NOTICE AND CALL
OF
SPECIAL MEETING
BOARD OF DIRECTORS OF THE
SAUGUS/HART SCHOOL FACILITIES FINANCING AUTHORITY
August 11, 2015 – 8:15 P.M.*
Board Room @
Saugus Union School District Office
24930 Avenue Stanford
Santa Clarita, CA 91355
NOTICE IS HEREBY GIVEN that a Special Meeting of the Saugus/Hart School Facilities
Financing Authority has been called by the President of the Board of Directors thereof to be held on
August 11, 2015, at 7:00 p.m. (*or as soon thereafter as possible following the meeting of the Saugus
Union School District Governing Board), at the Saugus Union School District, 24930 Avenue Stanford,
Santa Clarita, CA 91355.
AGENDA
A.
Call to Order
B.
Roll Call [only Saugus Directors are required for a quorum and attendance for this meeting.]
Charles M. Trunkey, President
Joan M. Lucid, Ed.D. Secretary
C.
PUBLIC COMMENTS
Any citizen may address the Board concerning any item that has been described in the notice for
this meeting before or during consideration of that item. (As required by law, public comments
during a Special Meeting may address only specific items listed on the agenda, no other
matters.)
D.
ACTION ITEMS
1. Adoption of Resolution No. 15/16-03, “RESOLUTION OF THE BOARD OF
DIRECTORS OF THE SAUGUS/HART SCHOOL FACILITIES FINANCING
AUTHORITY AUTHORIZING REDEMPTION OF OUTSTANDING $16,595,000
SAUGUS/HART SCHOOL FACILITIES FINANCING AUTHORITY 2010 LEASE
REVENUE BONDS SERIES B AND AUTHORIZING ALL NECESSARY ACTIONS
AND RELATED DOCUMENTS”
1
ACTION
Rationale:
On May 26, 2010, the Authority issued its $16,595,000 2010 Lease Revenue Bonds
Series B, and its $12,420,000 2010 Lease Revenue Bonds, Series A. The Bonds were
issued to fund project costs of District school facilities, including the Emblem
Elementary building. The project school facilities have been completed, and there
remains approximately $13,939,590 in unspent project proceeds related to the Series
B Bonds as a result of a revised scope of work for certain projects, and alternative project
funding sources used by the District to construct the revised project school facilities.
The Series B Bonds are currently outstanding in the principal amount of $14,810,000.
The Series B Bonds maturing on and after September 1, 2016, can be redeemed on
any date starting September 1, 2015, at a price equal to the principal amount, plus
accrued interest to the redemption date, without premium. The remaining construction
proceeds, plus the reserve fund established for the Series B Bonds, would provide
sufficient proceeds to redeem all the outstanding Series B Bonds. The Series A Bonds
would be unaffected by this redemption, but the remaining average annual lease
payments would be reduced by more than half the current annual amount.
Recommended Action: Adoption of Resolution No. 15/16-03
(SPECIAL MEETING – NO ADDITIONS TO AGENDA)
E.
ADJOURNMENT
Agendas of public meetings and any other writings distributed to all or a majority of the members of the
Board of Directors in connection with a matter subject to discussion or consideration at an open meeting
of the Board are public records. If such writing is distributed less than 72 hours prior to a public
meeting, the writing will be made available for public inspection at the Saugus Union School District
office located at 24930 Avenue Stanford, Santa Clarita, CA 91355, at the time the writing is distributed
to all or a majority of the Board of Directors.
REASONABLE ACCOMMODATION
In order to help ensure participation in the meeting of disabled individuals, appropriate disability-related
accommodations or modifications shall be provided by the Board, upon request, in accordance with the
Americans with Disabilities Act (ADA). Persons with a disability who require a disability-related
accommodation or modification, including auxiliary aids and services in order to participate in a Board
meeting, shall contact the Superintendent or designee in writing by noon the Thursday before the
scheduled meeting. Such notification shall provide personnel to make reasonable arrangements to assure
accessibility to the meeting.
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I hereby certify that the foregoing Notice was personally delivered, faxed, mailed or e-mailed to each
member of the Authority Board of Directors at least 24 hours prior to the scheduled time of the Special
Meeting so noticed above; and posted 24 hours prior to the time of the Special Meeting at the usual
agenda posting location of the Authority (Saugus USD main office, address listed above) and on the
Saugus Union School District website at www.saugususd.org.
____________________________________________
Joan M. Lucid Ed.D., Secretary
Saugus/Hart School Facilities Financing Authority
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