Title
Adopt a Resolution:
a. Authorizing the issuance and sale of King City Union School District 2014-2015 Tax and Revenue Anticipation Notes on behalf of the King City Union School District in the aggregate principal of not to exceed $4,000,000.00;
b. Authorizing the execution and delivery of a note purchase contract; and
c. Approving other matters relating thereto.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors Adopt a resolution:
a. Authorizing the issuance and sale of King City Union School District 2014-2015 Tax and Revenue Anticipation Notes on behalf of the King City Union School District in the aggregate principal of not to exceed $4,000,000.00;
b. Authorizing the execution and delivery of a note purchase contract; and
c. Approving other matters relating thereto.
SUMMARY AND DISCUSSION:
King City Union School District has not been accorded fiscal accountability status under Section 42647 or Section 42650 of the California Education Code. As such Section 53853 of the California Government Code provides that notes of a school district that has not been so accorded fiscal accountability status must be issued in the name of the school district by the board of supervisors of the county, the county superintendant of which has jurisdiction over the district, as soon as possible following receipt of a resolution of the government board of the school district requesting the borrowing. King City Union School District's board adopted the requesting resolution September 5, 2014.
No monies or any part of any fund of the County is pledged or obligated to repayment of the Notes, and the Notes do not constitute a debt of the County. The Notes are payable only from the Pledged Revenues and other lawfully available monies of the District.
OTHER AGENCY INVOLVEMENT:
County Counsel has reviewed the recommendation and concurs with this action.
FINANCING:
This action has no fiscal, organizational, policy, or other implications to the County of Monterey.
Prepared by: Ron Holly, Chief Deputy Auditor-Controller, x5493
Approved by: Michael J. Miller, CPA, CISA, Auditor-Controller, x5084
Attachments:
County Resolution
District Resolution
Note Purchase Contract