BOS-2026-74 : Adopt Resolution providing notification to Cupertino Union School District, Lakeside Joint School District, Loma Prieta Joint Union Elementary School District and Mountain View-Los Altos Union High School District concerning issuance of Tax and Revenue Anticipation Notes.
The source text indicates this attachment appears to be a draft document.
The document is a resolution from the County of Santa Clara's Finance Agency Administration addressed to the Board of Supervisors. It recommends adopting a resolution to notify multiple school districts regarding the issuance of Tax and Revenue Anticipation Notes (TRANs). The action will not impact the General Fund and aims to allow the districts to participate in a cost-efficient borrowing program. The document outlines the background of TRANs, the implications of the recommended action, and the steps following approval.
Key points
The resolution is addressed to the Board of Supervisors from Margaret Olaiya, Director of Finance.
It concerns the issuance of TRANs for Cupertino Union School District, Lakeside Joint School District, Loma Prieta Joint Union Elementary School District, and Mountain View-Los Altos Union High School District.
The recommended action will have no impact on the General Fund.
The Board of Supervisors has the option to notify the districts within a 45-day period regarding the issuance of TRANs.
The recommended action is intended to support the financial management of the schools and has a positive impact on children and youth.
The document includes attachments related to the TRANs.
Limitations
The document appears to be a draft as it contains placeholders and lacks finalization details.
The document does not specify the exact fiscal implications or outcomes of the recommended action.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 4,990 chars
County of Santa Clara Finance Agency Administration 129231 DATE: June 23, 2026 TO: Board of Supervisors FROM: Margaret Olaiya, Director of Finance SUBJECT: Notification to Multiple School Districts Concerning Issuance of TRANs RECOMMENDED ACTION Adopt Resolution providing notification to Cupertino Union School District, Lakeside Joint School District, Loma Prieta Joint Union Elementary School District and Mountain ViewLos Altos Union High School District concerning issuance of Tax and Revenue Anticipation Notes. FISCAL IMPLICATIONS The recommended action will have no impact on the General Fund. REASONS FOR RECOMMENDATION On May 22, 2026, the Board of Supervisors received resolutions from the governing boards of Cupertino Union School District, Lakeside Joint School District, Loma Prieta Joint Union Elementary School District, and Mountain View-Los Altos Union High School District (collectively, the “Districts”) authorizing the issuance of tax and revenue anticipation notes (the “TRANs”). The resolutions are attached and are also on file with the Finance Agency. Letters were provided by bond counsel Orrick, Herrington, and Sutcliffe LLP and financial advisor, Dale Scott &...
This letter is addressed to the Santa Clara County Board of Supervisors and other officials regarding the California School Cash Reserve Program for the 2026-2027 Pool Bonds/Certificates of Participation. It discusses the participation of various school districts in a cash flow borrowing program aimed at reducing costs associated with tax and revenue anticipation note (TRAN) borrowings. The letter requests the County Board of Supervisors to notify the districts that it will not authorize the issuance of TRANs within a specified 45-day period, allowing the districts to issue TRANs in their own names. The letter includes references to attached resolutions and offers to provide additional program documents if needed.
Key points
The letter is from Dale Scott & Company on behalf of various school districts in Santa Clara County.
It pertains to the California School Cash Reserve Program for the 2026-2027 fiscal year.
The districts aim to participate in a cash flow borrowing program to reduce costs.
The letter requests the County Board of Supervisors to notify the districts that it will not authorize TRAN issuance within 45 days.
Attached are resolutions from each District’s Governing Board requesting the County Board to authorize TRAN issuance.
Limitations
The letter does not specify the exact dates for the 45-day period.
There are unresolved placeholders for contact information and document details that are not filled in.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
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BY E-MAIL Santa Clara County Board of Supervisors c/o Tony LoPresti, County Counsel 70 West Hedding Street East Wing, 9th Floor San Jose, California 95110 Margaret Olaiya, Director of Finance 70 West Hedding Street East Wing, 2nd Floor San Jose, California 95110 Dr. David M. Toston, Sr. County Superintendent of Schools Office of Education 1290 Ridder Park Drive San Jose, California 95131 Re: California School Cash Reserve Program 2026-2027 Pool Bonds/Certificates of Participation Dear Mr. LoPresti, Ms. Olaiya, and Dr. Toston: Pursuant to the provisions of California Government Code Section 53853, we are writing to you on behalf of the county boards of education, school districts and community college districts listed on Schedule I attached hereto (as used hereinafter, the “Districts”) that do not have fiscal accountability status. The Districts have elected to participate in a cash flow borrowing program (the “Program”) sponsored by the California School Boards Association Finance Corporation. As in prior years, the Program is structured to provide participating county boards of education, school districts and community college districts with economies of scale by reducing the...
The document is an executive summary of the California School Cash Reserve Program for fiscal years 2026-2027, detailing the participation of various school districts and community colleges in issuing tax and revenue anticipation notes. It outlines two structures for the program: a traditional structure involving the issuance of bonds secured by pooled notes, and an alternate structure involving certificates of participation. The summary also discusses the use of note proceeds, credit enhancement options, and the role of the County Board of Supervisors in the issuance process.
Key points
The California School Cash Reserve Program involves multiple school districts and community colleges issuing tax and revenue anticipation notes.
There are two structures for the program: a traditional structure with pooled bonds and an alternate structure with certificates of participation.
The initial issuance of notes is planned for July or August 2026.
Proceeds from the notes will be invested in the County Treasury or other permitted investments.
Credit enhancement options include letters of credit or insurance policies from highly rated banks or insurance companies.
The County Board of Supervisors must issue the notes upon receiving a resolution from the District's governing board.
Limitations
The document does not specify exact dates for subsequent note issuances beyond July or August 2026.
There are unresolved placeholders in the text that may affect the completeness of the summary.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
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Orrick, Herrington & Sutcliffe LLP The Orrick Building 405 Howard Street San Francisco, CA 94105-2669 Tel +1 415 773 5700 Fax +1-415-773-5759 www.orrick.com EXECUTIVE SUMMARY OF THE 2026-2027 CALIFORNIA SCHOOL CASH RESERVE PROGRAM We are acting as bond counsel in connection with the California School Cash Reserve Program (the “Program”) in which numerous school districts, community college districts and County boards of education (collectively, the “Districts”) throughout the State of California are participating by the simultaneous issuance of one or more series of tax and revenue anticipation notes (the “Notes”). The Program is being sponsored by the California School Boards Association Finance Corporation. The resolutions adopted by the participating Districts approve the Program in two alternative structures. The traditional structure involves the issuance of bonds payable from a pool of Notes (see Traditional Structure: Pool Bonds below), while the alternate structure would involve the execution of certificates of participation (see Alternate Structure: Certificates of Participation below). The decision as to which structure will be implemented this year will be made based...
This memorandum serves as notice that the Board of Supervisors of the County of Santa Clara will not authorize the issuance of Tax and Revenue Anticipation Notes (TRANS) on behalf of the Cupertino Union School District, Lakeside Joint School District, Loma Prieta Joint Union Elementary School District, and Mountain View-Los Altos Union High School District within 45 calendar days following the receipt of their resolutions. The memorandum references California Government Code Section 53853(b), which allows these districts to issue TRANS on their own behalf.
Key points
Notice to multiple school districts regarding issuance of TRANS.
Board of Supervisors will not authorize issuance within 45 days of receiving District Resolutions.
Reference to California Government Code Section 53853(b).
Districts can issue TRANS on their own behalf.
Limitations
The date is incomplete.
No specific resolutions or details about the districts' actions are provided.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
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________ __, 2026 MEMORANDUM TO: Cupertino Union School District Lakeside Joint School District Loma Prieta Joint Union Elementary School District Mountain View-Los Altos Union High School District Pursuant to California Government Code Section 53853(b), this will serve as notice that the Board of Supervisors of the County of Santa Clara will not authorize issuance of Tax and Revenue Anticipation Notes (“TRANS”) on behalf of the above-named Districts within 45 calendar days following its receipt of the resolutions (“District Resolutions”) of the above named Districts. Reference is made to said Section 53853(b) authorizing each of the above named Districts to issue TRANS on its own behalf pursuant to the previously adopted District Resolution. Clerk of the Board of Supervisors of the County of Santa Clara
The source text indicates this attachment appears to be a draft document.
This document is a resolution from the Cupertino Union School District authorizing the borrowing of up to $66,000,000 for the fiscal year 2026-2027 through the issuance of Tax and Revenue Anticipation Notes. The resolution outlines the district's intent to participate in the California School Cash Reserve Program and details the procedures for borrowing and issuing the notes, including the roles of various financial advisors and underwriters. It specifies that the funds will be used to meet obligations and requirements of the district and discusses the potential structures for the issuance of the notes.
Key points
District: Cupertino Union School District
Location: County of Santa Clara
Maximum amount of borrowing: $66,000,000
Purpose: Borrowing funds for fiscal year 2026-2027 through Tax and Revenue Anticipation Notes
Participation in the California School Cash Reserve Program
Details procedures for borrowing and issuing notes
Involves financial advisors and underwriters
Limitations
The text is truncated and does not provide complete information.
There are unresolved placeholders and sections that are not filled in.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
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THIS RESOLUTION MUST BE DISCUSSED, CONSIDERED AND DELIBERATED BY THE GOVERNING BOARD AS A SEPARATE ITEM OF BUSINESS ON THE GOVERNING BOARD’S AGENDA IN ACCORDANCE WITH CALIFORNIA GOVERNMENT CODE SECTION 53635.7. DISTRICT RESOLUTION NAME OF DISTRICT: CUPERTINO UNION SCHOOL DISTRICT* LOCATED IN: COUNTY OF SANTA CLARA MAXIMUM AMOUNT OF BORROWING: $66,000,000 RESOLUTION OF THE GOVERNING BOARD AUTHORIZING THE BORROWING OF FUNDS FOR FISCAL YEAR 2026-2027 AND THE ISSUANCE AND SALE OF ONE OR MORE SERIES OF 2026-2027 TAX AND REVENUE ANTICIPATION NOTES THEREFOR AND PARTICIPATION IN THE CALIFORNIA SCHOOL CASH RESERVE PROGRAM AND REQUESTING THE BOARD OF SUPERVISORS OF THE COUNTY TO ISSUE AND SELL SAID SERIES OF NOTES WHEREAS, school districts, community college districts and county boards of education are authorized by Sections 53850 to 53858, both inclusive, of the California Government Code (the “Act”) (being Article 7.6, Chapter 4, Part 1, Division 2, Title 5 of the Government Code) to borrow money by the issuance of temporary notes; and WHEREAS, the governing board (the “Board”) has determined that, in order to satisfy certain obligations and requirements of the school district,...
The resolution by the Board of Supervisors of Santa Clara County notifies several school districts that it will not authorize the issuance of tax and revenue anticipation notes as requested. This decision allows the districts to participate in a cash flow borrowing program without the county assuming fiduciary responsibility for the notes.
Key points
The resolution addresses Cupertino Union School District, Lakeside Joint School District, Loma Prieta Joint Union Elementary School District, and Mountain View-Los Altos Union High School District.
School districts can issue tax and revenue anticipation notes for authorized purposes.
The Board of Supervisors received requests from the districts to authorize the issuance of these notes.
The districts requested notification that the Board would not authorize the issuance within 45 days.
The notification allows the districts to participate in a cash flow borrowing program.
Limitations
The document does not specify the date of passage or the vote tally.
There are unresolved placeholders for signatures and dates.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 3,075 chars
RESOLUTION NO. RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF SANTA CLARA PROVIDING NOTIFICATION TO CUPERTINO UNION SCHOOL DISTRICT, LAKESIDE JOINT SCHOOL DISTRICT, LOMA PRIETA JOINT UNION ELEMENTARY SCHOOL DISTRICT AND MOUNTAIN VIEW-LOS ALTOS UNION HIGH SCHOOL DISTRICT CONCERNING ISSUANCE OF TAX AND REVENUE ANTICIPATION NOTES WHEREAS, school districts are authorized to issue tax and revenue anticipation notes under the provisions of Article 7.6 (commencing with section 53850) of Chapter 4, Part 1, Division 2 of Title 5 of the Government Code to be used and expended for any purpose for which the district is authorized to use and expend moneys; and WHEREAS, the notes of a school district that has not been accorded fiscal accountability status shall be issued in the name of the district by the board of supervisors of the county unless the board of supervisors notifies the district that it will not authorize the issuance of the notes within 45 calendar days of receipt of the resolution of the district requesting the county assist in the borrowing; and WHEREAS, the Board of Supervisors received resolutions from the governing boards of Cupertino Union School District,...