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Meeting Date:
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9/27/2011 - 6:30 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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14.7 Resolution 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, Series 2011b in an Aggregate Principal Amount Not To Exceed $100 Million
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LCAP (Local Control Accountability Plan) Goal:
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Enclosure
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Resolution
Background
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File Attachment:
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Summary:
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Presentation by the District’s financial advisor, Isom Advisors, to discuss the pros and cons of refinancing the District’s Series 2004 general obligation bonds for the purposes of lowering interest payments and reducing taxes for District taxpayers as well as a Resolution for board action.
Please see the attached for detailed information.
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Funding:
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Fiscal Impact
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There will be no direct fiscal impact to the District. The savings generated by the refunding will be realized by taxpayers within the District through lower property taxes.
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Recommendation:
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Approve resolution authorizing the issuance of general obligation refunding bonds in a principal amount not-to-exceed $100,000,000, establish a minimum savings threshold, and to monitor financial markets to ensure that the refunding achieves the desired savings.
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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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Vote Results:
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| Original Motion | | Member Linda Mayo Moved, Member Sherry Whitmarsh seconded to approve the Original motion 'Approve revised bylaws 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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