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BCBS SAD11,2012
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Supplemental Agenda
3.00 C
ONSENT AGENDA
C 3.30* Resolution of the Board of Supervisors Authorizing Gridley Unified School District (GUSD) to
OUNTY
C Sell Bonds Directly and Directing the County Auditor-Controller to Maintain Taxes on the Tax
OUNSEL
Roll - On June 5, 2012, voters in the GUSD approved the issuance of $2,500,000 in bonds for
repair and upgrades to school facilities within the District. The GUSD Board of Trustees is
requesting that the County Board of Supervisors adopt a resolution allowing the District to
issue General Obligation Bonds directly, without the involvement of the Board of Supervisors
as a conduit issuer, under Government Code 53506-53509.5. The District has determined that
the additional flexibility in determining the term of the financing provided by the Government
Code (allowing more than 25 years for repayment) is necessary to their debt issuance of up to
$2,500,000 as approved by the voters. The District plans to repay the bonds over
approximately 35 years, supported by ad valorem taxes at a rate of $13 per $100,000 of
assessed valuation action requested - ADOPT RESOLUTION AUTHORIZING THE GUSD TO
SELL BONDS DIRECTLY AND DIRECTING THE COUNTY AUDITOR-CONTROLLER TO MAINTAIN
TAXES ON THE TAX ROLL AND AUTHORIZE THE CHAIR TO SIGN.
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