Wednesday, December 12, 2012

Debt limit waiver pulled from tonights board meeting agenda

Items F.2 and F.3 have been pulled and rescheduled for "a later date."  No reason given.

Agenda text
F.2 
Notice of Public Hearing Regarding Request for Bond Waiver
Comment:
Notice is Hereby given
the Board of Education (“Board”) of the West Contra Costa Unified School District (“District”) at a Public Hearing to be held on December 12, 2012 at 6:30 p.m., or as soon thereafter as the matter may be heard, at Lovonya DeJean Middle School Multipurpose Room, 3400 Macdonald Avenue, Richmond, California 94805, on December 12, 2012 will review and consider adoption of a resolution of the Board to authorize a request for waiver from State Board of Education relative to statutory requirements on general obligation bond debt limitations, as applicable to the District, as provided by section 15106 of the Education code.

The purpose of the Public Hearing to be held on December 12, 2012, is to invite public testimony and comment on this matter. The draft of the request for waiver is on file and available for public review at the District’s office located at West Contra Costa Unified School District, 1108 Bissell Avenue, Richmond, CA 94801, and is herein incorporated by reference. To receive a copy of the draft request for waiver, or if you have questions on this matter, please contact Ms. Sheri Gamba, Associate Superintendent for Business Services, at telephone (510) 231-1170.
The Public Hearing of the District will be held on December 12, 2012 at the location set forth above. This matter will be considered at such time as this agenda item is considered by the Board of the District.
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F.3 
Resolution No. 55-1213: Intent to Seek Debt Limit Waiver from State Board of Education for Sale of remaining General Obligation Bonds as approved by voters under Measure E, 2012
  • Comment:
    In order to complete the Bond program school renovation and reconstruction projects which are allocated under Measure E 2012, the District will need to sell the bonds approved under that measure. The District does not currently have sufficient bonding capacity to issue any of the $360 million in voter-authorized Measure E 2012 Bonds. Based on the 2012-2013 assessed valuation, the District’s
    current bonding capacity is $591 million. The District currently has $797 million in outstanding debt, with no remaining bonding capacity for Measure E 2012. In order to keep the bond program on track and finish current projects, staff is recommending that the District apply for a waiver of the bonding capacity limits from the State Board of Education. Approval of the District’s request for a ten year increase in its bonding capacity from 2.5% of assessed valuation to 6.0% of assessed valuation will allow the District to issue the full $360 million of the voter authorized Measure E 2012 bonds. Because of tax rate limitations and other factors, the District plans to issue these bonds in series over time. The bond language for Measure E 2012 includes reference to the need for a potential waiver of the bonded indebtedness limit. Voters approved Measure E 2012 with 64.4% in favor of the bond measure.

    The Department of Education requires that a request for waiver be filed by December 15, 2012, in order to be considered at the State Board of Education meeting March 13, and 14, 2013. In order to be considered by the State Board of Education, the West Contra Costa Unified School District Board of Education must hold a public hearing and approve the request. In addition, the District will meet and consult with, and seeks the support of, its bargaining units including: UTR, Local 1, SSA and WCCAA. The District will present the proposed waiver to the Facilities Subcommittee and has the support of the Citizens Bond Oversight Committees for their review. The District will also seek support for the debt limit waiver from each of the five City Councils including El Cerrito, Hercules, Pinole, Richmond and San Pablo. Staff will begin this process
    Recommendation:
    Seek debt Limit Waiver from State Board of Education for Sale of remaining General Obligations Bonds as approved by voters under Measure E 2012.

    Fiscal Impact:
    Direct costs limited to costs of preparation and presentation of waiver request. 

2 comments:

  1. The tweet from Todd gives Jan. 9 as the specific date, but no explanation either.

    https://twitter.com/ToddGroves/status/278722030466125824

    ReplyDelete
  2. I work for a vacation ownership company and the #1 group of people who buy from us is teachers. I think it would be beneficial for me to be able to speak in front of the entire school board staff and try to sell them some vacation ownership property. Does anyone know I go about obtaining a chance to speak at a School Board Meeting? I appreciate all your answers. Thank you!


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