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Pass: 2,453 / 61.04% Yes votes ...... 1,566 / 38.96% No votes
To renovate and modernize aging school facilities and classrooms, upgrade libraries, replace leaking and deteriorating roofs, improve energy efficiency by upgrading heating, electrical and plumbing systems, upgrade athletic facilities, upgrade access to instructional technology, and improve school safety and security, shall the North Monterey County Unified School District be authorized to issue $23,800,000 in bonds at legal interest rates with no funds for administrator salaries and an appointed Independent Citizens' Oversight Committee to monitor all bond expenditures?
I'm building a library of historical local school bond measure documents. If you have missing documents for this measure or would like to help acquire those documents for your district or county, please call me at 909-378-5401.
8/3/2017 7:00 PM | Regular Board Meeting- Closed Session at 5:45 p.m. | District Office Board Room 8142 Moss Landing Road Moss Landing, CA. -Please let it be noted that Board Member Martha Chavarria is participating remotely from the following location: 998 W Mission Bay Dr, San Diego, CA 92109 | |||
4/3/2014 7:00 PM | Regular Board Meeting | District Office Board Room 8142 Moss Landing Road Moss Landing, CA | |||
1/9/2014 7:00 PM | Regular Board meeting | District Office Board Room 8142 Moss Landing Road Moss Landing, CA | |||
12/12/2013 7:00 PM | Regular Board Meeting | District Office Board Room 8142 Moss Landing Road Moss Landing, CA | |||
7/25/2013 7:00 PM | Regular Board Meeting | District Office Board Room 8142 Moss Landing Road Moss Landing, CA | |||
6/13/2013 7:00 PM | Regular Board Meeting | District Office Board Room 8142 Moss Landing Road Moss Landing, CA |
11/3/2016 7:00 PM | Regular Board Meeting-Closed Session 5:45 p.m. | District Office Board Room 8142 Moss Landing Road Moss Landing, CA | |||
10/6/2016 7:00 PM | Regular Board Meeting-Closed Session 4:45 p.m. | District Office Board Room 8142 Moss Landing Road Moss Landing, CA | |||
2/25/2016 7:00 PM | Regular Board Meeting-Closed Session 6:00 p.m. | District Office Board Room 8142 Moss Landing Road Moss Landing, CA | |||
10/1/2015 7:00 PM | Regular Board Meeting- Closed Session 6:30 p.m. | District Office Board Room 8142 Moss Landing Road Moss Landing, CA | |||
8/20/2015 7:00 PM | Regular Board Meeting-Closed Session 6:15 p.m. | District Office Board Room 8142 Moss Landing Road Moss Landing, CA | |||
4/9/2015 7:00 PM | Regular Board Meeting | District Office Board Room 8142 Moss Landing Road Moss Landing, CA | |||
2/26/2015 7:00 PM | Regular Board Meeting | District Office Board Room 8142 Moss Landing Road Moss Landing, CA | |||
9/18/2014 7:00 PM | Regular Board meeting | District Office Board Room 8142 Moss Landing Road Moss Landing, CA | |||
7/24/2014 7:00 PM | Regular Board Meeting | District Office Board Room 8142 Moss Landing Road Moss Landing, CA | |||
4/24/2014 7:00 PM | Regular Board Meeting | District Office Board Room 8142 Moss Landing Road Moss Landing, CA | |||
2/6/2014 7:00 PM | Regular Board Meeting | District Office Board Room 8142 Moss Landing Road Moss Landing, CA |
Regular Board Meeting |
14. DISCUSSION |
14.1. Public Hearing and Presentation on the General Obligation School Bond for the November 5, 2013 Election
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14.2. Approve Resolution No. 2013-1403 of the Board of Education of the North Monterey County Unified School District Ordering a School Bond Election, and Authorizing Necessary Actions in Connection Therewith
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18.3. Approve Resolution No. 2013-1414 of the Board of Trustees of the
North Monterey County Unified School District Canvassing the Results of
the General Obligation Bond Election Held on November 5, 2013
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Regular Board meeting |
17.3. North Monterey County Unified School District General Obligation Bonds, Election of 2013, Series A Financing Schedule
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Regular Board Meeting
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15.1. Resolution No. 2013-1417 Establishing Bond Oversight Committee and Appointing Committee Members
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Regular Board Meeting |
15.2. Public Hearing and Presentation on the General Obligation Bonds, Election of 2013, Series A (2014)
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PREPARED BY: | ||
Kari Yeater, Superintendent | ||
RECOMMENDATION: | ||
Adopt the Resolution No. 2013-1421, the Board of Education of the North Monterey County Unified School District Authorizing the Issuance and Sale of the District's General Obligation Bonds, Election of 2013, Series A (2014), in the Aggregate Principal Amount of Not to Exceed $15,500,000 | ||
Actions: | ||
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INFORMATION: | ||
The District passed a General
Obligation Bond on November 5, 2013. On December 12, 2013, the Board
approved Resolution No. 2013-1414 Canvassing the Results of the General
Obligation Election and then approve the Resolution No. 2013-1415 which
was the Official Intent Regarding Capital Expenditures to be Reimbursed
from Proceeds of a Tax-Exempt Obligation. The District has convened a Citizens Oversight Committee as required by law and is now ready to adopt a resolution to authorize the issuance and sale of the first series (Series A-2014) of the general obligation bond. |
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FISCAL IMPACT: | ||
The General Obligation Bond Series A proceeds and any related cost of issuance are part of the overall bond financing plan are do not have a direct impact on the District's unrestricted or restricted budget. All bond proceeds will be recorded and accounted for in a separate budget as required under the Schools Accounting Code Structure (SACS) and permitted by law, monitored by the Citizens Oversight Committee. | ||
SUPERINTENDENT'S COMMENTS: | ||
It is recommended that the Board of Trustees adopt the Resolution No. 2013-1421, the Board of Education of NMCUSD Authorizing the Issuance and Sale of the District's General Obligation Bonds, Election of 2013, Series A (2014), in the Aggregate Principal Amount of Not to Exceed $15,500,000. | ||
Minutes: | ||
Superintendent Kari Yeater presented the Resolution and Mr. Brian Quint was available for questions. Mr. Quint reported that he has been working with Ms. Liann Reyes and the attached documents had to be updated to reflect the new funding model. Mr. Quint reported on the first series of bonds which will be official and will plan to go into the market next week. | ||
SUPPORTING DATA: | ||
The District's Bond Council,
Brian Quint from Quint & Thimmig, LLP along with the Assistant
Superintendent for Business Services, Liann Reyes, have revised the
Preliminary Official Statement document which is on file for public
review at the District office. Attached is the full Resolution No. 2013-1421 document that outlines the following: Article I: Definitions, authority Article II: The Series A Bonds Article III Issue of Series A Bonds, Application of Series A Bond Proceeds, Security for the Series A Bonds Article IV:Sale of Series A Bonds; Application of Series A Bond Proceeds, Security for the Series A Bonds, Sale of Bonds; Approval of Paying Agent Agreement, Approval of Official Statement Article V: Other Convenants of the District Article VI: The Paying Agent Article VII: Events of Default and Remedies of Bondowners Article VIII: Supplemental Resolutions Article IX: Miscellaneous *Forms will be completed upon the sale of the Series A Bond. Exhibit A: Form of Series A Bond Exhibit B: Form of Bond Purchase Agreement Exhibit C: Form of Paying Agent Agreement Exhibit D: Form of Continuing Disclosure Certificate Exhibit E: Estimated Cost of Issuance Exhibit D: |
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Attachments: | ||
Resolution No. 2013-1421 Issuance and Sale of the District's General Obligation Bond Series A (2014) |
15.3. Approve a .375 (up to 3 hours) Accountant IV position to support the Bond Program.
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12.2. Approve Citizens Bond Oversight Committee Bylaws
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14.6. Approve the Proposed Engagement Letter with Goodell, Porter, Sanchez, & Bright, LLP to Prepare the Annual Performance Bond Fund Audit.
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9.2. Approve Capital Facilities Financial Management and Reporting
Services Agreement for Required Reporting for Bond Construction Projects
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O.I. Approve Resolution No. 2015-1603 to Appoint Citizens Bond Oversight Committee Members (Action Item)
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Rationale: | |
Proposition 39 requires the sponsoring school district of an approved measure to establish a Bond Oversight Committee (BOC) to review expenditures, annually report, and inform the public regarding the expenditures of the general obligation bond. The BOC must provide an annual report confirming that bond funds were expended in accordance with Proposition 39 requirements. This is the NMCUSD Measure H BOC's first annual report for the fiscal year ending June 30, 2015. As this is the first annual report, it also includes all expenditures in fiscal year ending June 30, 2014. |
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Financial Impact: | |
No Fiscal Impact |
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Attachments: | |
BOC Annual Report Powerpoint presentation -BOC Annual Report |
Rationale: | |
Due to a recent resignation of a Bond Oversight Committee (BOC) member, a vacancy became available for a "Community-At-Large" position. The position was publicly advertised for applications from those interested in participating. Margaret Stone, who has been present at every BOC meeting for the Measure H Bond, submitted an application. After reviewing the application district staff is recommending Margaret Stone be appointed to the Committee. |
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Financial Impact: | |
None. |
P.V. Measure ‘H' Citizen's Bond Oversight Committee Annual Report 2016 (Committee Report Item)
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P.II. Approve Appointment of Deborah Trice to the North Monterey County
Unified School District Bond Oversight Committee to fill a vacancy
(Action Item)
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