Agenda

Return

C.150

To:	Board of Supervisors
From:	Monica Nino, County Administrator
Date:	July 13, 2021

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: 07/13/2021

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
Karen Mitchoff, District IV Supervisor
Federal D. Glover, District V 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: July 13, 2021
,

BY:	, Deputy

RECOMMENDATION(S):

ADOPT Resolution No. 2021/218 authorizing the issuance and sale of the Pittsburg Unified School District 2021 General Obligation Bonds in an aggregate amount not to exceed $51,000,000 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 $51,000,000. The District adopted a resolution authorizing the sale of bonds on May 26, 2021 (attached).

BACKGROUND: (CONT'D)

The District's 2021 General Obligation Bonds in the aggregate amount not to exceed $51,000,000, is composed of the following: Series 2014D (2021) in the amount of $17,000,000, Series 2018C (2021) in the amount of $15,000,000 and 2021 General Obligation Refunding bonds in the amount of $19,000,000. The new money portion of the bonds will be used to fund capital improvements throughout the District and the refunding bonds will be issued to refinance existing debt service expenditures.

Authority for the 2014 allocation of bonds was approved by the voters on November 4, 2014 in an amount not to exceed $85,000,000 and authority for the 2018 allocation of bonds was approved by the voters on November 6, 2018 in an amount not to exceed $100,000,000.

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 it's 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.