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Meeting Date:
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2/1/2022 - 7:00 PM
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Category:
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DISCUSSION / ACTION ITEMS
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Type:
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Action
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Subject:
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10.3 Formal Acceptance of the 2020/2021 Annual Measure J Bond Audit
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Attachment Summary
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File Attachment:
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Quick Summary / Abstract:
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Background:
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On June 7, 2016, the voters of the Livermore Valley Joint Unified
School District approved Measure J by 66.84%, authorizing the
issuance and sale of $245 million of general obligation bonds. On
October 13, 2016, our District issued Series 2016 of the Election of
2016 General Obligation bonds in the amount of $82 million. On July 30, 2019, our District issued Series 2019 of the Election of 2016 General Obligation bonds in the amount of $100 million. On October 6, 2021 our District issued the third and final Series 2021 of the Election of 2016 General Obligation bonds in the amount of $63 million.
The passage of Proposition 39 in November 2000 amended the
California Constitution to include accountability provisions for general
obligation bonds. Specifically, our District must conduct an annual
independent performance audit to ensure that funds have been
expended only on the specific projects listed as well as an annual,
independent financial audit of the proceeds from the sale of the
bonds until all of the proceeds have been expended for facilities
projects.
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Status
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The audit firm Nigro and Nigro has completed the 2020/2021 audit.
Copies of the audit have been forwarded to the appropriate County
and State agencies and our Board of Education for review.
District staff and representatives from the firm Nigro and Nigro will
present the audit to our Board of Education for discussion and formal
acceptance. Staff is pleased to report there were no findings.
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Fiscal Impact
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There is no additional cost to the District associated with this agenda
item.
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Superintendent's Recommendation:
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Our Superintendent recommends formal acceptance of the
2020/2021 Annual Measure J Bond Audit.
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Approvals:
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Recommended By:
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Signed By:
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Jodi Robison - Executive Assistant
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Signed By:
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Susan Kinder - Assistant Superintendent
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Signed By:
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Kelly Bowers, Ed.D. - Superintendent
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Vote Results:
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| Original Motion | Member Anne White Moved, Member Kristie Wang seconded to approve the Original motion 'Our Superintendent recommends formal acceptance of the
2020/2021 Annual Measure J Bond Audit.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Craig Bueno | Yes | | Anne White | Yes | | Emily Prusso | Yes | | Kristie Wang | Yes | | Yanira Guzman | Yes | |
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