Mountain View Whisman School District
Agenda Item for Board Meeting of 6/16/2022
Agenda Category: CONSENT AGENDA
Agenda Item Title: Resolution No. 04-061622 - Resolution Requesting Board of Supervisors of Santa Clara Count to Establish Tax Rate for Bonds of Mountain View Whisman School District Expected to Be Sold During Fiscal Year 2022-23, and Authorizing Necessary Actions in Connection Therewith
Estimated Time:
Person Responsible: Ron Wheelehan, Interim Chief Business Officer
Background:
An election was held in the Mountain View Whisman School District on March 3, 2020 for the issuance and sale of general obligation bonds of the District for various school improvements in the maximum amount of $259,000,000 (the “Measure T”). The schedule for issuing the next series of bonds authorized under Measure T (the “Bonds”) currently anticipates selling such Bonds after the time that the Auditor-Controller calculates the taxes to be levied for District bonded debt during fiscal year 2022-23. Therefore, Resolution No. 04-061622 is being brought before the Board of Trustees now to formally request that, pursuant to Education Code Sections 15252-15254, the Board of Supervisors of the County adopt a tax rate and levy a tax for the Bonds. The tax rate will be based upon an estimated debt service schedule prepared by the District. The Resolution further authorizes the District officials to file a certified copy of the Resolution with the Board of Supervisors of the County and to deliver copies of the Resolution to the Auditor-Controller and Treasurer and Tax Collector of the County.
Adoption of this Resolution is necessary to ensure that property taxes are levied during fiscal year 2022-23 for the payment of the Bonds. The Bonds are expected to be sold during fiscal year 2022-23.
Fiscal Implication:
There is no fiscal impact to the General Fund resulting from the issuance of the Bonds.
Recommended Action:
It is recommended that the Board of Trustees approve Resolution No. 04-061622 - Resolution Requesting Board of Supervisors of Santa Clara Count to Establish Tax Rate for Bonds of Mountain View Whisman School District Expected to Be Sold During Fiscal Year 2022-23, and Authorizing Necessary Actions in Connection Therewith.
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