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Meeting Date:
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2/27/2012 - 7:30 PM
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Category:
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Consent Agenda
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Type:
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Action
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Subject:
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9.14 (Item #18) Resolution 11/12-38 of the Board of Education of the Mt. Diablo Unified School District Approving a Preliminary Official Statement and Related Documents
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LCAP (Local Control Accountability Plan) Goal:
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Enclosure
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Resolution
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File Attachment:
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Summary:
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On September 27, 2011, the Board of Education approved a Resolution authorizing the issuance of not to exceed $100,000,000 of general obligation refunding bonds which would refinance the District’s outstanding General Obligation Bonds (Election of 2002, Series 2004) (the “Prior Bonds”). The purpose of the refinancing was to take advantage of low interest rates and lower the debt service payments on the Prior Bonds. However, interest rates were only low enough to lower the interest rate on a portion of the Prior Bonds. Recently, interest rates have dropped further and an additional portion of the Prior Bonds may be refinanced. Because the September 27, 2011 Resolution authorized up to $100,000,000 in bonds in one or more series and only $43,700,000 in bonds were issued, the District may issue additional refunding bonds under that Resolution.
However, while the issuance of the bonds has already been approved, now the Board is being asked to approve the legal documents related to the issuance of the bonds. Those documents include the Preliminary Official Statement, the Escrow Agreement and the Bond Purchase Agreement in connection with the issuance of the Refunding Bonds.
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Funding:
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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.
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Fiscal Impact
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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 issuance. Issuance of the Bonds would result in lower debt service payments on the Prior Bonds which decreases the required tax levy on District residents.
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Recommendation:
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Approval of Resolution #11/12-38
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Approvals:
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Recommended By:
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Signed By:
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Loreen Joseph - Secretary to the Superintendent
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Signed By:
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Steven Lawrence - Superintendent
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