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Meeting Date:
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Category:
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Type:
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Subject:
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17.1 Presentation By Dale Scott, DS&C Financial Consultant - Mt. Diablo Unified School District Authorizing the Issuance and Sale of its General Obligation Bonds, 2018 Election, Series A in an Aggregate Principal Amount Not to Exceed Twenty Million Dollars and No Cents |
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LCAP (Local Control Accountability Plan) Goal:
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Goal 1: All students will receive a high quality education in a safe and welcoming environment with equitable and high expectations, access to technology, and instruction in the California State Standards that prepare them for college and career.
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Enclosure:
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File Attachment:
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Summary:
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Consideration of a Resolution authorizing the issuance of the first series of Bonds under the November 6, 2018, bond election (the “2018 Election”). The proceeds of the Bonds would be used to finance capital improvements as approved by the voters at the Election. 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. Issuing the Bonds will increase the tax rate on property owners within the District for the 2018 Election bonds to no more than $27.96 per $100,000 of assessed value. The total tax rate for bonds from all prior elections will increase from approximately $92.00 per $100,000 of assessed value to approximately $98.00 per $100,000 of assessed value. The tax rate projections are based on annual assessed value growth assumptions of 5.0% for 2020 and 2021 and 3.5% thereafter. (Actual growth has averaged 5.8% annually for the last three years.)
In an effort to keep the total tax levy and issuance costs as low as possible, the District will take bids from banks in order to receive the lowest interest rate and will be placing these bonds with the lowest bidding bank.
Representatives from Dale Scott & Company will be in attendance to review the feasibility study for selling the bonds.
In the Board approved Resolution 18/19-1 (authorizing the election of school bonds), modernization, replacement, renovation, construction, acquisition and other improvements to facilities, including furnishing and equipping were listed as facility priorities. |
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Funding:
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Fiscal Impact: |
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All expenses of issuing the Bonds would be paid from proceeds of the Bond sale and no General Fund monies are required to pay for costs of issuing the Bonds. Issuance of the Bonds would result in available monies for the District to spend on capital projects listed on the Project List approved by the voters at the Election. |
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Recommendation
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Information only; this item will be presented for approval at the April 22, 2019, Board Meeting. |
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Approvals:
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Recommended By: |
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Signed By: |
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Rose Ramos - Chief Business Officer |
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Signed By: |
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Dr. Nellie Meyer - Superintendent |
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