|
|
|
|
| Meeting Date: |
Tuesday, May 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. |
|
:
|
|
| Enclosure:
|
Resolution 10/11-63 |
| File Attachment:
|
|
| 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 'Adoption of resolution authorizing the Superintendent and Chief Financial Officer to coordinate issuance of refunding bonds for Measure C, Series 2002.'. 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 | |
|
|
|
|
|
|