BOS-2026-52 : Adopt Resolution authorizing the Orchard School District to sell Election of 2024 General Obligation Bonds, Series A on its own behalf in an amount not to exceed $12,000,000.
The source text indicates this attachment appears to be a draft document.
The document is a resolution recommending the Board of Supervisors adopt a resolution authorizing the Orchard School District to sell Election of 2024 General Obligation Bonds, Series A, not to exceed $12,000,000. It states there is no fiscal impact to the County of Santa Clara and outlines the positive impact on children by improving school facilities. The resolution is required for the District to issue the bonds, which were approved by voters on November 5, 2024. The document includes steps following approval and mentions attachments.
Key points
Resolution to authorize Orchard School District to sell bonds.
Amount not to exceed $12,000,000.
No fiscal impact to the County of Santa Clara.
Bonds funded through property tax assessments.
Positive impact on children and youth.
Voter approval for bond issuance on November 5, 2024.
Steps following approval include emailing a copy of the resolution.
Limitations
The document contains placeholders for certain sections that are not filled in.
The document appears to be a draft as it includes instructions for emailing the resolution.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 3,726 chars
County of Santa Clara Finance Agency Administration 128181 DATE: May 19, 2026 TO: Board of Supervisors FROM: Margaret Olaiya, Director of Finance SUBJECT: Orchard School District Election of 2024 General Obligation Bonds, Series A RECOMMENDED ACTION Adopt Resolution authorizing the Orchard School District to sell Election of 2024 General Obligation Bonds, Series A on its own behalf in an amount not to exceed $12,000,000. 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 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 Orchard School District (the “District”) beyond those provided by the Commingled Pool. REASONS FOR RECOMMENDATION This resolution is required by Education Code 15140(b) for the District...
This resolution authorizes the Orchard School District to issue and sell general obligation bonds, Series A, not to exceed $12,000,000, for various purposes as approved by voters in a recent election. The resolution outlines the procedures for the issuance of the bonds, the levy of property taxes to pay for them, and the responsibilities of the County and District regarding the management of the bond proceeds.
Key points
The resolution is from the Board of Supervisors of Santa Clara County.
It authorizes the Orchard School District to sell bonds not exceeding $12,000,000.
The bonds are to be issued following a voter-approved election.
The County will levy property taxes to pay for the bonds.
The resolution includes provisions for the investment of bond proceeds.
Limitations
The document contains placeholders for the date of passage and the voting results, which 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 · 10,089 chars
RESOLUTION NO. RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF SANTA CLARA, CALIFORNIA, AUTHORIZING THE ORCHARD SCHOOL DISTRICT TO SELL ON ITS OWN BEHALF ELECTION OF 2024 GENERAL OBLIGATION BONDS, SERIES A IN AN AMOUNT NOT TO EXCEED $12,000,000 WHEREAS, a duly called election was held in the Orchard School District (the “District”), Santa Clara County, State of California, on November 5, 2024 (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 principal amount of $30,000,000, payable from the levy of an ad valorem property tax against the taxable property in the District (the “Authorization”); WHEREAS, on April 21, 2026, the Board of Trustees of the District adopted a Resolution (the “District Resolution”), which caused to be issued the first series of bonds under the Authorization in an aggregate principal amount not-to-exceed $12,000,000, and...