Item Coversheet
AGENDA - March 12, 2020

5.0

CONSOLIDATED MOTION FOR CONSENT CALENDAR

 

BUSINESS & FISCAL MANAGEMENT

5.3  Adopt Resolution 20-03-01 to Reimburse Expenditures from Proceeds of Tax Exempt Obligation  (Action)
 

Background Information:

Coronado Unified School District plans in 2020 to issue federally tax-exempt obligations in the form of a private placement lease-purchase or similar transaction with a lender to be determined.  Prior to issuance of the obligations, the District has incurred and may incur additional expenditures on critical furniture, information technology and equipment purchases, as well as capital outlay, deferred maintenance and repair projects.  The Board of Trustees has determined that it is necessary to reimburse the District for the expenditures from the proceeds of the obligations.

Superintendent's Recommendation:

That the Board adopt Resolution #20-03-01 as official action of the District in order to comply with Treasury Regulation 1.150-2 and any other regulations of the Internal Revenue Service relating to the qualification for reimbursement of District expenditures incurred prior to the date of issue of the obligations.


Moved________________________________Seconded_______________________________


Ayes__________Noes____________Absent_________Abstain________Student___________


ATTACHMENTS:
DescriptionUpload DateTypeFile Name
Resolution 20-03-013/6/2020Cover MemoReimbursement_Resolution_20-03-01.pdf