DATE: August 9, 2016
TO: Board of Supervisors
SUBMITTED BY: Vicki Crow, C.P.A.
Auditor-Controller/Treasurer-Tax Collector
SUBJECT: Cancellation of a Portion ($12,655,000) of the Unissued General Obligation Bonds of School Facilities Improvement District No. 3 (Lemoore Area) of West Hills Community College District which have been Previously Authorized
RECOMMENDED ACTION(S):
TITLE
1. Conduct a hearing under Education Code section 15201 on the petition of the West Hills Community College District (District) to cancel unissued General Obligation Bonds of School Facilities Improvement District No. 3 (Lemoore Area), previously approved under the District's Proposition E, in the aggregate principal amount of $12,655,000.
2. Adopt resolution finding that it is for the best interest of the District to cancel a portion of unissued bonds previously approved under the District's Proposition E, in the aggregate principal amount of $12,655,000, and ordering the cancellation of those unissued bonds.
ALTERNATIVE ACTION(S):
If the Board of Supervisors does not adopt the recommended actions, the Board will not be in compliance with Education Code section 15201.
FISCAL IMPACT:
The recommended actions have no fiscal impact to the County of Fresno.
DISCUSSION:
At an election held on November 6, 2012, West Hills Community College District (District) submitted Proposition L to the voters within the School Facilities Improvement District No. 3 (Lemoore area) of the District. More than 55% of the voters approved Proposition L, which approved the issuance of general obligation bonds of the District in the amount $12,655,000. Proposition requires that, upon the issuance of those bonds, the District must seek the cancellation of a like principal amount of remaining general obligation bonds that were previously authorized but not issued under Proposition E, at an election held on November 4, 2008.
The Board of Trustees of the West Hills Community College District (Trustees) ...
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