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Commentary Question Rebuttal in Favor Argument Against Full Text Tax Rate Resolution
Are you sure you want vote to support this extravagant measure? It has no accountability.
This campaign was designed by Isom Advisors. We figured out just the right words to get you to you to open up your checkbook.
We'd also like to introduce you to our partners -- bond lawyers, brokers, wealthy investors, architects, management firms, construction companies, and trade unions. We all stand to make a ton of money on these bonds. Our profits come right off the top, before a penny is actually spent on improving the facilities.
We're not just doing it for the money. We like to show off our work in Architectural Digest and other places where the rich and famous congregate.
Remember, we've taken a lot of risk. We gave money to get your governing board members elected, so they'd be sure to remember us when we came around for a hand-out later.
It's just business-as-usual, here in sunny Corruptifornia.
Please don't read the fine print. That's just put in by the lawyers to make what we're going to do to for you legal.
Commentary Question Rebuttal in Favor Argument Against Full Text Tax Rate Resolution
4828-2302-9034.8
B-1
EXHIBIT B-1
SHORT FORM OF BOND MEASURE
LONG BEACH CITY COLLEGE CLASSROOM REPAIR, CAREER EDUCATION, STUDENT TRANSFER MEASURE. To prepare students/veterans for jobs/universities by: building/upgrading classrooms/laboratories, for health services, small businesses, police, firefighting, technology/other careers; improving deteriorating gas/electrical/sewer lines/leaky roofs, earthquake safety, security and repairing/constructing/acquiring facilities, fields and equipment, shall Long Beach Community College District issue $850,000,000 in bonds at legal rates, requiring citizens' oversight, independent audits, no money for administrators' salaries/pensions, with funds used locally?
Commentary Question Rebuttal in Favor Argument Against Full Text Tax Rate Resolution
Rebuttal to arguments in favor of Measure LB
WE SUPPORT LBCC
The Long Beach Taxpayers Association supports the LBCC campus renovation program started in 2002, with a $ 176 Million Bond Measure and another $ 440 Million in 2008, for a six-year total of over $ 600 Million!
THE PROBLEM
Now after 13 years the College is out of Money, again, short by about $ 200 Million needed to finish 2008 projects, and is asking Voters to approve another $850 Million, bringing the total to $ 1.4 Billion. We Say, Hold Everything!
We cannot support this $ 850 Million Measure until the College provides a full accounting of where the $600 Million went, and where the $ 850 Million is going. In addition, we want the College to install a Project, On-Budget oversight program.
TRANSPERENCY
We want the same Transparent project oversight protections that private investors demand for their construction project investments., We want a simple, Transparent On-Budget oversight system. What the college has now is no System at all. No system means college officials never have to publish anything showing taxpayers which projects were delivered Over- Budget, and which Projects were delivered Under- Budget. Zero project Budget Transparency!
NO TRANSPARENTCY
The college tells us not to worry, that we are in good hands with the Bond Management Group, Citizens Oversight Committee, and the Audits. In fact, they have done nothing to facilitate or implement an On Budget Oversight system, or report project Cost Overruns!
Send a Message, Vote No on Measure LB
Commentary Question Rebuttal in Favor Argument Against Full Text Tax Rate Resolution
The Long Beach Taxpayers Association calls for a No Vote on the proposed Long Beach Community College Districts {LBCC} $ 850 Million Bond, ballot Measure LB. This last minute, blindsiding Tax calls for another $ 850 Million on top of the $ 620 Million already on your property Tax Bills. This new assessment will take the Total LBCC Tax to a whopping $ 1,470,000,000 {$1.47 Billion}! Remember, this Billion Dollars can also filter down to Renters, raising rents.
Before Voters pay one dime more to College officials to spend, the officials have some serious explaining to do. Like, why is the Measure so vague, where is the project detail for the $ 850 Million? Why is there no mention of a project On-Budget target, or administrative costs? Why have College officials failed to give Voters a Heads-Up years ago of the looming Millions? Certainly, LBCC planers knew well in advance of these new Projects! There is More!
Concerning past Projects, why has the college failed to issue Press Releases showing the most basic of industry Project Management tools, a simple On-Budget target? Why haven't the project Contractors names, bid amounts, and final costs been released? These failures are especially egregious since an LBCC board of Trustee President said that the Board of Trustees were "Dedicated" to Project On-Budget delivery! A subsequent Public Records Request found No Record of an On-Budget delivery program for construction Projects at the College! Consider this, when a Project has no On- Budget target, then elected officials don't have to explain why the Project went over Budget!
College officials have failed miserably in providing Voters meaningful Project Transparency! So vote No on Measure LB, and send a clear message to College politicians to first, finish Measure E projects, then come back to Voters with a comprehensive Audit that explains where the Money went!
Laurence Boland
Long Beach Taxpayers Association 3-18-16
Thomas W. Stout
Long Beach Taxpayers Association 3-18-16
Kathleen E. Ryan
Long Beach Taxpayers Association 3-18-16
Filer: Laurence Boland 4565 E Carson St Long Beach CA 90509 bolandhome@aol.com 562-429-9769
Commentary Question Rebuttal in Favor Argument Against Full Text Tax Rate Resolution
4828-2302-9034.8
A-1
EXHIBIT A
FULL TEXT BALLOT PROPOSITION
OF THE LONG BEACH COMMUNITY COLLEGE DISTRICT
BOND MEASURE ELECTION FOR JUNE 7, 2016
LONG BEACH CITY COLLEGE CLASSROOM REPAIR, CAREER EDUCATION, STUDENT TRANSFER MEASURE. To prepare students/veterans for jobs/universities by: building/upgrading classrooms/laboratories, for health services, small businesses, police, firefighting, technology/other careers; improving deteriorating gas/electrical/sewer lines/leaky roofs, earthquake safety, security and repairing/constructing/acquiring facilities, fields and equipment, shall Long Beach Community College District issue $850,000,000 in bonds at legal rates, requiring citizens' oversight, independent audits, no money for administrators' salaries/pensions, with funds used locally?
PROJECT LIST
The Board of Trustees of the Long Beach Community College District certifies that it has evaluated the District's urgent and critical capital needs, including school and student safety issues, enrollment trends, class size reduction, overcrowding, energy efficiency and computer technology, seismic safety requirements, and aging, outdated or deteriorating school buildings in developing the scope of projects to be funded. In developing the scope of projects, the District has prioritized the key health and safety and sustainability needs so that the most critical school site needs are addressed. The Board conducted an evaluation at all District sites and received input in developing the scope of projects to be funded. This input concluded that if these needs were not addressed now, the problems would only get worse and more expensive to address in the future. In approving this Project List, the Board of Trustees determines that the District should:
The Project List includes the following types of projects:
Renovation, Repair and Upgrade Projects
Health, Safety and Security, Earthquake Safety
and Energy Efficiency Projects
Staff and Student Safety
Energy Efficiency/Water Conservation
District-Wide Wiring and Instructional Technology
Listed building, repair and rehabilitation projects and upgrades will be completed as needed. Each project is assumed to include its share of furniture, equipment, architectural, engineering, and similar planning costs, program/construction management, and a customary contingency for unforeseen design and construction costs. In addition to the listed repair and construction projects stated above, the Project List also includes the acquisition of a variety of instructional, maintenance and operational equipment; the construction of new classrooms and other facilities, if necessary, to serve students; the acquisition of land; repairs and replacements of administrative support spaces; the payment of the costs of preparation of all facility planning, facility assessment reviews, facility master plan updates, environmental studies (including environmental investigation, remediation and monitoring) and construction documentation; and temporary housing of dislocated District activities caused by bond construction projects. The upgrading of technology infrastructure includes, but is not limited to: computers, projectors and projection systems; media control stations; portable interface devices; centralized storage and backup systems; uninterruptable power supplies; racks; servers; switches; routers; modules; sound systems; access control systems; printers; digital white boards; document projectors and cameras; upgraded voice-over IP; communications software and systems; collaborative systems; network management software; enterprise-wide software system replacement or upgrade; network security/firewall; wiring and cabling; and other miscellaneous equipment and software.
In addition to the projects listed above, the repair and renovation of each of the existing District facilities may include, but not be limited to, some or all of the following: renovation of student and staff restrooms; repair and replacement of heating, air conditioning and ventilation systems; upgrade of facilities for energy efficiency and to reduce fire risks; repair and replacement of worn-out and leaky roofs, windows, walls, doors and drinking fountains; demolition of unsafe facilities; installation of wiring and electrical systems to safely accommodate computers, technology and other electrical devices and needs; repairing and replacing fire alarms, emergency communications and security systems; resurfacing or replacing of hard courts, turf and irrigation systems and campus landscaping; building new and/or renovating existing athletic laboratories; upgrading or replacing inadequate libraries, and administrative spaces; upgrading locker rooms; installing artificial turf and bleachers; improving sanitation and recycling; expanding parking; installing interior and exterior painting and floor covering; installing covered walkways; demolition; and construction of various forms of storage and support spaces; replacing water and sewer lines and other plumbing systems; and replacing outdated security systems.
4828-2302-9034.8The allocation of bond proceeds may be affected by the District's receipt of State matching funds and the final costs of each project. In the absence of State matching funds, which the District will aggressively pursue to reduce the District's share of the costs of the projects, the District may undertake fewer than all of the projects listed above. Some projects may be undertaken as joint use projects in cooperation with other local public or non-profit agencies. Possible joint-use projects could include, but may not be limited to, any of the following: athletic facilities, daycare centers, classrooms, facilities for business development and career technology centers.
Necessary site preparation/restoration may occur in connection with new construction, renovation or remodeling, including ingress and egress, removing, replacing or installing irrigation, storm drain, and utility lines, trees and landscaping, relocating fire access roads, and acquiring any necessary easements, licenses, or rights of way to the property. Proceeds of the bonds may be used to pay or reimburse the District for the costs of District staff when performing work on or necessary and incidental to bond projects. Bond proceeds shall only be expended for the specific purposes identified herein.
NO ADMINISTRATOR SALARIES. PROCEEDS FROM THE SALE OF THE BONDS AUTHORIZED BY THIS PROPOSITION SHALL BE USED ONLY FOR THE ACQUISITION, CONSTRUCTION, RECONSTRUCTION, REHABILITATION, OR REPLACEMENT OF DISTRICT FACILITIES, INCLUDING THE FURNISHING AND EQUIPPING OF FACILITIES, AND NOT FOR ANY OTHER PURPOSE, INCLUDING TEACHER AND ADMINISTRATOR SALARIES OR PENSIONS OR OTHER OPERATING EXPENSES.
FISCAL ACCOUNTABILITY. THE EXPENDITURE OF BOND MONEY ON THESE PROJECTS IS SUBJECT TO STRINGENT FINANCIAL ACCOUNTABILITY REQUIREMENTS. BY LAW, PERFORMANCE AND FINANCIAL AUDITS WILL BE PERFORMED ANNUALLY, AND ALL BOND EXPENDITURES WILL BE MONITORED BY AN INDEPENDENT CITIZENS' OVERSIGHT COMMITTEE (EDUCATION CODE SECTION 15278 ET SEQ.) TO ENSURE THAT FUNDS ARE SPENT AS PROMISED AND SPECIFIED. THE CITIZENS' OVERSIGHT COMMITTEE MUST INCLUDE, AMONG OTHERS, REPRESENTATIVES OF A BONA FIDE TAXPAYERS ASSOCIATION, A BUSINESS ORGANIZATION AND A SENIOR CITIZENS ORGANIZATION. NO DISTRICT EMPLOYEES OR VENDORS ARE ALLOWED TO SERVE ON THE CITIZENS' OVERSIGHT COMMITTEE.
Commentary Question Rebuttal in Favor Argument Against Full Text Tax Rate Resolution
4828-2302-9034.8
C-1
EXHIBIT C
TAX RATE STATEMENT CONCERNING MEASURE __
TAX RATE STATEMENT
REGARDING PROPOSED
$850,000,000
LONG BEACH COMMUNITY COLLEGE DISTRICT
GENERAL OBLIGATION BONDS
An election will be held in Long Beach Community College District (the "District") on June 7, 2016, for the purpose of submitting to the electors of the District the question of issuing bonds of the District in the principal amount of $850 million. If such bonds are authorized and sold, the principal thereof and interest thereon will be payable from the proceeds of taxes levied on the taxable property in the District. The following information regarding tax rates is given to comply with Section 9401 of the California Elections Code. This information is based upon the best estimates and projections presently available from official sources, upon experience within the District and other demonstrable factors.
Based upon the foregoing and projections of the assessed valuations of taxable property in the District, and assuming the entire debt service on the bonds will be paid through property taxation:
1. The best estimate from official sources of the tax rate that would be required to be levied to fund the bond issue during the first fiscal year after the first sale of the bonds, based on estimated assessed valuations available at the time of the filing of this statement, or on a projection based on experience within the District or other demonstrable factors, is $25 per $100,000 of assessed valuation of all property to be taxed in the year 2016-17.
2. The best estimate from official sources of the tax rate that would be required to be levied to fund the bond issue during the first fiscal year after the last sale of the bonds and an estimate of the year in which that rate will apply, based on estimated assessed valuations available at the time of the filing of this statement, or on a projection based on experience within the District or other demonstrable factors, is $25 per $100,000 of assessed valuation of all property to be taxed in the year 2042-43.
3. The best estimate from official sources of the highest tax rate that would be required to be levied to fund the bond issue and an estimate of the year in which that rate will apply, based on estimated assessed valuations available at the time of the filing of this statement, or on a projection based on experience within the District or other demonstrable factors, is $25 per $100,000 of assessed valuation of all property to be taxed in the year 2016-17.
Attention of voters is directed to the fact that the foregoing information is based upon projections and estimates. The actual timing of sales of the bonds and the amount to be sold at any time will be governed by the needs of the District and other factors. The actual interest rates at
4828-2302-9034.8The District estimates, based on current assumptions, that total debt service on the bonds would be $1,916,744,231.
_____________________________________
Superintendent-President
Long Beach Community College District
Commentary Question Rebuttal in Favor Argument Against Full Text Tax Rate Resolution
4828-2302-9034.8
RESOLUTION NO. 022316A
RESOLUTION OF THE BOARD OF TRUSTEES OF
LONG BEACH COMMUNITY COLLEGE DISTRICT
ORDERING AN ELECTION TO AUTHORIZE THE
ISSUANCE OF GENERAL OBLIGATION BONDS, ESTABLISHING SPECIFICATIONS
OF THE ELECTION ORDER, AND REQUESTING CONSOLIDATION
WITH OTHER ELECTIONS OCCURRING ON JUNE 7, 2016
WHEREAS, Long Beach City College ("LBCC") offers an affordable alternative to the skyrocketing cost of four-year universities and private for-profit colleges, and by repairing and upgrading classrooms and facilities, LBCC can continue to increase opportunities for local students to earn college credits, certifications and job skills at a reasonable price; and
WHEREAS, increasing classroom space will allow LBCC to expand its innovative College Promise program – which provides a pathway to higher education for local high school graduates who otherwise could not afford it – so more students in this community have the opportunity to succeed at California State University, Long Beach or another four-year university and be workforce-ready; and
WHEREAS, this year, LBCC will serve about 850 veterans and their family members, a 10% increase over last year, assisting many returning veterans who may face challenges including post-traumatic stress disorder and permanent disability, who need improved facilities for counseling, tutoring, career education programs and other services to help them complete their education and enter the civilian workforce; and
WHEREAS, by improving classrooms, labs and equipment for programs to train local police officers and firefighters and other in-demand jobs in health services, construction, renewable energy, robotics, technology and advance manufacturing, LBCC can better prepare students for well-paying jobs; and
WHEREAS, many LBCC classroom buildings were built in the 1950's and are outdated, deteriorating and requiring improvements and repairs such as upgrades in wiring/electrical systems and gas and sewer lines, meeting handicapped accessibility and earthquake safety requirements and fixing plumbing and leaky roofs; and
WHEREAS, the Long Beach Community College District (the "District") wishes to provide additional funding for the improvement, construction, equipping and furnishing of LBCC facilities, to ensure that District students have modern, safe and efficient classrooms and indoor and outdoor laboratories and that they have access to technology necessary for them to compete for good careers; and
WHEREAS, in the judgment of the Board of Trustees of the District (the "Board"), it is advisable to call an election to submit to the electors of the District the question of whether bonds of the District shall be issued and sold for the purpose of funding the construction, reconstruction, rehabilitation and replacement of District facilities, including the furnishing or equipping of District 4828-2302-9034.8
2facilities, or the acquisition or lease of real property for District facilities and paying costs incident thereto; and
WHEREAS, pursuant to the provisions of Proposition 39, adopted by the voters of the State of California (the "State") on November 7, 2000 ("Proposition 39"), comprising Article XIIIA, Section 1, paragraph (b) of the California Constitution ("Article XIIIA"), the District may incur bonded indebtedness upon the vote of fifty-five percent (55%) or more of the qualified electors of the District voting on the proposition; and
WHEREAS, pursuant to California Education Code ("Education Code") Section 15264 et seq. (the "Act"), the Board is specifically authorized, upon approval by two-thirds (2/3) of the members of the Board, to submit to the electorate of the District the question of whether bonds of the District shall be issued and sold for specified purposes pursuant to paragraph (3) of said subdivision (b) of Section 1 of Article XIIIA and subdivision (b) of Section 18 of Article XVI of the California Constitution; and
WHEREAS, the Board desires to make certain findings to be applicable to the within election order and to establish compliance with Proposition 39 and the applicable requirements of the Education Code and the Elections Code of the State (the "Elections Code"), as further specified herein; and
WHEREAS, pursuant to Section 10403 et seq. of the Elections Code, the Board now deems it appropriate and necessary to request consolidation of the election authorized hereby (the "Election") with any and all other elections to be held on June 7, 2016, and to request the Registrar of Voters (the "Registrar of Voters") of the County of Los Angeles (the "County") to perform certain election services for the District; and
WHEREAS, the proposed Bond Measure (defined below) to be considered at the Election includes requirements for strict accountability, including establishment of a Citizen's Oversight Committee and independent annual financial and performance audits to insure all bond proceeds are used effectively and as promised, with no funds going towards administrator's salaries or pensions;
NOW, THEREFORE, THE BOARD OF TRUSTEES OF LONG BEACH COMMUNITY COLLEGE DISTRICT HEREBY RESOLVES, DETERMINES, AND ORDERS AS FOLLOWS:
Section 1. Call for Election. The Board hereby orders an election and submits to the electors of the District the question of whether general obligation bonds of the District shall be issued and sold in one or more series from time to time in the aggregate principal amount not to exceed $850,000,000 for the purpose of raising money for construction, reconstruction, rehabilitation and replacement of District facilities, including the furnishing or equipping of District facilities, or the acquisition or lease of real property for District facilities and paying costs incident thereto, as set forth more fully in a ballot proposition approved pursuant to Section 4 below.
4828-2302-9034.8
3
Section 2. Order of Election. This Resolution shall stand as the order to the Registrar of Voters to call the Election within the boundaries of the District on June 7, 2016. The Registrar of Voters is hereby requested, pursuant to Section 5322 of the Education Code, to take all steps to call and hold the Election in accordance with law and these specifications.
Section 3. Election Date and Consolidation. The date of the Election shall be June 7, 2016, and the Election shall be held solely within the boundaries of the District. Pursuant to Section 15121 of the Education Code and Part 3 (commencing with Section 10400) of Division 10 of the Elections Code, the Board of Supervisors of the County is requested to order consolidation of the school bond election ordered herein with such other elections as may be held on the same day in the same territory or in territory that is in part the same.
Section 4. Purpose of Election; Ballot Proposition. The purpose of the Election shall be for the voters of the District to vote on a proposition, a full copy of which is attached hereto as Exhibit A (the "Bond Measure"), containing the question of whether the District shall issue the Bonds for the purposes stated therein, together with the accountability requirements of Article XIIIA and the requirements of Section 15272 of the Act. The Registrar of Voters is hereby requested to reprint Exhibit A hereof in its entirety in the voter information pamphlet to be distributed to voters. As required by Elections Code Section 13247, the abbreviated form of the Bond Measure to appear on the ballot is attached hereto as Exhibit B. The District's Superintendent-President (or designee) is hereby authorized and directed to make any changes to the text of the proposition or its abbreviated form as required to comply with the intent of this Resolution, the requirements of election officials, and requirements of law.
Section 5. The Bonds. (i) The maturity of any bonds issued pursuant to the Bond Measure and under Chapter 1.5, Part 10, Division 1, Title 1 of the Education Code (commencing with Section 15264), as amended, and Article XIIIA shall not exceed twenty-five (25) years and shall bear or accrete interest at a rate not to exceed the maximum legal interest rate per annum, and (ii) the maturity of any bonds issued pursuant to the Bond Measure and under Article 4.5 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, as amended, applicable provisions of the Education Code and Article XIIIA of the California Constitution shall not exceed forty (40) years, or, in the case of bonds, the interest on which is compounded, twentyfive (25) years, and shall bear or accrete interest at a rate not to exceed the maximum legal interest rate per annum.
Section 6. Authority for Election. The authority for ordering the Election is contained in the Act, Article XIIIA, Section 1, paragraph (b), subsection (3) of the California Constitution, and Section 53506 et seq. of the California Government Code. The authority for the specification of this election order is contained in Education Code Section 5322.
Section 7. School Facilities Projects. A list of the specific capital projects (the "Projects") to be funded from the proceeds of the Bonds is set forth in Exhibit A (the "Project List"). As required by Article XIIIA, the Board hereby certifies that it has evaluated safety, classsize reduction and information technology needs of the District in developing the list of capital projects set forth in Exhibit A. The District understands that the costs of administering the Election, managing construction projects and costs of issuance of the Bonds shall be lawful charges against proceeds of sale of the Bonds.
4828-2302-9034.8
4
Section 8. Covenants of the Board Upon Approval of the Bonds by the Electorate. As required by Article XIIIA and Section 15278 of the Act, if fifty-five percent (55%) or more of the voters of the District voting on the Bond Measure approve the Bond Measure, the Board shall:
Section 9. Delivery of this Resolution. The Secretary to this Board is hereby authorized and directed to send or hand-deliver a completed and certified copy of this Resolution to each of the Superintendent of Schools of the County, the Executive Officer-Clerk of the Board of Supervisors of the County and the Registrar of Voters no later than March 11, 2016.
Section 10. Tax Rate Statement; Ballot Arguments. Any one of the Superintendent-President of the District, the President of the Board, or their designees, is hereby authorized to execute the Tax Rate Statement attached hereto as Exhibit C and any other required documents and to perform all acts necessary to place the Bond Measure on the ballot. The Tax Rate Statement shall be delivered to the Registrar of Voters on or before March 11, 2016. The President of the Board is hereby authorized to act as an author of or signer to any ballot argument prepared in connection with the Election, including a rebuttal argument.
Section 11. Consolidation of Election; Election Services. Pursuant to Section 5303 of the Education Code and Section 10002 of the Elections Code, the Board of Supervisors is requested to permit the Registrar of Voters, or other appropriate officials of the County, to render all services necessary in connection with the Election including, but not limited to, publication of a Formal Notice of School Bond Election pursuant to Education Code Section 5363 and related law, the mailing of the sample ballot and tax rate statement (described in Section 9401 of the Elections 4828-2302-9034.8
5Code), the opportunity to submit ballot arguments in connection with the Election, the canvassing and certification of the returns of the Election, and other ballot requirements pursuant to Education Code Section 15123, for which services the District agrees to reimburse the County as required by law.
Section 12. Reimbursement of Qualified Project Expenditures. The Board presently intends and reasonably expects to have tax-exempt obligations (the "Obligations") issued on its behalf no later than 18 months of (i) the date of the expenditure of moneys, if any, made with respect to the Projects outlined in the Project List or (ii) the date upon which the Project for which expenditures are to be reimbursed is placed in service or abandoned, whichever is later (but in no event more than 3 years after the date the original expenditure of such moneys is paid), and to allocate an amount of the proceeds thereof not to exceed $10,000,000 to reimbursable expenditures in connection with the Projects, as may be qualified under the provisions of Section 1.150-2 of the Treasury Regulations of the Internal Revenue Service (the "Reimbursable Expenditures"). All of the Reimbursable Expenditures covered by this Section were paid not earlier than 60 days prior to the date of this Resolution or constitute preliminary expenditures within the meaning of Section 1.150-2 of the Treasury Regulations. The Board intends to allocate within 30 days after the date of issue of the Obligations, the proceeds therefrom to reimburse the District for the Reimbursable Expenditures. With respect to the proceeds of the Obligations allocated to reimburse the District for prior expenditures, the Board hereby covenants not to employ an abusive device under Treasury Regulation Section 1.148-10, including using within one year of the reimbursement allocation, the funds corresponding to the proceeds of the Obligations in a manner that results in the creation of replacement proceeds, as defined in Treasury Regulation Section 1.148-1, of the Obligations or another issue of tax-exempt obligations.
The above provisions are made solely for the purpose of establishing compliance with the requirements of said Section 1.150-2 of the Treasury Regulations. This provision does not bind the District or the Board to make any expenditure, incur any indebtedness, or proceed with the financing, acquisition or construction of the Projects.
Section 13. Bond Counsel. The Board hereby approves the retention of Nixon Peabody LLP as bond counsel in connection with the Election and subsequent issuances of bonds thereunder, pursuant to a contract to be entered into by the Superintendent-President.
Section 14. Effective Date. This Resolution shall take effect immediately upon its adoption.
4828-2302-9034.8
6
PASSED AND ADOPTED by the Board of Trustees of the Long Beach Community College District at a regular meeting thereof held on the 23rd day of February, 2016, at Long Beach, California, at which a quorum of the Board of Trustees was present and acting throughout, by the following vote.
AYES: MEMBERS:
NOES: MEMBERS:
ABSENT: MEMBERS:
ABSTAIN: MEMBERS:
President of the Board of Trustees
ATTEST:
Secretary to the Board of Trustees
Commentary Question Rebuttal in Favor Argument Against Full Text Tax Rate Resolution
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