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HomeMy WebLinkAboutMINUTES - 03252014 - C.93RECOMMENDATION(S): ADOPT Resolution No. 2014/72 authorizing the issuance and sale of "Pittsburg Unified School District General Obligation Bonds, Election of 2010, Series D (2014)" in an amount not to exceed $13,500,000 by Pittsburg Unified School District on its own behalf pursuant to Sections 15140 and 15146 of the Education Code, as permitted by Section 53508.7(c) of the Government Code. FISCAL IMPACT: There is no fiscal impact to the County. BACKGROUND: The Pittsburg Unified School District intends to issue General Obligation bonds to fund capital improvements throughout the District. The District has requested that the Board of Supervisors adopt a resolution authorizing the direct issuance and sale of bonds by the District on it's own behalf as authorized by Section 15140(b) of the Education Code. The District adopted a resolution on March 12, 2014 authorizing the sale and issuance of the bonds (attached). This issuance was approved by the voters as part of a bond measure listed on the November 7, 2010 ballot. APPROVE OTHER RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE Action of Board On: 03/25/2014 APPROVED AS RECOMMENDED OTHER Clerks Notes: VOTE OF SUPERVISORS AYE:John Gioia, District I Supervisor Candace Andersen, District II Supervisor Karen Mitchoff, District IV Supervisor Federal D. Glover, District V Supervisor ABSENT:Mary N. Piepho, District III Supervisor Contact: Timothy Ewell, 925-335-1036 I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown. ATTESTED: March 25, 2014 David Twa, County Administrator and Clerk of the Board of Supervisors By: Stephanie L. Mello, Deputy cc: C. 93 To:Board of Supervisors From:David Twa, County Administrator Date:March 25, 2014 Contra Costa County Subject:PITTSBURG UNIFIED SCHOOL DISTRICT GENERAL OBLIGATION BONDS, ELECTION OF 2010, SERIES D (2014) CONSEQUENCE OF NEGATIVE ACTION: Without the Contra Costa County Board of Supervisors authorization, the School District would not be able to issue the bonds. CHILDREN'S IMPACT STATEMENT: Certain capital projects within the Pittsburg Unified School District will not be completed. ATTACHMENTS Resolution No. 2014/72 Body of Resolution No. 2014/72 District Resolution No. 13-41 -2- 2010D Bond Resolution. This consent and authorization set forth herein shall only apply to the 2010D Bonds. Section 3. Source of Payment. The County acknowledges receipt of the 2010D Bond Resolution as adopted and the requests made by the District to levy collect and distribute ad valorem tax revenues pursuant to section 15250 et seq. of the California Education Code to pay for principal of and interest on the 2010D Bonds when and if sold. Correspondingly, and subject to the issuance and sale of the 2010D Bonds and transmittal of information concerning the debt service requirements thereof to the appropriate County officers, there shall be levied by the County on all of the taxable property in the District in addition to all other taxes, a continuing direct ad valorem tax annually during the period the 2010D Bonds are outstanding commencing with fiscal year 2012-13 in an amount sufficient to pay the principal of and interest on the 2010D Bonds when due which tax revenues when collected will be placed in the Interest and Sinking Fund of the District, as defined in the 2010D Bond Resolution, which Interest and Sinking Fund has been irrevocably pledged for the payment of the principal of and interest on the 2010D Bonds when and as the same fall due. The monies in the Interest and Sinking Fund, to the extent necessary to pay the principal of and interest on the 2010D Bonds as the same become due and payable, shall be transferred by the County to the Paying Agent, as defined in the 2010D Bond Resolution, as necessary to pay the principal of and interest on the 2010D Bonds as set out in California law and in the 2010D Bond Resolution. Section 4. Approval of Actions. Officers of the Board and County officials and staff are authorized to do any and all things and are hereby authorized and directed jointly and severally to execute and deliver any and all documents which they may deem necessary or advisable in order to assist the District with the issuance of the 2010D Bonds and otherwise carry out give effect to and comply with the terms and intent of this Resolution. Such actions heretofore taken by such officers officials and staff are hereby ratified confirmed and approved. Section 5. Indemnification of County. The County acknowledges and relies upon the fact that the District has represented that it shall indemnify and hold harmless, to the extent permitted by law, the County and its officers and employees (“Indemnified Parties”), against any and all losses, claims, damages or liabilities, joint or several, to which such Indemnified Parties may become subject because of action or inaction related to the adoption of this resolution, or related to the proceedings for sale, award, issuance and delivery of the 2010D Bonds in accordance herewith and with the District’s resolution and that the District shall also reimburse any such Indemnified Parties for any legal or other expenses incurred in connection with investigating or defending any such claims or actions. Section 6. Limited Responsibility for Official Statement. Neither the Board nor any officer of the County has prepared or reviewed the official statement of the District describing the 2010D Bonds (the “Official Statement”) and this Board and the various officers of the County take no responsibility for the contents or distribution thereof; provided, however, that solely with respect to a section contained or to be contained therein describing the County’s investment policy, current portfolio holdings and valuation procedures, as they may relate to funds of the District held by the County Treasurer-Tax Collector, the County Treasurer-Tax Collector is hereby authorized and directed to prepare and review such information for inclusion in the Official Statement and in a preliminary official statement, and to certify in Body of Resolution No. 2014/72 -3- writing prior to or upon the issuance of the 2010D Bonds that the information contained in such section does not contain any untrue statement of material fact or omit to state any material fact necessary in order to make the statements made therein in the light of the circumstances under which they are made not misleading. Section 7. Limited Liability. Notwithstanding anything to the contrary contained herein in the 2010D Bonds or in any other document mentioned herein, neither the County nor the Board shall have any liability hereunder or by reason hereof or in connection with the transactions contemplated hereby and the 2010D Bonds shall be payable solely from the moneys of the District available therefore as set forth in the 2010D Bond Resolution and herein. Section 8. Effective Date. This Resolution shall take effect immediately upon its passage. * * * * * * * * * * I hereby certify that the foregoing resolution was duly adopted at a meeting of the Board of Supervisors of Contra Costa County held on the 25th day of March, 2014, by the following vote: AYES, and in favor of, Supervisors: NOES, Supervisors: ABSENT, Supervisors: By Chair, Board of Supervisors ATTEST: By Clerk of the Board of Supervisors Body of Resolution No. 2014/72