TO: Board of Supervisors
FROM: Thomas Zeleny, Interim County Counsel
REPORT BY: Thomas Zeleny, Interim County Counsel
SUBJECT: Calistoga Joint Unified School District General Obligation Bonds, Election 2010, Series 2022
RECOMMENDATION
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County Counsel requests adoption of a resolution authorizing the Calistoga Joint Unified School District to issue Series 2022 Bonds of the District without further approval of the Board of Supervisors or Officers of Napa County.
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EXECUTIVE SUMMARY
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 finance the construction, reconstruction, rehabilitation, or replacement of those school facilities designated in the District's resolution ordering the election. Of this total, almost $19 million has yet to be issued.
On February 7, 2022, the District Board adopted Resolution 21-22-08 (the "District Resolution") providing for the issuance and sale by the District of its "Calistoga Joint Unified School District General Obligation Bonds, Election of 2010, Series 2022" pursuant to sections 15140 et seq. of the Education Code and sections 53506 et seq. of the Government Code. The District Resolution requests that the Board of Supervisors authorize the District to issue and sell up to $10 million in its proposed Series 2022 Bonds on its own behalf at a negotiated private sale pursuant to 53508.7 of the Government Code and Section 15140 and 15146 of the Education Code. The private sale will be subject to the terms set forth in the District Resolution.
If adopted by the Board of Supervisors, the attached County resolution provides that the County assumes no responsibility for any aspect of the sale of the Series 2022 Bonds, which grants the District the ability to sell the Series 2022 Bonds without County involvement. The Coun...
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