Title
County Counsel recommending the Board adopt and authorize the Chair to sign Resolution 086-2026 authorizing the Lake Tahoe Community College District to issue and sell, on its own behalf, general obligation bonds in an amount up to $7,000,000, which were authorized by the voters of the District on November 4, 2014.
FUNDING: Lake Tahoe Community College District to issue bonds.
Body
DISCUSSION / BACKGROUND
On November 4, 2014 the voters in the Lake Tahoe Community College District approved the issuance of up to $55,000,000 in general obligation bonds for purposes set out in Measure F, described as follows: “To upgrade college facilities that prepare local students for jobs and university transfer by modernizing academic and job-training classrooms, science labs, and facilities, expanding access to university courses, creating a Public Safety Training Center, modernizing technology, improving safety and energy efficiency, and improving facilities, sites and equipment.” Pursuant to that authorization, on April 21, 2026, the District’s Board of Trustees adopted Resolution 24-2025/2026 authorizing the issuance of bonds in the aggregate principal amount of $7,000,000. Additionally, that resolution served to formally request that the County Board of Supervisors consent to the District selling the bonds on its own behalf.
Historically, California community college district and school district bonds were issued by the county in which the districts were located. However, the California Education Code section 15140(b) now provides an alternative under which the Board of Supervisors can authorize such districts to issue and sell bonds in their own name if the district has not received a qualified or negative certification in its most recent interim report. The District represents that it has not received a qualified or negative certification in its most recent interim report. As such, the District requests that the Board authorize the District to sell the subject bonds on its own behalf without further action of the Board of Supervisors or officers of the County.
The County has received such requests from this and other districts in recent years and County Counsel, the Auditor-Controller, and the Treasurer-Tax Collector have agreed that it is preferable to allow the districts to issue bonds on their own behalf rather than having the County do so and potentially assuming risk or becoming involved in any disputes that might arise with respect to the bonds. This approach also avoids extensive County involvement in the actual preparation of the sale that would consume a significant amount of staff time.
ALTERNATIVES
The Board could deny the District’s request, decline to adopt the resolution, and instead have the County issue the bonds on behalf of the District, thus incurring administrative costs and potentially involving the County in any disputes that might arise related to the bond issuance.
PRIOR BOARD ACTION
The Board of Supervisors previously authorized the District to issue on its own behalf a first series of bonds in the aggregate principal amount of up to $19,500,000 (Legistar file 15-0867), a second series of bonds in the aggregate principal amount of up to $15,500,000 (Legistar file 18-0170), and a third series of bonds in the aggregate principal amount of up to $14,000,000 (Legistar file 21-1035).
OTHER DEPARTMENT / AGENCY INVOLVEMENT
The County Auditor-Controller and Treasurer-Tax Collector will work with the District to ensure proper collection and disbursement of taxes approved by the voters to fund the bonds.
CAO RECOMMENDATION / COMMENTS
Approve as recommended.
FINANCIAL IMPACT
N/A
CLERK OF THE BOARD FOLLOW UP ACTIONS
1) Transmit one certified copy of the fully executed Resolution to the District's Bond Counsel
2) Transmit one copy each to County Counsel, the Treasurer-Tax Collector, and the Auditor-Controller.
STRATEGIC PLAN COMPONENT
N/A
CONTACT
David A. Livingston, County Counsel