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Meeting Date:
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8/17/2021 - 7:00 PM
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Category:
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INFORMATION / DISCUSSION ITEMS
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Type:
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Info
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Subject:
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9.4 Measure J Series 2021 Proposed Bond Final Issuance
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Attachment Summary
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Proposed Bond Final Issuance Documents
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File Attachment:
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Quick Summary / Abstract:
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Background:
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On June 7, 2016 voters approved Measure J, authorizing the Livermore Valley Joint Unified School District (LVJUSD) to issue and sell General Obligation (GO) Facilities Bonds in the amount of $245,000,000, to be used for renovation, repair, modernization, and equipping of District facilities/classrooms
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Status
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The District intends to sell General Obligation (GO) Bonds by negotiated sale to Stifel Nicolaus & Co., Inc., and RBC Capital Markets, as underwriters. The District has appointed Isom Advisors, A Division of Urban Futures, Inc., as Financial Advisor to the District and Orrick, Herrington & Sutcliffe LLP as Bond and Disclosure Counsel to the District with respect to the bonds. U.S. Bank National Association, San Francisco, California, serves as the paying agent for the District’s bonds under appointment by the Treasurer-Tax Collectors of Alameda and Contra Costa Counties.
The Measure J Bond program was designed so that the bonds would be issued in three series. The initial series was designated “Livermore Valley Joint Unified School District General Obligation Bonds, Election of 2016 (Measure J), Series 2016” in the amount of $82,000,000 and issued in October 2016. The second issuance was designated “Livermore Valley Joint Unified School District General Obligation Bonds, Election of 2016 (Measure J), Series 2019” in the amount of $100,000,000. The final issuance will be designated “Livermore Valley Joint Unified School District General Obligation Bonds, Election of 2016 (Measure J), Series 2021” in the proposed aggregate principal amount of $63,000,000.
There is also an opportunity to save taxpayer dollars by refunding outstanding bonds at the same time as this issuance.
The District and its bond financial and legal advisors have prepared associated preliminary documents for the proposed sale of Series 2021 bonds as well as the refunding bonds for review. The actual final issuance of the bonds is expected to be in October.
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Fiscal Impact
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Superintendent's Recommendation:
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This item is informational only and requires no action be taken by the Board of Education at this time. The Resolution and associated preliminary documentation will be brought forth to the September 7th, 2021 Regular Board Meeting for Board approval.
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Approvals:
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Recommended By:
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Signed By:
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Jodi Robison - Executive Assistant
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Signed By:
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Susan Kinder - Assistant Superintendent
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Signed By:
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Kelly Bowers, Ed.D. - Superintendent
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