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.
Strategic Plan
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.
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