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Meeting Date:
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1/28/2013 - 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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14.3 Resolution #12/13-29 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, 2013 Series C in an Aggregate Principal Amount not to exceed $60,000,000.
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LCAP (Local Control Accountability Plan) Goal:
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Enclosure
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Resolution
PowerPoint
Draft Escrow Agreement
Draft POS
Bond Purchase Agreement (Exhibit B of resolution)
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File Attachment:
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Summary:
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Consideration of a Resolution authorizing the issuance of a series of refunding bonds. The bonds would refinance a portion of the District’s currently outstanding General Obligation Bonds, Election of 2002, Series 2006. The refinancing will result in a lower overall interest cost which will lower the tax rate necessary to pay the 2006 Bonds. The taxpayers in the District will receive a lower tax bill because of the lower tax rate.
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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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There would be no fiscal impact on the District from issuing the Bonds. 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 issuing the Bonds. In addition, issuing the Bonds will decrease the tax rate on property owners within the District thus lowering property taxes.
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Recommendation:
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Approval of Resolution No. 12/13-29
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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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| New Motion | | Member Linda Mayo Moved, Member Lynne Dennler seconded to approve the New motion 'Approve Resolution #12/13-29 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, 2013 Series C in an Aggregate Principal Amount not to exceed $60,000,000.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Linda Mayo | Yes | | Lynne Dennler | Yes | | Cheryl Hansen | Yes | | Brian Lawrence | Yes | | Barbara Oaks | Yes | |
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