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Meeting Date:
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11/14/2024 - 4:30 PM
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Category:
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BUSINESS SERVICES - ACTION ITEMS
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Type:
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Action
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Subject:
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8.2 Approval of Measures "C" and "S" General Obligation Bond Building Fund Audit for Fiscal Year 2023 - 2024.
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Strategic Plans:
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Enclosure
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File Attachment:
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Rationale:
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The passage of Proposition 39 in November 2000 amended the California Constitution to include accountability provisions. Specifically, the District must conduct an annual independent performance audit to ensure that funds have been expended only on the specific projects listed as well as an annual, independent financial audit of the proceeds from the sale of the bonds until all of the proceeds have been expended for facilities projects.
Upon passage of Prop. 39, an accompanying piece of legislation, AB1908 (Chapter 44, Statures of 2000), was also enacted, which amended the Education Code to establish additional procedures which must be followed if a District seeks approval of a bond Proposition pursuant to the 55% majority authorized in Proposition 39 including formation, composition and purpose of the Citizens' Bond Oversight Committee, an authorization for injunctive relief against the improper expenditure of bond revenues.
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Funding:
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Fund 21
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Fiscal Impact
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Background
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On November 7, 2006, the voters of the Perris Elementary School District approved by more than 55% Measure "S", authorizing the issuance and sale of $25 million of general obligation bonds. On August 22, 2007, the District issued Series 2007 of the Election of 2006 General Obligation bonds in the amount of $7,999,571.00. On September 11, 2013. the District issued Series B of the Election of 2006 General Obligation bonds in the amount of $4,336,671.00. The bonds were issued to finance the construction and modernization of school facilities and to pay the costs of issuance of the bonds.
On June 3, 2014, a special election was held in which more than 55% of the voters in the District approved general obligation bonds, which authorized the issuance and sale of $40 million in general obligation bonds. The bonds are general obligations of the District, and the county is obligated to annually levy ad valor em taxes for the payment of the interest on, and the principal of the bonds. The bonds are being issued to finance the acquisition, construction, and modernization of District facilities, as well as to pay the costs of issuing the bonds.
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Recommendation:
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It is recommended that the Governing Board approve Measures "C" and "S" General Obligation Bond Building Fund Audit for Fiscal Year 2023 - 2024.
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Approvals:
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Recommended By:
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Signed By:
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Francine Story - CBO
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Signed By:
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Bruce Bivins - Superintendent
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Vote Results:
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| Original Motion | | Member Carol Jimenez Moved, Member Erika Guzman Medina seconded to approve the Original motion 'It is recommended that the Governing Board approve Measures "C" and "S" General Obligation Bond Building Fund Audit for Fiscal Year 2023 - 2024.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Douglas Corona | Yes | | Erika Guzman Medina | Yes | | Carol Jimenez | Yes | | Lydia Mora | Yes | | Katie McClendon | Yes | |
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