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Meeting Date:
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9/12/2016 - 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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18.5 Agreement for Legal Services between Mt. Diablo Unified School District and Jones Hall, A Professional Law Corporation, For Bond and Disclosure Counsel Services in Connection with General Obligation Bond Proceedings
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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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Agreement Between Mt. Diablo Unified School District and Jones Hall.
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File Attachment:
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Summary:
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There is approximately $38.5 million of Bond Capacity remaining from Measure C, Election 2010. The feasibility of selling these Bonds without use of CABs was dependent upon assessed evaluation growth in the most recent year (FY 2015-16). Assessed evaluation growth for last year was over 7% and the analysis completed by the district's Financial Adviser, Dale Scott & Company Incorporated, indicates that it is now feasible to sell this last series of bonds.
To move ahead it is necessary to employ a Bond Counsel; a proposal for these services was solicited from Jones Hall, a Professional Law Corporation which is attached. Jones Hall will draft the Resolution to move ahead with the Bond sale which will be included for consideration by the Board on September 26, 2016.
This Bond sale will complete the two transactions process recommended by Dale Scott Financial Advisers resulting in a saving of $31.7 Million to District taxpayers. The Board will be briefed in detail regarding the Bond Sale at the next meeting.
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Funding:
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Required Legal Fees funded through Bond sale proceeds
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Fiscal Impact
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$79,625
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Recommendation:
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Approve Agreement for Legal Services between Mt. Diablo Unified School District and Jones Hall.
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Approvals:
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Recommended By:
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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 Cheryl Hansen Moved, Member Barbara Oaks seconded to approve the New motion 'Approve the agreement for legal services between Mt. Diablo Unified School District and Jones Hall.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 4 Nay: 0. | | The motion Carried 4 - 0 | | | | | Linda Mayo | Yes | | Cheryl Hansen | Yes | | Barbara Oaks | Yes | | Debra Mason | Yes | |
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