HomeMy WebLinkAbout21-102WHEREA�theChiooUnifiedSchooUDistrict(tbe"Dls1rid")]saunUledsobVoKdisthct|mcatedvxithintheCmumtyof
Butte /the °[mumtv°� State of California (the "State"), and is organized and operating pursuant to the Constitution and
laws ofthe State; and
WHEREAS, pursuant toArticle 4.5ofChapter 3ofPart 1mfDivision JofTitle 5mf the California Government Code
("the Bond Law"), general obligation bonds are authorized to be issued by the District; and
WHEREAS, on 1w|y 20, 2012, the District issued its $18,665/000 aggregate principal amount ofZD1Z General
Obligation Refunding Bonds (the "2012Refunding Bomda"), pursuant tmthe Bond Law, for the purpose mfrefinancing Hl
general obligation bonds issued on December 8, 1998 for the purpose of refinancing general obligation bonds issued
pursuant to a bond election held in the District onApril 12, 1908, and (d) general obligation bonds issued pursuant toa
bond election held inthe District nnApril 14,1998; aiod
VVHEREAS,a bond election was duly held in the District on November 6, 2812 for the purpose ufsubmitting a
hnmd measure (the "2012 Authorization") to the qualified electors of the District authorizing the issuance of general
obligation bonds of the District in the aggregate principal amount of $78,000,000, and more than the requisite 5596 of
votes cast were imfavor of the 20,12 Authorization: and
WHEREAS, pursuant to the 2012 Authorization, the District caused the issuance, of its $15,800000 aggregate
principal amnoumtufElection mfJ012 General Obligation B�n�s, Series A (the "Series A Bonds" and, together with the 2012
Refunding Bonds, the "Prior Bomds°); and
WHEREAS, due to favorable interest rate conclitions that exist in the municipal bond market,the District has been
advised that it can obtain savings which can be passed on to the property taxpayers of the District by refinancing certain
maturities of the outstanding Prior Bonds (such maturities, the "Refunded Bonds"), on a taxable basis' with the sale of
general obligation refunding bonds (the "Refunding Rnmds"); and
WHEREAS, in order to accomplish the foregoing refinancing plan and restructure the District's outstanding
indebtedness allowing for the increased management mf tax rates, the Board ofEducation ofthe District has determined
atthis time tm authorize the issuance ofits Chico Unified School District 2O21General Obligation Refunding Bonds
(FederaNyTaxab|e)inanaggnagateprimcipa|amountnottuexceed$2S,Q0[\U0O(the°RefundingBomds"); and
WHEREAS, an election was duly and regularly held in the District (the "District") on November 8, 2016` in
accordance with Section 1(b)/3\ of Article 0|]A of the California Constitution, for the purpose of submitting Measure K
(the "Bond Measure") to the qualified electors of the District, authorizing the issuance of general obligation bonds in the
aggregate principal onnoumT of $152,000,080L and more than the requisite 5596 of votes cast were in favor of the Bond
Measure; and
WHEREAS, on April 25, 2017, the District issued its $20,000,000 aggregate principal amount of General Obligation
Bonds Election of 2016, Series A-1 and its $25,000,000 aggregate principal amount of General Obligation Bonds Election
of 2016, Series A-2, all pursuant to the authorization of the Bond Measure and the Bond Law; and
WHEREAS, on June 20, 2019, the District issued its $55,000,000 aggregate principal amount of General Obligation
Bonds Election of 2016, Series B, pursuant to the authorization of the Bond Measure and the Bond Law; and
WHEREAS, in order to complete projects authorized pursuant to the Bond Measure, the Board of Education of the
District has determined to authorize the issuance of a third series of bonds in an aggregate principal amount not -to -exceed
$52,000,000 to be designated the "Chico Unified School District (Butte County, California) General Obligation Bonds
Election of 2016, Series C' (the "Series C Bonds" and, together with the Refunding Bonds, the "Bonds"); and
WHEREAS, the Board of Supervisors of the County (the "Board") has received a certified, adopted copy of
Resolution No. 1542-21, with respect to the Series C Bonds and Resolution No. 1543-21, with respect to the Refunding
Bonds, of the Board of Education of the District (together, the "District Resolutions")
WHEREAS, the District has not received a qualified or negative certification in its most recent interim report; and
WHEREAS, California Education Code Section 15140(b) authorizes a county board of supervisors to adopt a
resolution providing that, in specified circumstances, the governing board of a school district over which the county
superintendent of schools has jurisdiction may issue and sell bonds on its own behalf and without further action by the
board of supervisors or other offices of the county; and
WHEREAS, this Board desires to make such procedures available to the Board of Education of the District with
regard to the Bonds; and
WHEREAS, pursuant to the District Resolutions, the District has formally requested to have the Auditor -Controller
of the County (the "Auditor -Controller") levy ad valorem taxes in an amount sufficient to pay the principal of and interest
on the Bonds when due, and to place on its 2021-22 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 Treasurer -Tax
Collector of the County (the "Treasurer") by the District following the sale of the Bonds;
NOW, THEREFORE, IT IS HEREBY RESOLVED by the Board of Supervisors of the County of Butte as follows:
Section 1. Issuance of Series C Bonds. This Board authorizes the District to issue and sell the Series C Bonds
on its own behalf under the Authorization, in one or more series of bonds, and in the maximum principal amount of
$52,000,000, without further action by this Board.
Section 2. Levy and Collection of Tax for Payment of Bonds. This Board authorizes the levy and collection,
on all taxable property in the County situated within the District, during the period when any of the Bonds are outstanding,
ad valorem taxes in an amount sufficient to pay the principal of and interest on the Bonds when due. Such taxes, when
collected, shall be paid to the Treasurer pursuant to Section 15251 of the Education Code.
Section 3. Preparation of Tax Roll. The Auditor -Controller is further authorized and directed to maintain on
its 2020-21 tax roll, and all subsequent tax rolls until the Bonds are paid in accordance with their terms, taxes in an amount
not less than sufficient to fulfill the requirements of the debt service schedule for the Bonds.
Section 4. Coordination with District on Tax Levy. The Board of Education of the District has requested this
Board to establish an annual reserve for the purpose of avoiding fluctuating tax levies, as permitted under California
Education Code Section 15250. This Board hereby authorizes the office of the Auditor -Controller to coordinate with the
Assistant Superintendent, Business Services, of the District regarding the rate of the taxes to be levied.
Section S. Other Actions. The Chair of the Board, the Clerk of the Board, the County Auditor -Controller, the
County Counsel), and the Treasurer and the deputies and designees of such officers, are hereby authorized and directed
to execute and deliver any and all certificates, representations or agreements as may be acceptable to County Counsel,
and which are deemed necessary and desirable to accomplish the transactions authorized herein or to otherwise comply
with the terms of this Resolution. Such actions heretofore taken by such officers, officials or staff are hereby ratified,
confirmed and approved.
Section 6. Effective Date. Thiis, Resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED by the Butte County Board of Supervisors this 20'x' day of July, 2021, by the following vote:
AYES: Supervisors Lucero, Ritter, Kimmelshue, Teeter, and Chair Connelly
NOES: None
ABSENT: None
ABSTAIN: None
Bill Connelly, Chair
Butte County Board of Supervisors
ATTEST:
Andy Pickett, Chief Administrative Officer
and ler l/ of th Board of Supervisors
By
:7Deputv