This meeting will be conducted in accordance with the most recently issued and amended Blueprint for a Safer Economy of the State of California and the County of Los Angeles Department of Public Health Order related to Reopening Safer at Work and in the Community for Control of COVID-19.      

In compliance with the Americans with Disabilities Act, if you need special assistance to participate in the meeting, including auxiliary aids or services, please contact the Superintendent's Office at 310-886-1602. Notification at least 12 hours prior to the meeting will enable the District to make reasonable arrangements to provide accessibility to the Board meeting.

The public has the opportunity to address the Board on any item of interest within the Board's subject matter jurisdiction and any item appearing on the agenda. Public comment can be provided in person subject to the County of Los Angeles Department of Public Health Order related to COVID-19 safety measures. Public comment can also be provided electronically through a temporary public comment email established for Lynwood Unified School District Board of Education Meetings at boardcomm@mylusd.org.

All public comments are governed by Board Bylaw 9323. Each speaker is limited to 3 minutes and will be given the opportunity to address the Board in the order that the request to speak is received. If translation services are required, an additional one (1) minute will be allotted. The Board of Education has determined that a cumulative total of 20 minutes is a reasonable amount of time for public comment.

Those who have a group concern are encouraged to select a spokesperson to address the Board. A copy of the full agenda is available for view at the Reception Desk area of the district office at 11321 Bullis Rd., Lynwood, California, 90262. Also, at the district web site www.lynwood.k12.ca.us.

PLEASE SUBMIT PUBLIC COMMENT FORMS PRIOR TO START OF MEETING
Persons wishing to address the Board are asked to fill out a Public Comment Form located at the sign-in area, and submit the completed form to the administrative assistant prior to the start of the meeting.

Instructions for Public Comments Submitted Electronically:
The public may submit public comments electronically through a temporary public comment email established for Lynwood Unified School District Board of Education Meetings at  boardcomm@mylusd.org. Electronic public comments must be submitted by 2:00 p.m. on Thursday, June 10, 2021.

Any public comments received via email after the time indicated will not be included in the record. 

Comments submitted by email and read during meetings are governed by Board Bylaw 9323. Each comment received is limited to 3 minutes and will be read in the order that the email is received.

Please include the following in your email:
1.) Full Name
2.) Address
3.) Phone Number
4.) Board Meeting Date
5.) Subject: Public Comment
6.) Agenda Item/Topic

No action or discussion is permitted on any item not included on the posted agenda per GC§ 54954.2 (a).No action may be taken and no discussion held on items raised by the public except as provided in GC§54954.2 (b).

BACKGROUND

An election was held in the Lynwood Unified School District (the "District") on November 6, 2012 to authorize the issuance and sale of general obligation bonds of the District for various purposes in the maximum amount of $93,000,000 (the "Measure K"). The District has previously issued five series of general obligation bonds under Measure K. The District now desires to issue the sixth series of bonds under Measure K in a principal amount not-to-exceed $35,000,000 (the "Bonds"). The District proposes the issuance of Bonds that include current interest bonds, as well as capital appreciation bonds (i.e. bonds that allow for the compounding of interest). The Bonds are being authorized for sale for the purpose of providing funds to finance projects approved by Measure K and to pay the costs of issuing the Bonds.

Pursuant to Education Code Section 15146(b)(2), the Resolution and materials included in this agenda item are to first be publicly noticed as an information item at this June 10, 2021 Board meeting. At the Board’s next consecutive meeting, currently scheduled for June 24, 2021, the attached Resolution and materials will be publicly noticed as an action item for consideration by the Board.

(a) Bond Resolution. The Resolution authorizes the issuance of the Bonds, specifies the basic terms, parameters and forms of the Bonds, and approves the form of Purchase Contract and form of Preliminary Official Statement described below. In particular, Section 1 of the Resolution establishes the maximum aggregate initial principal amount of the Bonds to be issued ($35,000,000). Section 4 of the Resolution states the maximum underwriter’s discount (0.8%) with respect to the Bonds and the maximum legal interest rate on the Bonds, and authorizes the Bonds to be sold at a negotiated sale to Stifel, Nicolaus & Company, Incorporated, as the underwriter (the "Underwriter"). 

(b) Form of Purchase Contract. The Resolution approves the form of the Purchase Contract. Pursuant to the Purchase Contract, the Underwriter will agree to buy the Bonds from the District. All the conditions of closing the transaction are set forth in this document, including the documentation to be provided at the closing by various parties. Upon the pricing of the Bonds, the final execution copy of the Purchase Contract will be prepared following this form.

 (c) Form of Preliminary Official Statement. The Resolution approves the form of the Preliminary Official Statement (the "POS"). The POS is the offering document describing the Bonds which may be distributed to prospective purchasers of the Bonds. The POS discloses information with respect to among other things (i) the proposed uses of proceeds of the Bonds, (ii) the terms of the Bonds (interest rate, redemption terms, etc.), (iii) the bond insurance policy for the Bonds, if any, (iv) the security for repayment of the Bonds (the ad valorem property tax levy), (v) information with respect to the District’s tax base (upon which such ad valorem property taxes may be levied), (vi) District financial and operating data, (vii) continuing disclosure with respect to the Bonds and the District, and (viii) absence of material litigation and other miscellaneous matters expected to be of interest to prospective purchasers of the Bonds. Following the pricing of the Bonds, a final Official Statement for the Bonds will be prepared, substantially in the form of the POS.

(d) Form of the Continuing Disclosure Certificate. The form of the Continuing Disclosure Certificate can be found in APPENDIX C to the POS. Effective July 3, 1995, all underwriters of municipal bonds are obligated to procure from any public agency issuing debt a covenant that such public agency will annually file "material financial information and operating data" with respect to such public agency through the web-based Electronic Municipal Market Access ("EMMA") system maintained by the Municipal Securities Rulemaking Board (a federal agency that regulates "broker-dealers," including investment bank firms that underwrite municipal obligations). This requirement is expected to be satisfied by the filing of the District's audited financial statements and other operating information about the District, in the same manner the District has filed such information in connection with prior bond issuances. The purpose of the law is to provide investors in the Bonds with current information regarding the District. Similar laws have governed the corporate debt market for many years.

There is no fiscal impact to the General Fund resulting from the issuance of the Bonds.

INFORMATIONAL ITEM ONLY