During the last five years, the Firm has acted as bond counsel for more than 75 public agency financings throughout California, ranging in size from less than $500,000 to over $100,000,000. Of these, approximately 70 were on behalf of school districts, and included the issuance of general obligation bonds, certificates of participation, Mello-Roos bonds, Marks-Roos bonds, and tax and revenue anticipation notes. The Firm has provided bond counsel services to California school districts on a number of voter-approved general obligation bond issues in the past few years.
In recent elections, our Firm has represented a substantial number of school districts in the State holding school bond elections on each election date. These have included both elections requiring 2/3rds and 55% voter approval. Care was given as to the latter to meet the requirements of Proposition 39 and related State legislation in addition to future "State Reimbursement" requirements including "Bridge Financing" issues. Also, our Firm drafted the initial language included in SB 1129, allowing a School Facilities Improvement District (SFID) to conduct a Proposition 39 (55%) voter election and issue approved bonds. Additionally, our firm was one of the first firms, statewide, to file a successful validation action to affirm a Proposition 39 election with a regularly scheduled local election. We work with a variety of school districts across the State, from small rural school districts to larger, more urban issuers, utilizing different sale structures and scenarios, including both competitive as well as negotiated sales.
Subsequent to the passage of Proposition 39 in November 2000, by the voters of the State of California, our firm took a lead role with regard to clarifying and implementing provisions of Proposition 39 which lowers, under certain circumstances, the threshold to approve the issuance of general obligation bonds from a 2/3 approval requirement to a 55% approval requirement.
Our Firm has also taken a leading role in the initial implementation of the Mello-Roos Community Facilities Act of 1982, and we continue to assist school districts Statewide in the use of community facilities districts as a facilities finance option. Most recently, the Firm has pioneered the use and formation of the core, annexable community facilities district to enable the construction of school facilities to keep pace with residential development.
The combination of our broad-based public finance experience and our specialized school funding practice distinguishes our Firm from other bond counsel firms in California. We believe that our success in the area of school finance is attributable in part to our exposure to school-related issues, including State facilities programs, pending legislation, and mitigation of new development impacts, which enables us to anticipate and respond effectively to questions that arise in conjunction with matters of finance.
Golden Valley High School