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Meeting Date:
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6/25/2012 - 7:30 PM
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Category:
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Consent Items Pulled for Discussion
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Type:
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Action
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Subject:
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10.5 (Item #39)Resolution Confirming Costs of Sale Respecting Issuance of Mt. Diablo Unified School District General Obligation Bonds, 2010 Election, 2012 Series E
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LCAP (Local Control Accountability Plan) Goal:
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Enclosure
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File Attachment:
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Summary:
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Consideration of a Resolution confirming the costs of issuance of the recently sold General Obligation Bonds, 2010 Election, 2012 Series E which were issued in order to fund capital improvements to existing schools within the District.
The costs of issuance were paid from premium on the bonds and not from bond proceeds so that the District received the full principal amount of the bonds of $149,995,000 in its Building Fund with which to make school improvements. The use of premium to pay the costs of issuance is a common technique used by school districts throughout the State of California, is endorsed by school bond lawyers and enables schools to maximize their project funds.
The practice of using premium to pay costs of issuance complies with all applicable law, including the Education Code which provides that premium received by a school district must be deposited in the debt service fund. The District is in compliance with the Education Code because the premium is deposited by the District’s Underwriter with a fiscal agent at closing who makes the costs of issuance payments. All of the premium that the District actually receives is deposited to the debt service fund.
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Funding:
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NA
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Fiscal Impact
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No impact on the District as all of the costs of the bond sale were paid from moneys raised through the sale of the bonds.
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Recommendation:
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Adopt resolution 11/12-53 as presented.
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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 Lynne Dennler seconded to approve the Original motion 'Approve as presented.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 4 Nay: 1. | | The motion Carried 4 - 1 | | | | | Gary Eberhart | Yes | | Linda Mayo | Yes | | Sherry Whitmarsh | Yes | | Lynne Dennler | Yes | | Cheryl Hansen | No | |
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