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Meeting Date:
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4/17/2019 - 3:45 PM
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Category:
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Action Items
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Type:
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Action
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Subject:
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14.13 BUSINESS: Resolution No. 22:18-19 - Resolution of the Board of Trustees of the Perris Union High School District Authorizing the Execution and Delivery of Documents Relating To the Sale and Delivery of Perris Union High School District 2019 Certificates of Participation School Financing Project, and Authorizing and Directing Certain Actions In Connection Therewith
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Strategic Plan:
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Enclosure
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File Attachment:
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Summary:
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The District is currently considering entering into another certificate of participation financing through the sale and delivery of its 2019 Certificates of Participation (School Financing Project) (the “Certificates”), for the purposes of refinancing the District’s outstanding 2007 Certificates of Participation and financing certain capital improvements to District sites and facilities. The resolution of the Board authorizes the execution and delivery of the Certificates, and approves the forms of the legal documents described below.
This Resolution authorizes the issuance of the Certificates, specifies certain basic terms of the Certificates, and approves the forms of certain legal documents described below. In particular, Section 2 of the Resolution establishes the maximum aggregate principal amount of the Certificates to be issued ($45,000,000). Section 3 of the Resolution authorizes the Certificates to be sold at a negotiated sale to the underwriter named in the Contract of Purchase described (the “Underwriter”), and provides the maximum underwriting discount (1.0%) with respect to the Certificates.
The Resolution approves the forms of the Lease/Purchase Agreement, Trust Agreement, Site Lease, Contract of Purchase, Preliminary Official Statement and Escrow Agreement. Further, the Superintendent and Deputy Superintendent, Business Services are authorized to take any and all actions necessary to consummate the sale, execution and delivery of the Certificates and the completion of the associated legal documents.
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Funding:
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There is no cost directly associated with this item; all costs related to the cost of issuance are funded through the financing proceeds.
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Recommendation:
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It is recommended that the Board of Trustees adopt Resolution No. 22:18-19 - Resolution of Board of Trustees of the Perris Union High School District Authorizing the Execution and Delivery of Documents Relating to the Sale and Delivery of Perris Union High School District 2019 Certificates Of Participation School Financing Project, and Authorizing and Directing Certain Actions in Connection Therewith.
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Approvals:
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Recommended By:
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Signed By:
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Candace Reines - Deputy Superintendent
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Signed By:
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Grant Bennett - Superintendent
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Vote Results:
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| Original Motion | | Member David Nelissen Moved, Member Dr. Jose Luis Araux seconded to approve the Original motion 'It is recommended that the Board of Trustees adopt Resolution No. 22:18-19 - Resolution of Board of Trustees of the Perris Union High School District Authorizing the Execution and Delivery of Documents Relating to the Sale and Delivery of Perris Union High School District 2019 Certificates Of Participation School Financing Project, and Authorizing and Directing Certain Actions in Connection Therewith.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Dr. Randall Freeman | Yes | | David Nelissen | Yes | | Dr. Jose Luis Araux | Yes | | Anthony T. Stafford, Sr. | Yes | | Edward Garcia, Jr. | Yes | |
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