Agenda

Return

C.105

To:	Board of Supervisors
From:	Monica Nino, County Administrator
Date:	April 18, 2023

Contra

Costa

County

Subject:

AUTHORIZATION FOR THE PITTSBURG UNIFIED SCHOOL DISTRICT TO ISSUE BONDS ON ITS OWN BEHALF

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 04/18/2023

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

Candace Andersen, District II Supervisor
Diane Burgis, District III Supervisor
Ken Carlson, District IV Supervisor
Federal D. Glover, District V Supervisor

ABSENT:

John Gioia, District I Supervisor

Contact:

Timothy Ewell, 925-655-2043

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 18, 2023
,

BY:	, Deputy

RECOMMENDATION(S):

ADOPT Resolution No. 2023/150 authorizing the issuance and sale of the "Pittsburg Unified School District, General Obligation Bonds Election of 2018, Series D (2023)" bonds in an aggregate amount not to exceed $72,495,000 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 Pittsburg Unified School District has requested that the Board of Supervisors adopt a resolution authorizing the direct issuance and sale of the bonds by the 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, in an amount not to exceed $72,495,000. The District adopted a resolution authorizing the sale of bonds on March 22, 2023 (attached).

BACKGROUND: (CONT'D)

On November 6, 2018, the voters passed a bond measure authorizing issuance of up to $100,000,000 of General Obligation bonds to fund capital improvement projects to School District facilities. To date, the District has issued three prior bond issuances under the 2018 authorization, including $10,505,000 in 2019, $2,000,000 in 2019 and $15,000,000 in 2021. The issuance currently proposed by the District would be the final transaction under the 2018 authorization.

Today's action would authorize the District to issue the bonds on its own behalf rather than the County issuing bonds on behalf of the District. The bonds remain debt obligations of the District and the County has no liability associated with repayment of the District's debt obligations. In addition, the Resolution included for the Board's consideration contains clauses limiting the liability and indemnifying the County from risks associated with the District's bond issuance.

CONSEQUENCE OF NEGATIVE ACTION:

Without the Contra Costa County Board of Supervisors authorization, the School District would not be able to issue the bonds on its own behalf.

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.