TO: Board of Supervisors
FROM: Ryan J. Alsop, County Executive Officer
REPORT BY: Thomas C. Zeleny, Chief Deputy County Counsel
SUBJECT: Calistoga Joint Unified School District General Obligation Bonds, Election 2010, Series 2024
RECOMMENDATION
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Adopt a Resolution authorizing the Calistoga Joint Unified School District to issue Series 2024 Bonds of the District without further approval of the Board of Supervisors or Officers of Napa County. (No Fiscal Impact; Discretionary)
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BACKGROUND
The Board of Trustees (the "District Board") of the Calistoga Joint Unified School District (the "District") conducted a successful bond election on November 2, 2010. That election authorized the issuance of up to $42 million of General Obligation Bonds to renovate and improve Calistoga schools, improve school
libraries, upgrade classrooms, modernize computer networks, build a new gym and a cafeteria, install solar energy systems, replace aging roofs, old heating, electrical, plumbing, cooling and ventilation systems with energy efficient systems. Monies generated by the sale of these bonds may only be spent for these specified purposes.
On September 9, 2024, the District Board adopted Resolution 24-25-02 (the "District Resolution") providing for the issuance and private sale by the District of not to exceed $8,884,684 aggregate principal amount of "Calistoga Joint Unified School District (Napa and Sonoma Counties, California) General Obligation Bonds, Election of 2010, Series 2024" (the "Bonds") pursuant to the provisions of section 15140 and 15146 of the Education Code and section 53508.7 of the Government Code. These provisions allow a negotiated private sale and the term of bonds that are issued and sold can be up to 40 years in duration (see Government Code section 53508(f)) rather than 25 years (see Education Code section 15144) thus providing the District with greater flexibility in managing its finances. The issuance and sale of $8,884,684 in Series 2024 Bond...
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