Agenda Item
Meeting Date: 5/24/2011 - 7:30 PM
Category: Business/Action Items
Type: Action
Subject: 15.8 Resolution authorizing Issuance of Refunding Bonds for Measure C General Obligation Bond Series 2002.
LCAP (Local Control Accountability Plan) Goal:
Policy:
Enclosure: Resolution 10/11-63
File Attachment:
Mt Diablo USD 2002 Ref Bonds - reso V 2.pdf
Steven Lawrence - Mt Diablo USD 2011 Refunding Analysis - 05 19 11 (3).pdf
Summary: The District's financial consultants estimate that a refunding of the Series 2002 Measure C General Obligation Bonds in today's low interest rate environment can create a net present value savings of $2.46M, or 6.26%, with an estimated tax rate savings of $8.88 per $100,000 of assessed valuation over the life of the refunding bonds.
Funding: Measure C, Bond Interest and Redemption, Fund 51.
Fiscal Impact This item will result in a nominal savings of approximately $3.27M, and a net present value savings of $2.46M in the bond interest and redemption fund.
Recommendation: Adoption of resolution authorizing the Superintendent and Chief Financial Officer to coordinate issuance of refunding bonds for Measure C, Series 2002.
Approvals:
Recommended By:
Signed By:
Bryan Richards - Chief Financial Officer
Signed By:
Greg Rolen, Esq. - General Counsel
Signed By:
Steven Lawrence - Superintendent
Vote Results:

Original Motion
Member Sherry Whitmarsh Moved, Member Linda Mayo seconded to approve the Original motion 'Approve Contract Amendment as Presented'. 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
Sherry Whitmarsh     Yes
Lynne Dennler     Yes
Cheryl Hansen     Yes