About this bond issuance
The District proposes to issue $32,550,000 aggregate principal amount of its 2016 General Obligation Refunding Bonds (the "Bonds") in order to (i) refund, on a current basis, all of its outstanding 2006 General Obligation Refunding Bonds (the "2006 Bonds") and (ii) pay all legal, financial and contingent costs in connection with the issuance of the Bonds. See "PLAN OF REFUNDING" below
ObligorThe obligor is the organization that holds ultimate responsibility for the bond issuance, and will ensure that investors get repaid.
Los Altos Elementary School District
IssuerOften the obligor. However, sometimes issuers partner with an authorized conduit financing non-profit within their state or city to issue the bonds.
Los Altos School District
AuthorityBefore an issuer can raise money for a project, they must first have the legal authority to do so. This authority is sometimes preceded by a general election, and awarded after the successful passing of a bond measure.
The 2006 Bonds were issued in order to refund certain outstanding general obligation bonds of the District which were issued under and pursuant to a bond authorization (the "1998 Authorization") for the issuance and sale of not more than $94,700,000 of general obligation bonds approved by the requisite two-thirds of the qualified voters of the District voting on the proposition at a general election held onNovember 3, 1998 (the "Election"). No further bonds remain for issuance pursuant to the 1998Authorization. Refunding bonds are not counted against the authorization amount and, therefore, theDistrict may issue the Bonds, as well as additional refunding bonds in the future, to refund outstanding general obligation bonds issued pursuant to the 1998 Authorization. The Bonds are issued on a parity basis with all general obligation bonds of the District.
SecurityThe security section is a breakdown of the funds an issuer is planning to use to repay its investors. This repayment can come from a variety of sources, including local taxes.
The Bonds are general obligations of the District payable solely from ad valorem property taxes.The Board of Supervisors of the County is empowered and obligated to annually levy ad valorem property taxes upon all property subject to taxation by the District, without limitation as to rate or amount (except certain personal property which is taxable at limited rates), for the payment of principal of and interest on the Bonds when due.