RECOMMENDATION(S):
ADOPT Resolution No. 2016/429 authorizing the issuance and sale of "Oakley Union Elementary School District 2016 General Obligation Refunding Bonds" in an amount not to exceed $9,000,000 by Oakley Union Elementary School District on its own behalf, as permitted by Section 53550 of the Government Code.
FISCAL IMPACT:
There is no fiscal impact to the County.
BACKGROUND:
The Oakley Union Elementary School District intends to issue General Obligation Refunding bonds to restructure debt previously issued 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 the refunding bonds by the District on its own behalf as authorized by Section 53550 of the Government Code.
CONSEQUENCE OF NEGATIVE ACTION:
Without the Contra Costa County Board of Supervisors authorization, the School District would not be able to issue the refunding bonds.
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