Agenda Item
Meeting Date: 1/28/2013 - 7:30 PM
Category: Business/Action Items
Type: Action
Subject: 14.3 Resolution #12/13-29 of the Board of Education of the Mt. Diablo Unified School District Authorizing the Issuance and Sale of its General Obligation Refunding Bonds, 2002 Election, 2013 Series C in an Aggregate Principal Amount not to exceed $60,000,000.
LCAP (Local Control Accountability Plan) Goal:
Policy:
Enclosure: Resolution
PowerPoint
Draft Escrow Agreement
Draft POS
Bond Purchase Agreement (Exhibit B of resolution)
File Attachment:
Mt Diablo USD 2006 Ref Bonds - reso V 3.pdf
Meeting GO Refi Board Presentation Mt Diablo USD 1 28 2013.pdf
AGENDA Mt Diablo USD 2006 Ref Bonds - ESCROW AGREEMENT V 1 Draft.pdf
AGENDA Mt Diablo 2006 Ref Bonds POS V 1 Draft.pdf
Mt Diablo USD 2013 GORB BPA.pdf
Summary: Consideration of a Resolution authorizing the issuance of a series of refunding bonds. The bonds would refinance a portion of the District’s currently outstanding General Obligation Bonds, Election of 2002, Series 2006. The refinancing will result in a lower overall interest cost which will lower the tax rate necessary to pay the 2006 Bonds. The taxpayers in the District will receive a lower tax bill because of the lower tax rate.
Funding: 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.
Fiscal Impact There would be no fiscal impact on the District from issuing the Bonds. 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 issuing the Bonds. In addition, issuing the Bonds will decrease the tax rate on property owners within the District thus lowering property taxes.
Recommendation: Approval of Resolution No. 12/13-29
Approvals:
Recommended By:
Signed By:
Loreen Joseph - Secretary to the Superintendent
Signed By:
Steven Lawrence - Superintendent
Vote Results:

New Motion
Member Linda Mayo Moved, Member Lynne Dennler seconded to approve the New motion 'Approve Resolution #12/13-29 of the Board of Education of the Mt. Diablo Unified School District Authorizing the Issuance and Sale of its General Obligation Refunding Bonds, 2002 Election, 2013 Series C in an Aggregate Principal Amount not to exceed $60,000,000.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0.
The motion Carried 5 - 0
   
Linda Mayo     Yes
Lynne Dennler     Yes
Cheryl Hansen     Yes
Brian Lawrence     Yes
Barbara Oaks     Yes