BOS-2026-78 : Adopt Resolution authorizing the Union Elementary School District to sell on its own behalf Election of 2022 General Obligation Bonds, Series B in an amount not to exceed $3,500,000.
The document is a resolution from the County of Santa Clara's Finance Agency Administration regarding the Union Elementary School District's issuance of General Obligation Bonds, Series B. It recommends adopting a resolution to authorize the District to sell bonds not exceeding $3,500,000. The resolution outlines that there is no fiscal impact on the County and details the positive impact on children by funding improvements to school facilities. It references previous bond issuances and the legal framework under which the District can issue these bonds. The document includes instructions for the next steps following approval.
Key points
The resolution authorizes the Union Elementary School District to sell General Obligation Bonds, Series B.
The amount of the bonds is not to exceed $3,500,000.
There is no fiscal impact to the County of Santa Clara.
The bond proceeds must be deposited into the County Treasury until expended.
The recommended action is expected to positively impact children by improving school facilities.
The District previously issued Series A bonds in June 2023.
The District's resolution is required under California Education Code Section 15140(b).
Limitations
The document does not specify the exact date of the Board of Supervisors meeting.
There are unresolved placeholders such as the email address for Wamiq Babul.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 3,932 chars
County of Santa Clara Finance Agency Administration 129365 DATE: June 23, 2026 TO: Board of Supervisors FROM: Margaret Olaiya, Director of Finance SUBJECT: Union Elementary School District Election of 2022 General Obligation Bonds, Series B RECOMMENDED ACTION Adopt Resolution authorizing the Union Elementary School District to sell on its own behalf Election of 2022 General Obligation Bonds, Series B in an amount not to exceed $3,500,000. 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 to invest 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 Union Elementary School District (the “District”) beyond those provided by the Commingled Pool. REASONS FOR RECOMMENDATION This resolution is required by Education...
This resolution authorizes the Union Elementary School District to issue and sell its Election of 2022 General Obligation Bonds, Series B, not to exceed $3,500,000. The resolution confirms that the District has not received a qualified or negative certification in its most recent interim report. It allows the District to issue the bonds without further action from the County Board of Supervisors, and it mandates the levy of ad valorem property taxes to pay the principal and interest on the bonds. The resolution also outlines the responsibilities and liabilities of the County regarding the bonds and the investment of bond proceeds.
Key points
The resolution is for the Union Elementary School District to sell bonds not exceeding $3,500,000.
The District received approval from voters for the issuance of general obligation bonds.
The District has not received a qualified or negative certification in its interim report.
The County Board of Supervisors authorizes the District to issue the bonds without further action.
Ad valorem property taxes will be levied to pay the principal and interest on the bonds.
The resolution outlines the County's lack of liability regarding the bonds.
Limitations
The document does not specify the date of passage or the vote count.
There are unresolved placeholders for the date of passage and the vote tally.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 10,415 chars
RESOLUTION NO. RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OE SANTA CLARA, CALIFORNIA, AUTHORIZING THE UNION ELEMENTARY SCHOOL DISTRICT TO SELL ON ITS OWN BEHALF ELECTION OF 2022 GENERAL OBLIGATION BONDS, SERIES B IN AN AMOUNT NOT TO EXCEED $3,500,000 WHEREAS, a duly called municipal election was held in the Union Elementary School District (the “District”), Santa Clara County, State of California, on November 8, 2022 (the “Election”) and thereafter canvassed pursuant to law; and 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 principal amount not-to-exceed $128,000,000, payable from the levy of an ad valorem property tax against the taxable property in the District (the “Authorization”); and WHEREAS, on June 21, 2023, pursuant to the Authorization, the District issued its Election of 2022 General Obligation Bonds, Series A in the aggregate principal amount of $32,000,000; and WHEREAS, on May 11,...