• All meetings of the Governing Board are open to the general public with the exception of Closed Sessions, which are held to consider those items specifically exempt under the Ralph M. Brown Act.  
• In compliance with the American With Disabilities Act, if you need special assistance to access the Board meeting room or to otherwise participate at this meeting, including auxiliary aides or services, please contact  the Superintendent's Office at (408) 423-2006.  Notification at least three (3) days prior to the meeting will enable the District to make reasonable arrangement to ensure accessibility to the Board meeting.
• Agenda materials distributed less than 72 hours before a Board meeting can be inspected at the Superintendent' Office, 1889 Lawrence Rd., Santa Clara.
• Be advised that the Board may act upon and discuss any item on the agenda, including items which are not specifically identified as action items, except Items from the Public, Reports from Student Board Representatives, Union Presidents, and Superintendent, and Items from the Board Staff.

DATE:                                August 7, 2018                                

TYPE OF AGENDA ITEM: DISCUSSION

TO:                             Stanley Rose III, Ed.D., Superintendent

FROM:                                Eric Dill, Chief Business Official

SUBJECT:                            Review of Projects and Financing Plan Supporting a Potential General Obligation Bond Election

ADMINISTRATIVE SUMMARY:

PURPOSE:

The purpose of this agenda item is for the Board to review potential construction projects, financing plan, and other considerations in anticipation of Board action on a resolution to call a general obligation bond election to be held on November 6, 2018.              

BACKGROUND:

Resolution No. #18-42 is presented for Board review.  This Resolution along with its Exhibits is required for the Board to call a general obligation bond election to be held in conjunction with the upcoming November 6, 2018 election and will be formally considered later at this special meeting. 

At the Board’s July 12, 2018 meeting, information on potential bond projects was presented by Larry Adams, the District’s Director of School Bond Projects.  At that same meeting, the Board engaged in a discussion on the nature and extent of the proposed projects along with the amount of bonds to be authorized at an election to fund such projects.  Thereafter, staff updated the potential bond project list previously presented to the Board. At the August 7, 2018 meeting, Mr. Dill and Mr. Adams will present follow up information to the Board on the potential projects to be funded, along with a maximum bond amount for the election.

The Resolution includes a maximum bond amount of $720 million and also includes a list of authorized projects at Exhibit A.  If approved by the voters at the election, the expenditure of bond funds would be limited to those projects set forth at Exhibit A. The Resolution further contains at Exhibit A-1 a ballot summary to be voted on at the election. This ballot summary meets the requirements of current law applicable to school bond measures. A summary of the tax to be implemented by the District to repay the bonds is included at Exhibit B to the Resolution.

The Bond Financial Plan for a November 2018 Bond Election has also been revised since the last special meeting.  The current plan includes updated information on the assessed valuation which was not previously available.  The new information has led to a revised financing plan which would allow for the bonds to be issued in two series and maintaining a maximum projected tax rate below $49.00.

Information from the revised project list and financing plan were incorporated in the drafting of the final resolution.

Lori Raineri of Government Financial Strategies inc, Tom Clifford of Clifford Moss, and Addison Covert of Parker & Covert will be available to answer questions.

DATE:                                  August 7, 2018                                

ITEM TYPE:                        ACTION

TO:                                       Stanley Rose III, Ed.D., Superintendent

FROM:                                Eric Dill, Chief Business Official

SUBJECT:                            Approval of a Potential General Obligation Bond Election by Way of Board Resolution No. 18-42 with Exhibits.

ADMINISTRATIVE SUMMARY:

PURPOSE:

The purpose of this agenda item is for the Board to consider approval of a resolution necessary to call a general obligation bond election to be held on November 6, 2018.              

BACKGROUND:

Resolution No. 18-42 is presented for Board review and approval.  This Resolution along with its Exhibits is required for the Board to call a general obligation bond election to be held in conjunction with the upcoming November 6, 2018 election.   

The Resolution includes a maximum bond amount of $720 million raising approximately 5 cents/$100 of assessed value ($45 million annually) for 32 years and also includes a list of authorized projects at Exhibit A.  If approved by the voters at the election, the expenditure of bond funds would be limited to those projects set forth at Exhibit A. The Resolution further contains at Exhibit A-1 a ballot summary to be voted on at the election. This ballot summary meets the requirements of current law applicable to school bond measures. A summary of the tax to be implemented by the District to repay the bonds is included at Exhibit B to the Resolution.

If approved by the Board, the Resolution will be transmitted to the Registrar of Voters for Santa Clara County who will thereafter conduct the election in coordination with the District.

Lori Raineri of Government Financial Strategies inc, Tom Clifford of Clifford Moss, and Addison Covert of Parker & Covert will be available to answer questions.