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MEMORANDUM
TO: The Honorable Board of Supervisors
FROM: Anita L. Grant, County Counsel
DATE: December 4, 2018
SUBJECT: Adopt Resolution Authorizing the Konocti Unified School District to Issue its General Obligation Bonds, Election of 2016, Series 2019, in an Aggregate Principal Amount Not to Exceed $9,500,000 Without Further Action of the Board of Supervisors or Officers of the County
EXECUTIVE SUMMARY:
Pursuant to Education Code section 15140, subdivision (a), the bonds of a school district must be offered for sale by the board of supervisors of the county as soon as possible following receipt of a resolution duly adopted by the governing board of the school district. However, subdivision (b) of that same code section provides an alternative which allows the board of supervisors of any county to instead provide by resolution that the governing board of the school district over which the county superintendent of schools has jurisdiction, and which has not received a qualified or negative certification in its most recent interim report, may issue and sell bonds on its own behalf without further action of the board of supervisors or officers of that county or of any other county in which a portion of the school district or community college district is located.
On November 7, 2018, the Board of Trustees of the Konocti Unified School District adopted a resolution providing for the issuance of its General Obligation Bonds, Election of 2016, Series 2019, in an aggregate principal amount not to exceed $9,500,000 (hereinafter, the "District Resolution").
Attached here for your Board's consideration is a resolution authorizing the Konocti Unified School District to issue and sell the Series 2019 Bonds at a negotiated sale. The District represents and warrants to your Board that it has not received a qualified or negative certification in its most recent interim report. (Local educational agencies are required to file two reports during a fiscal year...
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