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The SRVUSD Board of Education is set Tuesday to consider approving the next steps in the relocation of the district’s headquarters from Danville to San Ramon after approving the purchase of the site last month.
Those next steps consist of a resolution that would authorize financing, lease and trust agreements for the purchase of the new site at 3130 Crow Canyon Place.
The purchase of the site is set to be financed via Certificates of Participation executed and delivered by the district, as well as any costs incurred from the certificates themselves.
“Certificates of Participation (COPs) are a financial instrument used by governmental agencies to fund capital improvements, equipment or real property acquisitions,” Danny Hillman, superintendent of business services, wrote in a staff report prepared for the meeting. “COPs are a way for school districts to raise funds through a lease-purchase agreement repayment structure, allowing project financing without needing a direct voter referendum.”
The structure for the transaction, Hillman wrote, is being proposed as a lease between the district and its Joint Powers Financing Authority.
“The obligation to pay rent each year under the Lease Agreement will by evidenced by the Certificates, and the Certificates will be sold to investors,” Hillman wrote.”The Authority will assign its rights in the Ground Lease and the Lease Agreement to The Bank of New York Mellon Trust Company, N.A., as trustee, pursuant to an Assignment Agreement.”
In addition to approving the funding via COPs, the resolution on the table this week includes drafts of lease, trust, and continuing disclosure agreements, and a preliminary official statement.
The SRVUSD board is set to meet at 6 p.m. Tuesday (Nov. 18). The agenda is available here.
In other business
*In a closed session discussion ahead of the public meeting, the board is set to consider a public employee discipline/dismissal item.
*The board is set to consider accepting numerous resignations under the district’s Supplemental Employee Retirement Plan.
