BOS-2026-79 : Adopt Resolution authorizing the Union Elementary School District to sell on its own behalf Election of 2014 General Obligation Bonds, Series G in an amount not to exceed $34,125,629.20.
The document is a resolution from the County of Santa Clara Finance Agency Administration regarding the Union Elementary School District's request to sell its Election of 2014 General Obligation Bonds, Series G, not to exceed $34,125,629.20. The resolution states that there is no fiscal impact to the County, as it incurs no financial liability. The bonds are funded through property tax assessments, and the proceeds will be deposited into the County Treasury. The resolution is required by Education Code 15140(b) and aims to improve school facilities for children and youth. The document outlines the history of previous bond issuances under the same authorization and the consequences of negative action, which would prevent the District from issuing the bonds.
Key points
Resolution authorizes the Union Elementary School District to sell bonds.
Amount not to exceed $34,125,629.20.
No fiscal impact to the County of Santa Clara.
Bonds funded through property tax assessments.
Proceeds to be deposited into the County Treasury.
Resolution required by Education Code 15140(b).
Positive impact on children and youth.
Consequences of negative action would prevent bond issuance.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 5,087 chars
County of Santa Clara Finance Agency Administration 129368 DATE: June 23, 2026 TO: Board of Supervisors FROM: Margaret Olaiya, Director of Finance SUBJECT: Union Elementary School District Election of 2014 General Obligation Bonds, Series G RECOMMENDED ACTION Adopt Resolution authorizing the Union Elementary School District to sell on its own behalf Election of 2014 General Obligation Bonds, Series G in an amount not to exceed $34,125,629.20. 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 sell its Election of 2014 General Obligation Bonds, Series G, not to exceed $34,125,629.20. The resolution outlines the history of bond issuances by the District under a previous authorization and states that the District has not received a qualified or negative certification in its most recent interim report. It allows the District to issue and sell the bonds without further action from the Board of Supervisors, and mandates the levy of property taxes to pay for the bonds. The resolution also clarifies that the County will not be liable for the bonds.
Key points
The resolution authorizes the Union Elementary School District to sell bonds not exceeding $34,125,629.20.
The District has previously issued several series of bonds under the same authorization.
The District has confirmed it has not received a qualified or negative certification in its latest interim report.
The Board of Supervisors allows the District to issue bonds without further action from the Board.
The resolution mandates the levy of property taxes for bond repayment.
The County is not liable for the bonds or their repayment.
Limitations
The document does not specify the date of passage or the vote count.
The document contains several unresolved placeholders, such as the date of passage and vote details.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 11,451 chars
RESOLUTION NO. RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF SANTA CLARA, CALIFORNIA, AUTHORIZING THE UNION ELEMENTARY SCHOOL DISTRICT TO SELL ON ITS OWN BEHALF ELECTION OF 2014 GENERAL OBLIGATION BONDS, SERIES G IN AN AMOUNT NOT TO EXCEED $34,125,629.20 WHEREAS, a duly called municipal election was held in the Union Elementary School District (the “District”), Santa Clara County, State of California, on June 3, 2014 (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 $125,000,000, payable from the levy of an ad valorem property tax against the taxable property in the District (the “Authorization”); and WHEREAS, on January 29, 2015, pursuant to the Authorization, the District issued its Election of 2014 General Obligation Bonds, Series A in the aggregate principal amount of $22,280,000 and its Election of...