Title
County Counsel presenting for adoption a Resolution 003-2013 authorizing the Pollock Pines Elementary School District to issue and sell, on its own behalf, up to $2,500,000 of general obligation bonds which were authorized by the voters of the District on June 5, 2012.
Body
Fiscal Impact/Change to Net County Cost
None
Reason for Recommendation
On June 5, 2012, the voters in the Pollock Pines Elementary School District approved the issuance of $9,000,000 in general obligation bonds ($2,500,000 in this series) for purposes set out in that measure.
Historically, 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 the school districts to issue and sell bonds in a school district's own name, subject to certain requirements. There is little practical difference. We have had several such requests in recent years and County Counsel, the Auditor-Controller, and the Treasurer-Tax Collector have agreed that it is preferable to allow the school districts to issue bonds in their own names rather than having the County do it and potentially becoming embroiled in any disputes that might arise with respect to the bonds. It also avoids some County involvement in the actual preparation of the sale that would consume staff time.
Action(s) to be taken following Board approval
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.
Contact
Patricia Beck