May 3, 1999
The Honorable Board of Supervisors
County of Los Angeles
383 Kenneth Hahn Hall of Administration
500 West Temple Street
Los Angeles, CA 90012
Dear Supervisors:
Adopt the Resolution of the Board of Supervisors of the County of Los Angeles providing for borrowing funds in the name of Rosemead Elementary School District for Fiscal Year 1999-2000 and the issuance and sale of 1999-2000 Tax and Revenue Anticipation Notes in the principal amount not to exceed $5,000,000.
On April 15, 1999, the Governing Board of the Rosemead Elementary School District adopted a Resolution determining that the District needs to borrow funds in the principal amount not to exceed $5,000,000 to be used for authorized purposes.
Pursuant to Article 7.6 and commencing with Section 53850 of the Government Code, school districts organized and existing under the laws of the State are authorized to borrow money by the issuance of short-term notes. Such Notes may be issued in the name and on behalf of such district by the board of supervisors of the county following receipt of a district resolution requesting such borrowing.
None to the County. All debt indebtedness will be borne by the District.
Not applicable
The Notes, with a maximum interest rate of six percent (6%), shall be dated the date of delivery and will mature not more than one year from such date of delivery. The principal and interest payments of the Notes shall be payable from taxes, income, revenue, cash receipts and other monies which are received by the District during or allocable to Fiscal Year 1999-2000.
The District has selected Kelling, Northcross & Nobriga as Financial Advisor and the firm of Quint & Thimmig as Bond Counsel. The attached Resolution authorizes the Financial Advisor, on behalf of the District, to identify a purchaser for the Notes through a limited bid process and to negotiate the final interest rate and purchase price. The Resolution also directs the Treasurer to accept the negotiated rate and purchase price and to execute the Note Purchase Agreement.
Upon approval of this Resolution, the Department will need two (2) originally executed copies of the adopted Resolution.
Respectfully submitted,
MARK J. SALADINO
Treasurer and Tax Collector
MJS:MS
IT:pab
Board:Rosemead99tran_BOS_letter
Attachments (2)
c: Executive Officer, Board of Supervisors
Chief Administrative Officer
Auditor-Controller
County Counsel
Rosemead Elementary School District
Kelling, Northcross & Nobriga
Quint & Thimmig LLP