To: Board of Supervisors
From: County Administrative Office
Agenda Section: Consent
SUBJECT:
title
Authorize Issuance and Sale of Bonds Approved by Voters in 2008 and 2016 Elections on Behalf of the Klamath-Trinity Joint Unified School District
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Approve and authorize the Chair to sign the attached resolutions authorizing the County of Humboldt to issue and sell general obligation bonds approved by voters in 2008 and 2016 on behalf of the Klamath-Trinity Joint Unified School District; and
2. Authorize the Chair, Clerk of the Board and Treasurer-Tax Collector to sign any future documents necessary to process the sale of the aforementioned bonds.
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SOURCE OF FUNDING:
N/A
DISCUSSION:
The Klamath-Trinity Joint Unified School District is requesting the Board of Supervisors to issue and sell bonds on its behalf. The district is currently prohibited from issuing bonds on its own behalf because the district projects it will not have minimum required reserves in future years, giving it a "qualified" or interim certification for its 2018-19 fiscal year report. By issuing and selling bonds on the district's behalf, the district will be able to pay back prior certificate of participation debt, making it eligible to receive certain state funding. The attached resolutions contain provisions that would hold the county harmless for issuing the bonds.
Background:
Voters approved in 2008 and 2016 the Klamath-Trinity Joint Unified School District to issue bonds in the amounts of $5.96 million and $6.5 million, respectively. The 2008 bonds were designated to provide financing for specific school facilities projects, and the 2016 bonds to make health and safety improvements, and improve student access to computers and modern technology.
The school district is looking to issue and sell all of its remaining general obligation bond authority ($4.2 million) and use that entire amount to r...
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