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County Counsel recommending the Board adopt and authorize the Chair to sign Resolution 024-2025 authorizing the Black Oak Mine Unified School District to issue and sell, on its own behalf, general obligation bonds in an amount up to $12,700,000, which were authorized by the voters of the District on November 5, 2024.
FUNDING: N/A - Black Oak Mine Unified School District to issue bonds.
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DISCUSSION / BACKGROUND
On November 5, 2024, voters in the Black Oak Mine Unified School District (the “District”) considered a measure (Measure A) to authorize the issuance of up to $12,700,000 in general obligation bonds for the following purposes: “design, acquisition, installation, restoration and construction of public schools and school facilities and providing facilities improvements and upgrades, and related facilities costs, including, but not limited to, financing the following: modernizing, repairing and rehabilitating existing school facilities and adding certain new school facilities to meet current health, safety and instructional standards.” The measure was approved by more than the required 55% favorable vote. Pursuant to that measure, on January 16, 2025, the District’s Board of Trustees adopted Resolution No. 2024/2025-14, authorizing the issuance of bonds in the aggregate principal amount not to exceed $12,700,000. 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 ...
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