Agenda

Return

C. 95

To:	Board of Supervisors
From:	Monica Nino, County Administrator
Date:	April 4, 2023

Contra

Costa

County

Subject:

Orinda Union School District, Election of 2018 General Obligation Bonds, Measure E Series C and Measure I Series C

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 04/04/2023

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Candace Andersen, District II Supervisor
Diane Burgis, District III Supervisor

ABSENT:

Ken Carlson, District IV Supervisor
Federal D. Glover, District V Supervisor

Contact:	Timothy Ewell, 925-655-2043
cc:	Hon. Robert R. Campbell, Auditor-Controller Hon. Russell V. Watts, Treasurer-Tax Collector

I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown.
ATTESTED: April 4, 2023
,

BY:	, Deputy

RECOMMENDATION(S):

ADOPT Resolution No. 2023/109 authorizing the issuance and sale of "Orinda Union School District, Election of 2018 General Obligation Bonds, Measure E Series C and Measure I Series C" in an aggregate amount not to exceed $40,000,000 by the Orinda Union School District on its own behalf pursuant to Sections 15140 and 15146 of the Education Code, as permitted by Section 53508.7(c) of the Government Code.

FISCAL IMPACT:

There is no fiscal impact to the County.

BACKGROUND:

The Orinda Union School District intends to issue General Obligation bonds to fund capital improvements throughout the District. The District has requested that the Board of Supervisors adopt a resolution authorizing the direct issuance and sale of bonds by the District on its own behalf as authorized by Section 15140(b) of the Education Code. The County has no financial responsibility for repayment of the bonds issued by the District, but must take action only to allow the District to issue the bonds on its own behalf, otherwise the County must issue the bonds on behalf of the District.

BACKGROUND: (CONT'D)

The District adopted two resolutions on March 13, 2023, one for Measure C and one for Measure I, authorizing the sale and issuance of the bonds (copies of each resolution are attached for reference). This issuance was approved by the voters as part of a bond measure listed on the November 6, 2018 ballot. Since that time, the District has been issuing bonds in tranches, as needed, to finance improvements at campus locations throughout the District area.

CONSEQUENCE OF NEGATIVE ACTION:

Without the Contra Costa County Board of Supervisors authorization, the School District will not be able to issue the bonds.

CHILDREN'S IMPACT STATEMENT:

The recommendation supports the following Children's Report Card outcome: Communities that are Safe and Provide a High Quality of Life for Children and Families.