TO: Board of Supervisors
FROM: Ryan J. Alsop, County Executive Officer
REPORT BY: Thomas C. Zeleny, Chief Deputy County Counsel
SUBJECT: Napa Valley Unified School District General Obligation Bonds
RECOMMENDATION
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Adopt a Resolution authorizing the Napa Valley Unified School District to issue general obligation bonds for School Facilities Improvement District No. 1 without further approval of the Board of Supervisors or officers of Napa County. (No Fiscal Impact)
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BACKGROUND
On May 3, 2022, the Board of Supervisors authorized the Napa Valley Unified School District to create school facilities improvement districts pursuant to Napa County Resolution No. 2022-59. On June 23, 2022, the School District formed School Facilities Improvement District No. 1 ("District No. 1"), generally consisting of School District territory within the City of Napa and nearby unincorporated area of Napa County.
At the General Election held on November 5, 2024, the voters approved Measure "B" authorizing the School District to issue and sell up to $230 million in general obligation bonds for various school improvements in District No. 1.
On June 11, 2026, the Board of Education of the School District adopted Resolution No. 26-32 ("District Resolution") authorizing the issuance of Election of 2024, Series B Bonds for up to $80 million for District No. 1. A copy of the adopted District Resolution is attached. The Board of Supervisors previously approved the issuance and sale of up to $80 million in Series A Bonds for District No. 1 pursuant to Resolution No. 2025-24. The issuance and sale of $80 million in Series B Bonds will leave $70 million remaining of the $230 million authorized by the election, so the School District could decide to issue and sell more bonds at a later date.
The District Resolutions anticipate that the Board of Supervisors will authorize the School District to issue and sell the bonds on its own behalf, subject to the terms set forth in the Distric...
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