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Meeting Date:
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10/25/2016 - 7:00 PM
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Category:
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Business/Action Items
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Type:
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Action
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Subject:
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19.11 Retention of Keller & Benvenutti, LLP, as Special Bankruptcy Counsel to Issue Reasoned Opinion - 2010 Election GO Bonds (Series G)
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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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At the September 26, 2016, Board meeting, the Board of Education voted to proceed with the sale of the remaining 2010 General Obligation Bonds (Series G) in the amount of thirty-eight million, five hundred thousand dollars.
During the rating process, a Reasoned Opinion Statement must be issued from special bankruptcy counsel, confirming that if the District becomes a debtor in a case under Chapter 9 of the United States Bankruptcy Code (11 U.S.C. sections 101 et seq.), a court having valid jurisdiction over the matter, properly applying applicable law to the relevant facts, would determine that (a) the ad valorem tax revenues (the "revenues") pledged to support the Series G Issue constitute "special revenues" within the meaning of Section 902(2) of the Bankruptcy Code, and that (b) revenues are the property of the District and (c) the revenues are pledged to the bondholders pursuant to a security agreement entered into by the District (the "Reasoned Opinion"). Keller & Benvenutti, LLP, has been retained as special bankruptcy counsel to issue the Reasoned Opinion Statement.
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Funding:
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Fiscal Impact
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Recommendation:
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Ratify the retention of Keller & Benvenutti, LLP, as special bankruptcy counsel to issue the District's Reasoned Opinion Statement in association with the sale of 2010 Election General Obligation Bonds (Series G).
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Approvals:
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Recommended By:
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Signed By:
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Debbie Maher - Sr. Administrative Executive Assistant to the Superintendent
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Signed By:
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Larry Schoenke - Legal Counsel
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Signed By:
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Wayne Oetken - Business Services
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Signed By:
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Dr. Nellie Meyer - Superintendent
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Vote Results:
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| New Motion | | Member Barbara Oaks Moved, Member Debra Mason seconded to approve the New motion 'Ratify the retention of Keller & Benvenutti, LLP, as special bankruptcy counsel to issue the District''s Reasoned Opinion Statement in association with the sale of 2010 Election General Obligation Bonds (Series G).'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Linda Mayo | Yes | | Cheryl Hansen | Yes | | Brian Lawrence | Yes | | Barbara Oaks | Yes | | Debra Mason | Yes | |
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