Meeting Date:   3/15/2011 - 7:30 PM
Category:   Business/Action Items
Type:   Action
Subject:   14.7 Resolution 10/11-51 Amending Resolution 10/11-47 and Providing for the Issuance of Certain General Obligation Bonds Pursuant to the Education Code of the State of California
Strategic Plan
Policy:  
Enclosure
File Attachment:  
Mt Diablo USD 2010 G O Bonds Amended ResoV 2.pdf
Summary A resolution to amend Resolution #10/11-47 which authorized not to exceed $11,000,000 of general obligation bonds of the District. The resolution would change the authorization for the bonds from the Government Code to the Education Code. The practical effect is that the Bonds will be issued by the County of Contra Costa in the name and on behalf of the District rather than by the District on its own behalf. The reason for the change is that the District filed its 2010-11 Second Interim Report with a qualified certification. The Education Code requires that school districts with a qualified certification issue bonds through the county.
Funding None
Fiscal Impact The bonds would still be repaid from property taxes levied by the County on real property within the boundaries of the District as well as from a 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:
Steven Lawrence - Superintendent