BOS-2026-77 : Adopt Resolution authorizing the West Valley-Mission Community College District to sell on its own behalf Election of 2018 Series 2026C General Obligation Bonds in an amount not to exceed $300,000,000.
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 regarding the West Valley-Mission Community College District's request to sell General Obligation Bonds, Series 2026C. The resolution authorizes the District to sell bonds not exceeding $300,000,000, with no fiscal impact on the County. The bonds are funded through property tax assessments, and the proceeds will be deposited into the County Treasury. The resolution is required for the District to issue the bonds as per California Education Code. The document outlines the background of previous bond issuances and the consequences of negative action.
Key points
The resolution authorizes the sale of General Obligation Bonds, Series 2026C by the West Valley-Mission Community College District.
The amount for the bond issuance is not to exceed $300,000,000.
There is no fiscal impact to the County of Santa Clara.
The bond proceeds must be deposited into the County Treasury until expended.
The resolution is required by Education Code 15140(b) for the District to issue and sell the bonds.
Limitations
The document appears to be a draft.
The document contains placeholders for certain sections that are not filled in.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 3,937 chars
County of Santa Clara Finance Agency Administration 129351 DATE: June 23, 2026 TO: Board of Supervisors FROM: Margaret Olaiya, Director of Finance SUBJECT: West Valley-Mission Community College District Election of 2018 GO Bonds, Series 2026C RECOMMENDED ACTION Adopt Resolution authorizing the West Valley-Mission Community College District to sell on its own behalf Election of 2018 Series 2026C General Obligation Bonds in an amount not to exceed $300,000,000. FISCAL IMPLICATIONS There is no fiscal impact to the County of Santa Clara (the “County”). The County incurs no financial liability from this financing, and neither the faith and credit nor the taxing power of the County is pledged in any way in connection with this financing. The attached resolution, as written, allows the County to recover any additional investment management costs incurred by the County for investing outside of the County Pooled Investment Fund (the “Commingled Pool”). These include, but are not limited to, staffing or financial resources expended on behalf of the West Valley-Mission Community College District (the “District”) beyond those provided by the Commingled Pool. REASONS FOR RECOMMENDATION This...
This resolution authorizes the West Valley-Mission Community College District to issue and sell general obligation bonds, designated as Series 2026C, on its own behalf, with a maximum principal amount not to exceed $300,000,000. The resolution outlines the legal framework for the bond issuance, including the requirement for the County to levy taxes for the payment of the bonds and the responsibilities of various county officials in executing the resolution.
Key points
The resolution is from the Board of Supervisors of Santa Clara County.
It authorizes the West Valley-Mission Community College District to sell bonds up to $300,000,000.
The bonds are part of the authorization approved by voters in a municipal election held on November 6, 2018.
The District has not received a qualified or negative certification in its most recent interim report.
The resolution includes provisions for the levy and collection of taxes to pay the principal and interest on the bonds.
The County will not be liable for the bonds, which are payable solely from ad valorem taxes.
Limitations
The document does not specify the date of passage or the vote count.
There are unresolved placeholders for the vote details (AYES, NOES, ABSTAIN, ABSENT).
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 10,771 chars
RESOLUTION NO. RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF SANTA CLARA, CALIFORNIA, AUTHORIZING THE WEST VALLEY- MISSION COMMUNITY COLLEGE DISTRICT TO SELL ON ITS OWN BEHALF ELECTION OF 2018 SERIES 2026C GENERAL OBLIGATION BONDS IN AN AMOUNT NOT TO EXCEED $300,000,000 WHEREAS, a duly called municipal election was held in the West Valley-Mission Community College District (the “District”), Santa Clara County and Santa Cruz County (together with the County, the “Counties”), State of California, on November 6, 2018 (the “Election”) and thereafter canvassed pursuant to law; WHEREAS, at the Election there was submitted to and approved by the requisite fifty-five percent or more vote of the qualified electors of the District a question as to the issuance and sale of general obligation bonds of the District for the various purposes set forth in the ballot submitted to the voters, in the maximum amount not-to-exceed $698,000,000, payable from the levy of an ad valorem tax against the taxable property in the District (the “Authorization”); WHEREAS, on April 11, 2019, the District caused the issuance of the first series of bonds under the Authorization, in the aggregate...