|
|
|
|
|
|
|
|
|
Meeting Date:
|
5/3/2022 - 5:30 PM
|
|
Category:
|
Business and Finance
|
|
Type:
|
Action
|
|
Subject:
|
13.1 Approval of Resolution #21-22:36, Providing for the Issuance of Series D of the District's Measure K General Obligation Bond
|
|
Strategic Goals:
|
1. Student Learning Each student will receive rigorous instruction that leads to mastery of the State Standards as measured by district, state, and national assessments. 2. Human Resources We value our staff and provide the professional development necessary to support our District goals. 3. Fiscal Responsibility We manage our fiscal resources responsibly and align budget decisions with District goals and priorities. 4. Community Engagement We empower students, staff, families, parents, and community members in ownership of our schools to support student achievement. 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.
|
|
Enclosure
|
|
|
File Attachment:
|
|
|
Rationale:
|
On November 4, 2014, the voters of the District approved Measure K authorizing the District to issue up to $92,000,000 in aggregate principal amount of bonds for authorized projects.
The Board of Education is requested to approve the above-referenced resolution authorizing the District to issue its fourth and final series of bonds under the November 4, 2014 authorization in an aggregate principal amount not exceeding $14,000,000.
The bonds will be sold and issued by the District. Isom Advisors, a Division of Urban Futures, Inc. will serve as municipal advisor to the District. Orrick, Herrington & Sutcliffe LLP will serve as bond counsel and disclosure counsel. RBC Capital Markets, LLC will serve as the underwriter.
The Board of Education is asked to approve the resolution referenced above to effect the issuance of the bonds and approve various documents and actions, as follows:
1. Resolution: The resolution authorizes the issuance of the bonds and establishes parameters for the terms thereof, approves the forms of and authorizes the execution and delivery of the financing documents (including the Bond Purchase Agreement and the Continuing Disclosure Certificate), approves the form of and authorizes the distribution of the Official Statement (in preliminary and final form), and sets forth the security provisions for the bonds and the covenants of the District to bond owners.
2. Bond Purchase Agreement: The Bond Purchase Agreement will specify the purchase price of the bonds to be paid by the underwriter, the interest rates, maturity dates and principal amounts of each maturity of the bonds, the date, time and place of the closing of the bond issue, the allocation of the expenses incurred in connection with the bond issue, the parties’ representations to and agreements with each other and the conditions which the District must satisfy before the underwriter becomes obligated to purchase the bonds.
3. Continuing Disclosure Certificate: Federal securities laws indirectly require school districts to disclose and annually update certain financial and operating information relevant to the security and repayment of bonds. The Continuing Disclosure Certificate contains the undertakings of the District to provide the ongoing disclosure in the form of annual reports and event notices.
4. Official Statement: The Official Statement (in its preliminary and final form) is used to provide information to investors and prospective investors about the District and the bonds. The bonds constitute securities for purposes of state and federal securities laws and, therefore, the offering and sale of the bonds through the Official Statement is subject to certain provisions of such laws, including, importantly, the anti-fraud laws. The Official Statement sets forth information about the terms of the bonds, the security for the bonds, the sources and uses of the proceeds of the bonds, the District and the tax base of the District, the documents under which the bonds are issued, and the tax-exemption of interest on the bonds.
|
|
Budgetary Impact:
|
The bonds will be paid from taxes on property within the District levied and collected by the County of Los Angeles. The bonds will finance projects authorized by the voters under Measure K at the November 4, 2014 election.
|
|
Recommendation:
|
It is recommended the Board of Education approve Resolution #21-22:36, providing for the issuance of Series D of the District's Measure K General Obligation Bond.
|
|
Approvals:
|
|
Recommended By:
|
|
Signed By:
|
|
|
Melissa Vera - Secretary to Assistant Superintendent, Business Services
|
|
|
Signed By:
|
|
|
Latasha Jamal - Assistant Superintendent, Business Services
|
|
|
Signed By:
|
|
|
Arturo Ortega - Superintendent
|
|
|
|
|
Vote Results:
|
| Original Motion | | Member Yolanda Rodriguez-Peña Moved, Member Sabrina Bow, Ed.D. seconded to approve the Original motion 'It is recommended the Board of Education approve Resolution #21-22:36, providing for the issuance of Series A of the District''s Measure K General Obligation Bond.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 4 Nay: 0. | | The motion Carried 4 - 0 | | | | | Xilonin Cruz-Gonzalez | Yes | | Yolanda Rodriguez-Peña | Yes | | Adrian Greer | Yes | | Sabrina Bow, Ed.D. | Yes | |
|
|
|
|
|
|
|