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Home My WebLink AboutMINUTES - 07072015 - C.173RECOMMENDATION(S): ADOPT Resolution No. 2015/241 authorizing the issuance and sale of "Mt. Diablo Unified School District General Obligation Bonds, Election of 2010, Series F (2015)" in an amount not to exceed $38,500,000 by the Mt. Diablo 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 Mt. Diablo 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 May 4, 2015 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 June 8, 2010 ballot. APPROVE OTHER RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE Action of Board On: 07/07/2015 APPROVED AS RECOMMENDED OTHER Clerks Notes: VOTE OF SUPERVISORS AYE:John Gioia, District I Supervisor Candace Andersen, District II Supervisor Mary N. Piepho, District III Supervisor Karen Mitchoff, District IV Supervisor ABSENT:Federal D. Glover, District V 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: July 7, 2015 David Twa, County Administrator and Clerk of the Board of Supervisors By: Stephanie L. Mello, Deputy cc: Robert Campbell, Auditor-Controller, Belinda Zhu, Assistant County Treasurer, Timothy Ewell, County Administration C.173 To:Board of Supervisors From:David Twa, County Administrator Date:July 7, 2015 Contra Costa County Subject:Mt. Diablo Unified School District General Obligation Bonds, Election of 2010, Series F (2015) 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: The recommendation supports the following Children's Report Card outcome: Communities that are Safe and Provide a High Quality of Life for Children and Families. ATTACHMENTS Resolution No. 2015/241 Body of Resolution No. 2015/241 District Resolution C.173 Resolution Authorizing Mt. Diablo Unified School District To Issue General Obligation Bonds, 2010 Election, 2015 Series F Not To Exceed $38,500,000 2 County 15140(b) Resolution - Mt Diablo USD - Series F Bonds (2) NOW, THEREFORE, IT IS HEREBY RESOLVED by the Board of Supervisors of the County of Contra Costa, State of California, as follows: Section 1. Application of Section 15140(b) to Bonds sold under the Authorization by the District. Pursuant to Section 15140(b) of the Education Code, this Board authorizes the District to issue and sell the Bonds on its own behalf, in one or more series of bonds, and in the maximum principal amount of $38,500,000, without further action by this Board; provided, however, that the District shall comply with all legal requirements applicable to the issuance and sale of the Bonds. Section 2. Levy and Collection of Tax for Payment of Bonds. This Board authorizes the levy and collection, on all taxable property in the County situated within the District, during the period when any of the Bonds are outstanding, of ad valorem taxes in an amount sufficient to pay the principal of and interest on the Bonds when due. Such taxes, when collected, shall be paid into the County Treasury pursuant to Section 15251 of the Education Code. Section 3. Other Actions. The Chair of the Board, the Clerk of the Board, the Auditor- Controller, the County Counsel, and the Treasurer and the deputies and designees of such officers, are hereby authorized and directed to execute and deliver any and all certificates, representations or agreements as may be acceptable to County Counsel, and which are deemed necessary and desirable to accomplish the transactions authorized herein or to otherwise comply with the terms of this Resolution. Such actions heretofore taken by such officers, officials and staff are hereby ratified, confirmed and approved. Section 4. 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, issuance and delivery of the Bonds in accordance herewith and with the District Resolution and that the District shall also reimburse any Indemnified Parties for any legal or other expenses incurred in connection with investigating or defending any such claims or actions. Section 5. Limited Responsibility for Official Statement. Neither the Board of Supervisors nor any officer of the County has prepared or reviewed the official statement of the District describing the Bonds (the “Official Statement”), and this Board of Supervisors 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, the County Treasurer is hereby authorized and directed to prepare and review such information for inclusion in the District’s Official Statement and in a preliminary Official Statement, and to certify in writing prior to or upon the issuance of the Bonds that the information contained in such section does not contain any untrue statement of a 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. Body of Resolution No. 2015/241 Resolution Authorizing Mt. Diablo Unified School District To Issue General Obligation Bonds, 2010 Election, 2015 Series F Not To Exceed $38,500,000 3 County 15140(b) Resolution - Mt Diablo USD - Series F Bonds (2) Section 6. No Liability of the County. Notwithstanding anything to the contrary in the District Resolution or herein, the Bonds shall not be a debt of the County, and neither the Board nor the County, nor their respective officers, officials, agents or employees, shall have any obligation to repay the Bonds. Neither the County, nor the Board, nor their respective officers, officials, agents or employees, shall have any obligation or liability hereunder or in connection with the transactions contemplated herein. The Bonds, including interest thereon, are payable solely from ad valorem taxes levies in respect thereof. The County shall have no responsibility and assumes no liability whatsoever arising from the expenditure of proceeds of the Bonds by the District. Body of Resolution No. 2015/241 Resolution Authorizing Mt. Diablo Unified School District To Issue General Obligation Bonds, 2010 Election, 2015 Series F Not To Exceed $38,500,000 4 County 15140(b) Resolution - Mt Diablo USD - Series F Bonds (2) Effective Date. This Resolution shall take effect immediately upon its passage. PASSED AND ADOPTED by the Board of Supervisors of the County of Contra Costa, State of California, on ______________ ___, 2015, by the following vote: AYES: NOES: ABSTAIN: ABSENT: By: John Gioia, Chair Board of Supervisors ATTEST: David J. Twa, Clerk of the Board of Supervisors Body of Resolution No. 2015/241