HomeMy Public PortalAbout20150730 - Agenda Packet - Board of Directors (BOD) - 15-20
SPECIAL MEETING
BOARD OF DIRECTORS OF THE
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
Administrative Office
330 Distel Circle
Los Altos, CA 94022
Thursday, July 30, 2015
12:30 P.M.
TELECONFERENCE NOTICE
Pursuant to Government Code Section 54953, Subdivision (b), the following Board meeting will include
teleconference participation by Director Cecily Harris from:
4 Cranfield Ave, San Carlos, CA 94070
This Notice and Agenda will be posted at the teleconference location. Public comment from this address shall
be allowed pursuant to Government Code Section 54954.3.
A G E N D A
12:30 SPECIAL MEETING OF THE BOARD OF DIRECTORS OF THE MIDPENINSULA
REGIONAL OPEN SPACE DISTRICT
ROLL CALL
ORAL COMMUNICATIONS
1. Modifying Fiscal Year 2015-2016 Tax Levy for the Midpeninsula Regional Open Space
District’s General Obligation Bonds - Series 2015A and Series 2015B
Staff Contact: Andrew Taylor, Senior Accountant
General Manager’s Recommendation: Adopt Resolutions of the Board of Directors of the
Midpeninsula Regional Open Space District for each of San Mateo, Santa Clara and Santa Cruz
Counties to modify an ad valorem property tax levy of $0.80 per $100,000 (or $0.0008 per $100)
in assessed value for the District’s General Obligation Bonds – Series 2015A and Series 2015B
(Measure AA).
ADJOURNMENT
Meeting 15-20
TO ADDRESS THE BOARD: The President will invite public comment on agenda items at the time each item is
considered by the Board of Directors. You may address the Board concerning other matters during Oral
Communications. Each speaker will ordinarily be limited to three minutes. Alternately, you may comment to the
Board by a written communication, which the Board appreciates.
In compliance with the Americans with Disabilities Act, if you need assistance to participate in this meeting,
please contact the District Clerk at (650) 691-1200. Notification 48 hours prior to the meeting will enable the
District to make reasonable arrangements to ensure accessibility to this meeting.
CERTIFICATION OF POSTING OF AGENDA
I, Jennifer Woodworth, District Clerk for the Midpeninsula Regional Open Space District (MROSD), declare that
the foregoing agenda for the special and regular meetings of the MROSD Board of Directors was posted and
available for review on July 29, 2015, at the Administrative Offices of MROSD, 330 Distel Circle, Los Altos
California, 94022. The agenda and any additional written materials are also available on the District’s web site at
http://www.openspace.org.
Jennifer Woodworth, CMC
District Clerk
R-15-115
Meeting 15-20
July 30, 2015
AGENDA ITEM 1
AGENDA ITEM
Revising Fiscal Year 2015-2016 Tax Levy for the Midpeninsula Regional Open Space District’s
General Obligation Bonds - Series 2015A and Series 2015B
GENERAL MANAGER’S RECOMMENDATION
Adopt Resolutions of the Board of Directors of the Midpeninsula Regional Open Space District
for each of San Mateo, Santa Clara and Santa Cruz Counties to amend the ad valorem property
tax levy from $1.10 per $100,000 (or $0.0011 per $100) to $.80 per $100,000 (or $0.0008 per
$100) in assessed value for the District’s General Obligation Bonds – Series 2015A and Series
2015B (Measure AA).
SUMMARY
On June 3, 2014, voters of the District approved the passage of Measure AA under which the
District is authorized to issue up to $300 million of general obligation bonds (Bonds) over thirty
years to finance Measure AA capital projects. By Resolution 2015-19 adopted on May 13, 2015,
the Board of Directors authorized the issuance of up to $45,000,000 as the first tranche of the
Bonds.
The most recent financing schedule for the first tranche is as follows:
• July 17 Ratings received from Fitch and Standard & Poor’s
• July 20 Distribution of the Preliminary Official Statement
• July 28/29 Pricing of the bonds
• August 13 Closing of the bond sale
DISCUSSION
Debt service payments on the Bonds are paid through ad valorem taxes on all taxable property
within the District. Based on the estimated debt service schedule received from the underwriters,
and tax revenue projections provided by the District’s Tax Administration Consultant (Goodwin
Consulting Group), the Board, on July 22, 2015 approved resolutions for each of the three
Counties authorizing the placement of an ad valorem property tax levy of $0.0011 per $100, or
$1.10 per $100,000 in assessed value. Concurrently, the District received a “AAA” rating from
Standard and Poor’s and Fitch Rating Services for the subject General Obligation bonds. With
the pricing of bonds complete, the premium exceeded original estimates and, as a result, the
property tax rate can be lowered from $1.10 to $.80 per $100,000 of assessed valuation. This
provides the best value for District taxpayers, which was originally estimated at $1.00 per
$100,000 of assessed valuation in early 2014.
R-15-115 Page 2
FISCAL IMPACT
The establishment of the revised ad valorem property tax levy will provide the District with
sufficient revenues to pay related debt service on the issuance of $45,000,000 of general
obligation bonds, which have been priced, and the sale of which will close on August 13.
BOARD COMMITTEE REVIEW
This item was not previously reviewed by a Board Committee.
PUBLIC NOTICE
Notice was provided pursuant to the Brown Act. No additional notice is necessary.
CEQA COMPLIANCE
No compliance is required as this action is not a project under CEQA.
NEXT STEPS
If approved by the Board, staff will forward the resolutions to the relevant departments and
Board of Supervisors of each County for inclusion in the 2015-2016 property tax bills.
Attachments:
1. Resolution of the Midpeninsula Regional Open Space District Amending the Tax Rate on
Voter Approved General Obligation Bonds – County of San Mateo
2. Resolution of the Midpeninsula Regional Open Space District Amending the Tax Rate on
Voter Approved General Obligation Bonds – County of Santa Clara
3. Resolution of the Midpeninsula Regional Open Space District Amending the Tax Rate on
Voter Approved General Obligation Bonds – County of Santa Cruz
Responsible Department Head:
Mike Foster, Controller
Prepared by:
Andrew Taylor, Senior Accountant
Resolutions/2015/15-___SMC Measure AA Levy_Amend Rate 1
RESOLUTION NO. 15-____
A RESOLUTION OF THE MIDPENINSULA REGIONAL OPEN SPACE
DISTRICT AMENDING THE 2015-16 TAX RATE ON VOTER
APPROVED GENERAL OBLIGATION BONDS
______________________________________________________________________________
WHEREAS, on July 22, 2015 the Board of Directors of the Midpeninsula Regional
Open Space District (the “District”) adopted Resolution No. 15-34, attached hereto and
incorporated herein as Exhibit “A”, establishing the tax rate necessary to pay the principal and
interest on the Bonds coming due and payable on March 1, 2016 and September 1, 2016 as
$0.0011 per $100 of assessed valuation in each of the County of San Mateo, the County of Santa
Clara and the County of Santa Cruz (each, a “County”; collectively, the “Counties”); and
WHEREAS, the District successfully completed the sale of its voter approved General
Obligation Bonds on July 29, 2015. Favorable market conditions have resulted in lower than
expected debt service requirements which allow the District to amend the tax levy with a lower
rate; and
WHEREAS, the District wishes to amend Resolution No. 15-34 to establish a tax rate of
$0.0008 per $100 of assessed valuation.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Midpeninsula Regional Open Space District, as follows:
SECTION 1. Levy of Tax. The Board of Directors of the District hereby amends
Resolution No. 15-34 to reflect the tax rate necessary to pay the principal and interest on the
Bonds coming due and payable on March 1, 2016 and September 1, 2016 as $0.0008 per $100 of
assessed valuation. Such tax rate shall be and is hereby levied in accordance with all applicable
requirements of law.
SECTION 2. Collection of Tax. The Controller is hereby directed to forward a copy of
this Resolution to the Auditor-Controller of the County of San Mateo, and to the Board of
Supervisors of the County, and to take such actions and execute such documents as may be
required to cause the tax rate set forth in Section 1 to be placed on the 2015-2016 property tax
bill and collected by each of the County.
SECTION 3. Effective Date. This Resolution shall take effect from and after the date
of its passage and adoption.
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional
Open Space District on ______, 2015, at a Regular Meeting thereof, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Attachment 1
ATTEST: APPROVED:
Secretary
Board of Directors
President
Board of Directors
APPROVED AS TO FORM:
General Counsel
I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify
that the above is a true and correct copy of a resolution duly adopted by the Board of Directors
of the Midpeninsula Regional Open Space District by the above vote at a meeting thereof duly
held and called on the above day.
District Clerk
Attachment 1
Exhibit A
Exhibit A
Resolutions/2015/15-___SCC Measure AA Levy_Amend Rate 1
RESOLUTION NO. 15-___
A RESOLUTION OF THE MIDPENINSULA REGIONAL OPEN SPACE
DISTRICT AMENDING THE 2015-16 TAX RATE ON VOTER
APPROVED GENERAL OBLIGATION BONDS
______________________________________________________________________________
WHEREAS, on July 22, 2015 the Board of Directors of the Midpeninsula Regional
Open Space District (the “District”) adopted Resolution No. 15-33, attached hereto and
incorporated herein as Exhibit “A”, establishing the tax rate necessary to pay the principal and
interest on the Bonds coming due and payable on March 1, 2016 and September 1, 2016 as
$0.0011 per $100 of assessed valuation in each of the County of San Mateo, the County of Santa
Clara and the County of Santa Cruz (each, a “County”; collectively, the “Counties”); and
WHEREAS, the District successfully completed the sale of its voter approved General
Obligation Bonds on July 29, 2015. Favorable market conditions have resulted in lower than
expected debt service requirements which allow the District to amend the tax levy with a lower
rate; and
WHEREAS, the District wishes to amend Resolution No. 15-33 to establish a tax rate of
$0.0008 per $100 of assessed valuation.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Midpeninsula Regional Open Space District, as follows:
SECTION 1. Levy of Tax. The Board of Directors of the District hereby amends
Resolution No. 15-33 to reflect the tax rate necessary to pay the principal and interest on the
Bonds coming due and payable on March 1, 2016 and September 1, 2016 as $0.0008 per $100 of
assessed valuation. Such tax rate shall be and is hereby levied in accordance with all applicable
requirements of law.
SECTION 2. Collection of Tax. The Controller is hereby directed to forward a copy of
this Resolution to the Controller-Treasurer of the County of Santa Clara, and to the Board of
Supervisors of the County, and to take such actions and execute such documents as may be
required to cause the tax rate set forth in Section 1 to be placed on the 2015-2016 property tax
bill and collected by each of the County.
SECTION 3. Effective Date. This Resolution shall take effect from and after the date
of its passage and adoption.
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional
Open Space District on ______, 2015, at a Regular Meeting thereof, by the following vote:
AYES:
NOES:
ABSTAIN:
Attachment 2
ABSENT:
ATTEST: APPROVED:
Secretary
Board of Directors
President
Board of Directors
APPROVED AS TO FORM:
General Counsel
I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify
that the above is a true and correct copy of a resolution duly adopted by the Board of Directors
of the Midpeninsula Regional Open Space District by the above vote at a meeting thereof duly
held and called on the above day.
District Clerk
Attachment 2
Exhibit A
Exhibit A
Resolutions/2015/15-___SCruz Measure AA Levy_Amend Rate 1
RESOLUTION NO. 15-___
A RESOLUTION OF THE MIDPENINSULA REGIONAL OPEN SPACE
DISTRICT AMENDING THE 2015-16 TAX RATE ON VOTER
APPROVED GENERAL OBLIGATION BONDS
______________________________________________________________________________
WHEREAS, on July 22, 2015 the Board of Directors of the Midpeninsula Regional
Open Space District (the “District”) adopted Resolution No. 15-35, attached hereto and
incorporated herein as Exhibit “A”, establishing the tax rate necessary to pay the principal and
interest on the Bonds coming due and payable on March 1, 2016 and September 1, 2016 as
$0.0011 per $100 of assessed valuation in each of the County of San Mateo, the County of Santa
Clara and the County of Santa Cruz (each, a “County”; collectively, the “Counties”); and
WHEREAS, the District successfully completed the sale of its voter approved General
Obligation Bonds on July 29, 2015. Favorable market conditions have resulted in lower than
expected debt service requirements which allow the District to amend the tax levy with a lower
rate; and
WHEREAS, the District wishes to amend Resolution No. 15-35 to establish a tax rate of
$0.0008 per $100 of assessed valuation.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Midpeninsula Regional Open Space District, as follows:
SECTION 1. Levy of Tax. The Board of Directors of the District hereby amends
Resolution No. 15-35 to reflect the tax rate necessary to pay the principal and interest on the
Bonds coming due and payable on March 1, 2016 and September 1, 2016 as $0.0008 per $100 of
assessed valuation. Such tax rate shall be and is hereby levied in accordance with all applicable
requirements of law.
SECTION 2. Collection of Tax. The Controller is hereby directed to forward a copy of
this Resolution to the Auditor-Controller of the County of Santa Cruz, and to the Board of
Supervisors of the County, and to take such actions and execute such documents as may be
required to cause the tax rate set forth in Section 1 to be placed on the 2015-2016 property tax
bill and collected by the County.
SECTION 3. Effective Date. This Resolution shall take effect from and after the date
of its passage and adoption.
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional
Open Space District on ______, 2015, at a Regular Meeting thereof, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Resolutions/2015/15-___SCruz Measure AA Levy_Amend Rate 2
ATTEST: APPROVED:
Secretary
Board of Directors
President
Board of Directors
APPROVED AS TO FORM:
General Counsel
I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify
that the above is a true and correct copy of a resolution duly adopted by the Board of Directors
of the Midpeninsula Regional Open Space District by the above vote at a meeting thereof duly
held and called on the above day.
District Clerk
Exhibit A
Exhibit A