series C (Federally Taxable Qualified School Construction Bonds – Direct Payment) and General Obligation Bonds, 2010 Election, 2011 Series D in an Aggregate Principal Amount not to Exceed Eleven Million Dollars
Strategic Plan
Policy:  
Enclosure Resolution
Preliminary Official Statement and Staff Report
File Attachment:  
Mt Diablo USD 2010 G O bonds QSCB reso for agenda _2_.pdf
Mt Diablo 2010 G O Bonds QSCB POS V 3.pdf
Summary Consideration of a Resolution authorizing the third and fourth series of bonds under the June 8, 2010 bond election. The proceeds of the bonds would be used to finance capital improvements. The District received an allocation from the California Department of Education to issue Qualified School Construction Bonds (“QSCBs”) in the amount of $3,860,000. One series of the bonds would be issued as QSCB which receive a subsidy from the federal government which would be used to offset the interest payable on the bonds.
Funding 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.
Fiscal Impact 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 as well as the direct subsidy received from the federal government which will offset a portion of the interest.
Recommendation Adopt resolution as presented.
Approvals:  
Recommended By:
Signed By:
Loreen Joseph - Secretary to the Superintendent
Signed By:
Greg Rolen, Esq. - General Counsel
Signed By:
Bryan Richards - Chief Financial Officer
Signed By:
Steven Lawrence - Superintendent
Vote Results:  

Original Motion
Member (Linda Mayo) Moved, Member (Sherry Whitmarsh) seconded to approve the Original motion 'Adopt resolution as presented.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0.
The motion CARRIED 5 - 0
   
Cheryl Hansen     Yes
Gary Eberhart     Yes
Linda Mayo     Yes
Lynne Dennler     Yes
Sherry Whitmarsh     Yes