BOS-2026-48 : Adopt Resolution authorizing the East Side Union High School District to sell General Obligation Bonds, 2022 Election, Series A (Ed-Tech Bonds), on its own behalf in the aggregate principal amount not to exceed $25,000,000, and authorizing the levy and collection of ad valorem property taxes to repay said bonds.
The document is a resolution from the County of Santa Clara Finance Agency Administration recommending the Board of Supervisors adopt a resolution authorizing the East Side Union High School District to sell General Obligation Bonds, 2022 Election, Series A, in an amount not to exceed $25,000,000. The resolution states that there is no fiscal impact to the County and outlines the reasons for the recommendation, including compliance with Education Code section 15140(b). It also mentions the positive impact on children and neutral impact on seniors and sustainability. The document includes a background on the bond approval by voters in November 2022 and the consequences of negative action, which would prevent the District from issuing the bonds.
Key points
Resolution recommends the Board of Supervisors authorize the East Side Union High School District to sell General Obligation Bonds, Series A.
The bonds are for an amount not to exceed $25,000,000.
There is no fiscal impact to the County of Santa Clara.
The resolution is required by Education Code section 15140(b).
The recommended action will positively impact children and have no/neutral impact on seniors and sustainability.
The District approved the bond issuance in November 2022, with a total authorization of $572,000,000.
Consequences of negative action would prevent the District from issuing the bonds.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 3,906 chars
County of Santa Clara Finance Agency Administration 128210 DATE: April 28, 2026 TO: Board of Supervisors FROM: Margaret Olaiya, Director of Finance SUBJECT: East Side Union High School District General Obligation Bonds, 2022 Election, Series A RECOMMENDED ACTION Adopt Resolution authorizing the East Side Union High School District to sell General Obligation Bonds, 2022 Election, Series A (Ed-Tech Bonds), on its own behalf in the aggregate principal amount not to exceed $25,000,000, and authorizing the levy and collection of ad valorem property taxes to repay said bonds. 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 East Side Union High School...
The source text indicates this attachment appears to be a draft document.
The resolution authorizes the East Side Union High School District to sell general obligation bonds, not exceeding $25,000,000, and allows for the levy and collection of ad valorem property taxes to repay these bonds. The bonds are part of a larger authorization from a bond election held on November 8, 2022. The resolution outlines the procedures for the issuance of the bonds, the responsibilities of various county officials, and clarifies that the bonds will not constitute a debt of the County.
Key points
The resolution is from the Board of Supervisors of Santa Clara County.
It authorizes the East Side Union High School District to sell bonds up to $25,000,000.
The bonds are part of a larger authorization from a bond election held on November 8, 2022.
The resolution allows for the levy of ad valorem property taxes to repay the bonds.
The bonds will not be a debt of the County, and the County has no obligation to repay them.
Limitations
The document contains unresolved placeholders for the date of adoption and voting results.
The text appears to be a draft as it includes 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 · 10,505 chars
RESOLUTION NO. RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF SANTA CLARA, STATE OF CALIFORNIA, AUTHORIZING THE EAST SIDE UNION HIGH SCHOOL DISTRICT TO SELL ON ITS OWN BEHALF GENERAL OBLIGATION BONDS, 2022 ELECTION, SERIES A (ED-TECH BONDS®), IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $25,000,000, AND AUTHORIZING THE LEVY AND COLLECTION OF AD VALOREM PROPERTY TAXES TO REPAY SAID BONDS WHEREAS, a duly called general obligation bond election was held in the East Side Union High School District (the “District”), Santa Clara County on November 8, 2022 (the “Election”) and thereafter canvassed pursuant to the law, at which there was submitted to and approved by the requisite vote of fifty-five percent or more of the qualified electors of the District a question as to the issuance and sale of general obligation bonds of the District for specified projects set forth in the ballot submitted to the voters, in the principal amount of not to exceed $572,000,000 (the “Bonds”), payable from the levy of an ad valorem tax against the taxable property of the District (the “2022 Authorization”); WHEREAS, pursuant to a resolution (the “District Resolution”) of the Governing Board...