Regular Meeting of the Board of Trustees
Los Altos ESD
September 09, 2019 7:00PM
District Office Board Room
201 Covington Road, Los Altos
Closed Session - 6:00 PM -- Open Session - 7:00 PM
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| Anyone wishing to address the Board of Trustees regarding the closed session agenda may do so at this time. |
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| Property: Approximately 11.5 gross acres comprising all or portions of APNs: 148-22-009, 148-22-010, 148-22-012, 148-22-013, and 148-22-011
Agency Negotiators: Jeffrey Baier, Superintendent and Randall Kenyon, Assistant Superintendent, Business Services
Negotiating Parties: Los Altos School District, San Antonio Center II LLC, and City of Mountain View
Under Negotiation: Price and Terms of Payment
(Discussion) |
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| Conference with Legal Counsel - Anticipated Litigation. Significant exposure to litigation pursuant to Government Code section 54956.9(d)(2)(3) (one case).
(Action) |
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| Title: Superintendent
(Discussion) |
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| All matters listed under Consent are considered to be routine and will be approved in one motion. There will be no separate discussion of these items. If discussion is required, items may be removed for separate consideration. |
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| This time is reserved for citizens and employees to address the board on items that are not on the agenda. Community members wishing to address the board are allotted up to three (3) minutes per speaker. The board and administration welcome this opportunity to listen; however, the board is not permitted to discuss or take action on non-agenda items, except to instruct the superintendent to review the matter further, report back to the board at a subsequent meeting or place the matter on a future agenda. The board may make a brief comment or ask clarifying questions. (Government Code section 54954.2) |
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| Mr. Kenyon will review last year's expenditure of developer fees.
(Mr. Kenyon) [10 Minutes - Discussion]
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A. Developer Fee Report
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| Staff and the district's financial adviser will present an overview of the financing plan for acquisition of a tenth school site. The Board of Trustees will consider adopting Resolution #19/20-17, Authorizing the Creation of One or More Sinking Funds to be Funded with Proceeds of Measure N Bonds for Costs of Major Maintenance and Repair of the District's Aging Facilities.
(Mr. Kenyon) [20 minutes - Action] |
| The District received approval from the voters on November 4, 2014 to issue $150,000,000 principal amount of general obligation bonds (the “Measure N Authorization”) in order to finance the acquisition and improvement of certain District school facilities, including the purchase of real property for a new school site and other capital projects listed on the Bond Project List approved by voters. One of the District’s primary objectives for the Measure N Authorization is to complete the acquisition of land and build a new school to accommodate enrollment growth.
The District is also facing ongoing deferred maintenance costs for facilities that have historically been funded by the District’s General Fund. These deferred maintenance items are eligible capital projects within the scope of projects listed on the Bond Project List. The District’s Citizens Advisory Committee for Finance has recommended that this Board consider a set aside of up to $10 million in bond proceeds from the Measure N Authorization for purposes of paying for the costs of deferred maintenance of District facilities, in order to alleviate the burden on the District’s general fund.
Federal tax law permits a school district issuer of bonds to issue the bonds on a tax exempt basis so long as it is reasonably expected that at least 85% of the proceeds of the bonds will be expended within 3 years. District staff estimates that there will be approximately $3 million in deferred maintenance projects to be funded over the next three years. To the extent deferred maintenance projects for years 4 through 10 were funded now from bond proceeds, such bonds would need to be issued on a taxable basis.
As interest rates are at historic lows, the cost of issuing bonds for funding all $10 million in deferred maintenance projects at one time, even if funding for years 4 through 10 are issued on a taxable basis, would be lower than the cost of issuing bonds for this purpose in several series.
The attached resolution would authorize the use of up to $10 million in proceeds of the Measure N bonds towards deferred maintenance projects, consistent with the Bond Project List. It would further authorize staff to create a 10-year bond-funded deferred maintenance plan and authorize up to $10 million of the Series A Bonds be issued for this purpose (up to $3 million of which would be tax-exempt bonds). The resolution would also direct the County to create a subfund within the Building Fund (Fund 21) for set aside of Series A Bond proceeds, such that District spending for deferred maintenance could be separately tracked and reported.
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A. Presentation - 2019 Bond Financing
B. Resolution #19/20-17
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| The Board of Trustees will consider approving the Open Space Park Property Transfer Agreement for the acquisition and future dedication of a 2.0-acre park site to the City of Mountain View.
(Mr. Kenyon) [15 minutes - Action] |
A. Open Space Park Property Transfer Agreement
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| CSBA periodically advises districts of recommended changes in board policies, administrative regulations and board bylaws as a means to assist boards in keeping their policies current and reflecting all recent changes in law and regulations. The Board of Trustees will review the updated wording for the following policies.
(Mr. Baier) [5 minutes - Discussion] |
| This item is for information only. |
| The policies of the Los Altos School District are influenced by federal, state, and local policies, statutes, and court decisions. In order to keep our policies current with the ongoing changes affecting our policies, the California School Boards Association (CSBA) periodically advises districts of recommended changes in board policies, administrative regulations and board bylaws as a means to assist boards in keeping their policies current and reflecting the changes in those laws and regulations. The Board of Trustees will review the updated wording for the attached board policies. This is a first reading of the updated policies. Approval will occur at a future meeting. |
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| This time is for the administration and board to report on non-agenda items such as committee reports, school activities, legislation and future agendas. |
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| Individuals with disabilities attending this meeting who are in need of special accommodations should call the Superintendent’s Office (650-947-1152) at least two days prior to the meeting date to make special arrangements. |
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Published: September 6, 2019, 3:10 PM
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