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Meeting Date:
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9/26/2016 - 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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19.2 Resolution No. 16/17-12 of the Board of Education of the Mt. Diablo Unified School District Authorizing the Issuance and Sale of its General Obligation Bonds, 2010 Election, 2016 Series G in an Aggregate Principal Amount Not to Exceed Thirty-Eight Million, Five Hundred Thousand Dollars and No Cents
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LCAP (Local Control Accountability Plan) Goal:
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Strategic Initiative 5.2 Optimal Operations and Infrastructure Ensure Fiscal stability and accountability through effective stewardship of financial assets and funding sources.
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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 sixth series of Bonds under the June 8, 2010, bond election (the “2010 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 2010 Election bonds from approximately $41.40 per $100,000 of assessed value to no more than $60.00 per $100,000 of assessed value. The total tax rate for bonds from all prior elections will increase from approximately $76.40 per $100,000 of assessed value to approximately $95 per $100,000 of assessed value, and then is expected to slowly decline each year. The tax rate projections are based on a conservative 3.5% annual assessed value growth assumption. Actual growth has averaged 7% annually for the last three years. The District will be taking advantage of historically low interest rates in an effort to keep the total tax levy as low as possible.
Representatives from Dale Scott & Company will be in attendance to review the feasibility study for selling the bonds.
In a bond study session on April 4, 2016, the board had consensus on the following facility priorities: classroom needs (esp. for CSR K-3,science), athletic/school fields, school openings (Holbrook), facility upkeep (landscaping, painting), technology, playground fibar, and energy conservation (windows). The topics of windows, kitchens and roofing were also discussed.
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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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Approve Resolution No. 16/17-12 of the Board of Education of the Mt. Diablo Unified School District Authorizing the Issuance and Sale of its General Obligation Bonds, 2010 Election, 2016 Series G in an Aggregate Principal Amount Not to Exceed Thirty-Eight Million, Five Hundred Thousand Dollars and No Cents
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Approvals:
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Recommended By:
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Signed By:
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Tim Cody - Program Manager
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Signed By:
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Nance Juner - Director of Fiscal Services
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Signed By:
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Wayne Oetken - Business Services
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Signed By:
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Larry Schoenke - Legal Counsel
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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 Brian Lawrence Moved, Member Barbara Oaks seconded to approve the New motion 'Approve Resolution No. 16/17-12 of the Board of Education of the Mt. Diablo Unified School District Authorizing the Issuance and Sale of its General Obligation Bonds, 2010 Election, 2016 Series G in an Aggregate Principal Amount Not to Exceed Thirty-Eight Million, Five Hundred Thousand Dollars and No Cents.'. 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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