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Meeting Date:
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9/7/2021 - 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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10.2 Authorizing the Issuance and Sale of General Obligation Bonds Pursuant to Measure J
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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 voters approved Measure J, authorizing the Livermore Valley Joint Unified School District (LVJUSD) to issue and sell General Obligation (GO) Facilities Bonds in the amount of $245,000,000, to be used for renovation, repair, modernization, and equipping of District facilities/classrooms.
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Status
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Our District intends to sell General Obligation (GO) Bonds by negotiated sale to Stifel Nicolaus & Co., Inc., and RBC Capital Markets, as underwriters. Isom Advisors, A Division of Urban Futures, Inc., will serve as Financial Advisor to our District and Orrick, Herrington & Sutcliffe LLP will serve as Bond and Disclosure Counsel to our District with respect to the bonds. U.S. Bank National Association, San Francisco, California, serves as the paying agent for our District’s bonds under appointment by the Treasurer-Tax Collectors of Alameda and Contra Costa Counties.
The Measure J Bond program was designed so that the bonds would be issued in three series. The initial series was designated “Livermore Valley Joint Unified School District General Obligation Bonds, Election of 2016 (Measure J), Series 2016” in the amount of $82,000,000 and issued in October 2016. The second issuance was designated “Livermore Valley Joint Unified School District General Obligation Bonds, Election of 2016 (Measure J), Series 2019” in the amount of $100,000,000. The proposed issuance will be designated “Livermore Valley Joint Unified School District General Obligation Bonds, Election of 2016 (Measure J), Series 2021” in the proposed aggregate principal amount of $63,000,000.
There is also an opportunity to save taxpayer dollars by refunding outstanding bonds at the same time as this issuance.
Our District and its bond financial and legal advisors have prepared Resolution No. 006-21/22 Authorizing The Issuance and Sale of GO Bonds, No. 007-21/22 Authorizing The Issuance and Sale of GO Refunding Bonds, and associated preliminary documents for the proposed sale of Series 2021 bonds in the amount of $63,000,000. The actual issuance of the bonds is expected to be in October.
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Fiscal Impact
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There is no impact to the General Fund.
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Superintendent's Recommendation:
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Our Superintendent recommends approving Resolution No. 006-21/22 Authorizing The Issuance and Sale of General Obligation Bonds and Resolution No. 007-21/22 Authorizing The Issuance and Sale of General Obligation Refunding Bonds.
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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 Emily Prusso seconded to approve the Original motion 'Our Superintendent recommends approving Resolution No. 006-21/22 Authorizing The Issuance and Sale of General Obligation Bonds and Resolution No. 007-21/22 Authorizing The Issuance and Sale of General Obligation Refunding Bonds.'. 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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