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Meeting Date:
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5/24/2011 - 7:30 PM
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Category:
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Untitled
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Type:
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Action
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Subject:
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15.8 Resolution authorizing Issuance of Refunding Bonds for Measure C General Obligation Bond Series 2002.
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LCAP (Local Control Accountability Plan) Goal:
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Enclosure
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Resolution 10/11-63
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File Attachment:
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Summary:
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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.
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Funding:
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Measure C, Bond Interest and Redemption, Fund 51.
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Fiscal Impact
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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.
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Recommendation:
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Adoption of resolution authorizing the Superintendent and Chief Financial Officer to coordinate issuance of refunding bonds for Measure C, Series 2002.
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Approvals:
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Recommended By:
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Signed By:
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Bryan Richards - Chief Financial Officer
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Signed By:
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Greg Rolen, Esq. - General Counsel
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Signed By:
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Steven Lawrence - Superintendent
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Vote Results:
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| 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 | |
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