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Meeting Date:
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6/21/2022 - 5:30 PM
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Category:
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Business and Finance
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Type:
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Info
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Subject:
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12.1 Information of the General Obligation (G.O.) Bond Sale - Issuance D
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Strategic Goals:
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3. Fiscal Responsibility We manage our fiscal resources responsibly and align budget decisions with District goals and priorities. 5. Facilities Our facilities will be safe, clean, well-equipped, and maintained for learning and extra-curricular activities with state-of-the-art technology and multiple extra-curricular and co-curricular opportunities.
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Enclosure
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File Attachment:
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Rationale:
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In 2014, voters approved a G. O. Bond for $92,000,000 to address capital facilities needs throughout the District. The Board of Education planned four bond issuances to fund the capital facilities program. Issuance A occurred in 2015; Issuance B occurred in 2017; Issuance C occurred in 2019; and Issuance D occurred in 2022.
The Series D Bonds were sold to RBC Capital Markets, LLC on June 7, 2022, in the aggregate principal amount shown on the attached exhibit.
Section 15146 of the California Education Code requires that actual costs of issuance of G.O. bonds sold by or on behalf of a school district be presented to the governing board and disclosed to the public at a meeting of such governing board following the sale of such bonds.
In compliance with Section 15146 of the California Education Code, the actual costs of issuance of the Series D Bonds totaled $228,475.00, as described in more detail on the exhibit attached hereto.
The sale of the 2014 G.O. Bond - Issuance D of $14,000,000 at 3.63%. A strong investor demand for the bonds reduced the interest cost by $131,121 on the day of sale.
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Budgetary Impact:
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Recommendation:
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It is recommended the Board of Education receive information about the successful G.O. Bond Sale - Issuance D.
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Approvals:
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Recommended By:
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Signed By:
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Melissa Vera - Secretary to Assistant Superintendent, Business Services
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Signed By:
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Latasha Jamal - Assistant Superintendent, Business Services
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Signed By:
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Arturo Ortega - Superintendent
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