The URL can be used to link to this page

Home My WebLink About17-050 :.....:..:........................................................................................................................................................................................................:...........................................................................................................................................................................................................:................................................................................................................................................................................................................ /.1/l :ae .%,. r ,..Jc... ✓ „"; 1,,, r, 'a / ,,..� r .,o /r; / r/.,.,!////ii l.,'li i /r.. a,,,. f/r��3f� 3qf ,, 1. „fir,,,�%/ /�f /;,; Dr, r / / //� /( r „� t wa J, ,,, ✓ Ji i r ,/��' li,(,✓ /rry, », ;-;, „, ////tr i„ r,, � r r /��, � ,,;.,, /. ,r i /, a/ o i! rrb // �, 1 �f�f/ J{uf /�i��/Ir, „ (n /v,/r r1, i � s!, /,-„(1/ I r,; i l /y /,,�r�//,l✓/r /r r /�/ ,;r»„�/r? r %r -1, �,,,. r !H r✓ r” r,/r � ,,/l, !„,+ �/ i�. �; / / rr J i J�10 / � ,r.,. ,,/„ J, /✓,.pr r �.,, i ..,/. 1 r ,.,// !„ /. .�, l,r ,., ¢r. 7. ,..>in/,/, r/ �/ ,.�,: �,,,,�„..,,<. r..,,. H r r / ✓ r / r Y r /lrrr,k U 1, : / o /i I ri ,af///rlrfl 11 ra; Resolution No. 17-050 RESOLUTION AUTHORIZING;THE CHICO UNIFIED SCHOOL DISTRICT TO ISSUE AND SELL BONDS ON ITS OWN BEHALF WITHOUT FURTHER ACTION OF THE BUTTE COUNTY BOARD OF SUPERVISORS OR OFFICERS OF THIE COUNTY OF BUTTE WHEREAS, a duly called municipal election was held in the Chico Unified School District (District), Butte County (County), State of California, on November F, 2016 (Election) and thereafter canvassed pursuant to Ilaw; and WHEREAS, at the Election there was submitted to and approved by the requisite fifty-five percent or more vote of the qualified electors of the District a question as to the 'issuance and sale of,general obligation bonds of the District for the various purposes set forth in the ballot submitted to the voters, in the maximum amount not-to- exceed$152,000,000, payable from the levy of an ad valorem property tax against the taxable property in the District (Authorization); and WHEREAS, at this time the Board of Supervisors of Butte County, (Board) has received a copy of a signed resolution (District Resolution) adopted by the Board of Education of the District (District Board) on March 22, 2017, authorizing the issuance of two series of bonds under the Authorization, to be styled as (i) "Chico Unified School District General Obligation Bonds, Election of 2016, Series A-1” (Series A-1 Bonds) in an aggregate principal amount not exceeding $20,000,000, and (ii) "Chico Unified School District General Obligation Bonds, Election of 2016, Series A-2" ("Series A-2 Bonds," and together with the Series A-1 Bonds, "Bonds") in an aggregate principal amount not exceeding $2.5,000,000; and WHEREAS, pursuant to Article 4.5 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code (Act), the Bonds are authorized to be issued by the District, for the purposes set forth in the ballot submitted to voters at the Election; and WHEREAS, Section 15140(b) of the California Education Code provides that the board of supervisors of a county may authorize a school district over which the county superintendent of schools has jurisdiction, and which has not received a qualified or negative certification in its most recent interim report, to issue and sell bonds on its own behalf without further action of the board of supervisors or officers of the county; and WHEREAS, the Butte County Superintendent of Schools has jurisdiction over the District, and, accordingly, this Board desires to make such procedures available to the District with regard to the Bonds; and WHEREAS,the District has not received a qualified or negative certification in its most recent interim report pursuant to Section 42131 of the California Education Code; and WHEREAS, pursuant to the District Resolution, the District has formally requested to have the Auditor- Controller of the County (Auditor-Controller) levy od valorem taxes in a:n amount sufficient to pay the principal of and interest on the Bonds when due, and to place on its 2017-18 tax roll, and all subsequent tax rolls,taxes sufficient to fulfill the requirements of the debt service schedule for the Bonds that will be provided to the Auditor-Controller and the Treasurer-Tax Collector of the County (Treasurer) by the District following the sale of the Bonds. NOW, THEREFORE, BE IT RESOLVED that the Butte County Board of Supervisors hereby takes the following actions: Section 1. Recitals. All of the above recitals are true and correct. Section 2. Authorization of District Issuance and Sale. Pursuant to Section 15140(b) of the Education Code, this Board hereby authorizes the issuance and private negotiated sale of the Bonds by the District on its own behalf, in one or more series of bonds, pursuant to the terms set forth in the District Resolution and as authorized by and in full compliance with all applicable laws, as determined by the District's bond counsel. This authorization by this Board shall only apply to the Bonds authorized to be issued by the District Resolution. Section 3. Purpose. The purpose of this action is to permit the District to sell the Bonds in the manner that the District determines is in the District's best interests and the best interest of its taxpayers, as provided in the District Resolution. Section 4. District Responsibilities. Pursuant to Section 15140(c) of the California Education Code, the District Board shall provide the District Resolution and the final debt service schedule for the Bonds reflecting the principal amounts and interest rates of the Bonds as determined in the sale of the Bonds to the Auditor-Controller and the Treasurer following the sale of the Bonds,and in no event no later than reasonably requested by such officer, in order to permit the County to establish tax rates and necessary funds or accounts for the bonds. Section 5. Butte County Responsibilities. (a) The County, including the officers thereof and this Board, assumes no responsibility for any of the proceedings following the adoption of this resolution which involve or result in the sale of the Bonds. (b) The County shall levy and collect ad valorem property taxes, pay principal and interest on the Bonds, and hold and invest the Bond proceeds and tax funds for the Bonds duly issued and sold by the District pursuant to the authority granted by this resolution, as otherwise provided by law. (c) The County, including the officers thereof and this Board, assumes no responsibility for establishing a tax rate for any of the Bonds in any year in which the information required by Section 4 hereof to be delivered to the Treasurer is delivered later than the deadline established by such officer in order to permit compliance with California Government Code Section 29100 ettseq. (d) Except as otherwise provided by this resolution and by law, neither the County, this Board, or any officers, officials or employees of the County shall have any liability hereunder or by reason hereof or in connection with the transactions contemplated hereby and the Bonds shall be payable solely from ad valorem property tax proceeds. Section C. Coordination with District on Tax Lev . The District Board has requested this Board to establish an annual reserve for the purpose of avoiding fluctuating tax levies, as allowed under Education Code section 15250. This Board hereby authorizes the Auditor-Controller to coordinate with the District concerning the rate of taxes to be levied. Section 7. Delegation to Treasurer-Tax Collector. The Treasurer or her or his designee is hereby authorized and directed to act on behalf of and with the authority of the County to take any official action and to execute and deliver any certificates, receipts, orders, or other documents required or intended to be signed and delivered by the County, which the Treasurer deems necessary or advisable, in connection with the issuance and delivery of the Bonds. Section 8. Appointment.,of Paying Agent. The District's appointment of "The Bank of New York Mellon Trust Company, N.A.," as paying agent, in the District Resolution is hereby acknowledged. Section 9. Effective Date.This resolution shall take effect immediately upon its passage. PASSED AND ADOPTED by the Butte County Board of Supervisors this 281" day of March, 2017 by the following vote: AYES: Supervisors Wahl, Kirk, Lambert, Teeter, and Chair Connelly NOES: None ABSENT: None NOT VOTING: None BILL CONNELLY, Chair V Butte County Board of Supervisors ATTEST: PAUL MANN, Chief Administrative Officer and Clerk of the Board of Supervisors By: Deputy