reconvene regular meeting: 7:00 pm - Irvine Unified School District

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HD&W LLP - 5/11/10 Draft IRVINE UNIFIED SCHOOL DISTRICT Unless otherwise indicated, the following financial, statistical and demographic data has been provided by the Irvine Unified School District (the “District”). Additional information concerning the District and copies of the most recent and subsequent audited financial reports of the District may be obtained by contacting: Service Area Irvine Unified School District 5050 Barranca Parkway Irvine, California 92604 Attention: Stan Machesky, Director of Fiscal Services The District, established in 1973, currently operates [23 elementary schools, 8 middle schools, 5 high schools, 1 alternative high school, 1 adult school and 1 early childhood learning center]. [Confirm.] Encompassing approximately 62 square miles, the District includes the Cities of Irvine and Tustin. Organization and Employees The District is governed by a five-member Board of Education, whose members are elected to four-year terms. As of July 1, 2009, the District employed 1,231 full-time-equivalent certificated professionals, 825 full-time-equivalent classified professionals and __ full-time-equivalent management professionals and other employees. The pupil-teacher ratio averages approximately [33 to 1 for kindergarten, 20 to 1 for grades 1 through 3, 33.5 to 1 for grades 4 through 6, 32 to 1 for grades 7 and 8 and 32 to 1 for grades 9 through 12.] [Confirm.] The District’s collective bargaining units are the Irvine Teachers Association (“ITA”), which represents all certificated personnel and California School Employees Association (“CSEA”), which represents all classified personnel. The contracts with ITA and CSEA, respectively, expire on _______. Pension Programs The District participates in the State of California Teachers’ Retirement System (“STRS”), which as of June 30, 2008 had an unfunded accrued actuarial liability of $22.5 billion for the fiscal year ended June 30, 2009 (reflecting an increase of $1.8 billion since the valuation of June 30, 2007) and a funded ratio of 87%. Generally, the STRS plan covers all full-time certificated employees. The District’s contribution to STRS for Fiscal Year 2008-09 was $9,095,760 and for Fiscal Year 2009-10 is estimated to be $[8,959,842]. The District expects to contribute $__________ to STRS in Fiscal Year 2010-11. The District also participates in the State of California Public Employees’ Retirement System (“PERS”). According to the PERS Comprehensive Annual Financial Report for the fiscal year ended June 30, 2009, which sets forth actuarial information as of June 30, 2008, the PERS Public Employees Retirement Fund had as of June 30, 2008 an unfunded actuarial accrued liability of approximately $35.1 billion and a funded ratio of 86.9%. The PERS plan covers all classified personnel who are employed four or more hours per day. The District’s participation in PERS is funded each fiscal year through District appropriations. Annual excess earnings, recognized market gains and losses and earnings shortfalls in the PERS portfolio attributable to school districts and offices of education result in changes in the District’s respective contributions to PERS. A corresponding adjustment is made in the revenue limit calculation, such that the District experiences an offset reduction in the revenue limit allocated to it by the State, but only if recognized excess earnings are available. PERS adopted a policy to stabilize districts’ respective contributions to PERS by, among other things, limiting the extent by which districts’ contribution rates A-41 Page 204 80395.2 033985 OS
HD&W LLP - 5/11/10 Draft may vary from year to year. The District’s contribution to PERS for Fiscal Year 2008-09 was $2,971,302 and for Fiscal Year 2009-10 is estimated to be $[2,931,101]. The District currently expects that in Fiscal Year 2010-11 it will be required to make an employer contribution to PERS of $________. . Post-Employment Healthcare The District provides certain post-employment health care benefits (“OPEB”) in addition to the retirement payments described above (see “-Pension Programs”) to eligible District retirees, which benefits include medical, dental and vision coverage plans. As of June 30, 2009, there were 249 District retirees and beneficiaries receiving OPEB and 1,972 active plan members. The District paid $1,852,394 in OPEB during Fiscal Year 2008-09 and an estimated $_______ during Fiscal Year 2009-10. The District has been required to comply with the requirements of GASB Statement 45 (as defined in the forepart of this Official Statement) since Fiscal Year 2007-08. See “Financial Information Regarding the Participants - Financing Statements - Accounting for Other Post Employment Benefits” in the forepart of this Official Statement. Based on an actuarial report commissioned by the District, dated as of June 30, 2009, the District had an unfunded accrued actuarial liability of OPEB of $30,943,700 at June 30, 2009, and has an estimated “pay-as-you-go” cost of $3,058,700 for the year beginning July 1, 2010 and $3.346,000 for the year beginning July 1, 2011. According to the actuarial report, the annual required contribution with respect to the District’s OPEB for Fiscal Year 2009-10 is $3,556,100. The District’s accrued actuarial liability and annual required contribution valuations were determined using an “entry age normal” cost method. There is currently no requirement to fund the unfunded accrued actuarial liability of OPEB. Outstanding Debt As of June 30, 2009, the District had approximately $8,981,020 in long-term debt obligations payable from the District’s general fund. [The District is current on all of its obligations.] [Confirm.] Attendance History and Projection; Base Revenue Limit Average daily attendance (“ADA”) figures (second period) for the District for the past five fiscal years and a projection for Fiscal Year 2010-11 are shown below: Fiscal Year Source: Orange County Department of Education (1) Projected. IRVINE UNIFIED SCHOOL DISTRICT AVERAGE DAILY ATTENDANCE Average Daily Attendance 2005-06 24,825 2006-07 25,197 2007-08 25,475 2008-09 [25,858] 2009-10 ______ 2010-11 ______ (1) The District’s funded base revenue limit was $_________ per ADA for Fiscal Year 2009-10 and is projected to be $_________ per ADA for Fiscal Year 2010-11. The projected funded base revenue A-42 Page 205 80395.2 033985 OS
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IRVINE UNIFIED SCHOOL DISTRICT Admi
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d. Purchase Order Detail Report Rec
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Items removed from Consent Calendar
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Irvine Unified School District Irvi
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Irvine Unified School District Boar
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Irvine Unified School District Irvi
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Item No. 13 a. TOPIC BACKGROUND DES
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Item No. 13 c. TOPIC DESCRIPTION FI
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Item No. 13 e. TOPIC DESCRIPTION CH
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Item No. 13 f. ADVOCATES FOR LABOR
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Item No. 13 g. TOPIC CLASSIFIED PER
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Item No. 13 i. TOPIC DESCRIPTION FI
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STATE OF CALIFORNIA FIVE YEAR PLAN
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STATE OF CALIFORNIA FIVE YEAR PLAN
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Item No. 13 k. TOPIC DESCRIPTION CO
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Item No. 13 l. Sponsoring School: I
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Item No. 14 b. TOPIC DESCRIPTION CH
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Item No. 14 d. TOPIC AUTHORIZATION
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PROPOSED LOCATION FOR MODULAR CLASS
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9 7 8 6 4 5 3 2 1 9 7 8 6 4 5 3 2 1
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Item No. 15 b. TOPIC DESCRIPTION RE
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of the District provided for or att
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for its share of (a) the fees of th
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Section 3. Form of Note. The Note s
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(d) If the Authorized Officer does
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misleading, the District shall prom
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Orange County Treasurer (the “Cou
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Obligations, if applicable, have be
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this Resolution except those the Di
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(P) As a condition to the issuance
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emains in effect or such possession
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eimbursement on a draw or claim has
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Agreement, at the rate of interest
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IN WITNESS WHEREOF, the Board of Su
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California, or its successor in tru
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IN WITNESS WHEREOF, the Board of Ed
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Series __-__ Repayment Months: Firs
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SECRETARY’S CERTIFICATE I, ______
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TABLE OF CONTENTS Page ARTICLE I DE
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TABLE OF CONTENTS (continued) Page
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WHEREAS, the issuance of the Notes
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“Note Resolutions” means the re
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“Purchase Agreement” means the
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The principal evidenced and represe
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name of Cede & Co., as nominee of D
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writing to the Trustee by the Repre
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and shall be transferred to such Di
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equired to be obtained as evidence
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Note Participations, and the stampi
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ank or trust company shall be deeme
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payments to be made thereon by the
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description, stating in substance t
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owners of the Note Participations a
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obligations under this Article XI,
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powers, duties and functions that a
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Moneys held by the Trustee in the C
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IN WITNESS WHEREOF, each of the Dis
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EXHIBIT A FORM OF NOTE PARTICIPATIO
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Agreement permitting the disburseme
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[FORM OF ASSIGNMENT] For value rece
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5. As of the date hereof, no event
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SCHEDULE I PARTICIPATING SCHOOL DIS
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SCHEDULE II PROCEEDS SUBACCOUNT AMO
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WHEREAS, in order to participate in
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Section 6. Conditions Precedent to
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herewith or with the transactions c
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EXHIBIT A SOUTH COAST LOCAL EDUCATI
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In addition to the foregoing, the u
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[Page Intentionally Left Blank] OHS
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PLACE: ELECTRONIC BIDS: Tamalpais A
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description of this undertaking is
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By making a bid for the Note Partic
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This Preliminary Official Statement
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Page 155 and 156: TABLE OF CONTENTS INTRODUCTION.....
Page 157 and 158: each Participant and Appendix A -
Page 159 and 160: The Participants The Participants a
Page 161 and 162: Participant, will be encumbered for
Page 163 and 164: MCCFD for each Participant is funde
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Page 171 and 172: FINANCIAL INFORMATION REGARDING THE
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Page 177 and 178: Revision to the Original 2009-10 St
Page 179 and 180: implement several major solutions s
Page 181 and 182: 10. The 2010-11 Proposed State Budg
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Page 187 and 188: judgment of such rating agency, cir
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Page 191 and 192: (THIS PAGE INTENTIONALLY LEFT BLANK
Page 193 and 194: APPENDIX C COVERAGE ESTIMATES SOUTH
Page 195 and 196: APPENDIX D PROPOSED FORM OF OPINION
Page 197 and 198: Participant through which the Benef
Page 199 and 200: APPENDIX F CONSTITUTIONAL AND STATU
Page 201 and 202: percentage of State General Fund re
Page 203: Year 2008-09, the State may shift t
Page 207 and 208: Cash Flow Assumptions The table bel
Page 209 and 210: IRVINE UNIFIED SCHOOL DISTRICT CASH
Page 211 and 212: IRVINE UNIFIED SCHOOL DISTRICT STAT
Page 213 and 214: eductions for Fiscal Year 2011-12 w
Page 215 and 216: Item No. 15 c. Department of Educat
Page 217 and 218: Item No. 15 e. TOPIC DESCRIPTION AN
Page 219 and 220: CONTINUOUS IMPROVEMENT EFFORTS Ensu
Page 221 and 222: 21 ST CENTURY LEARNING: ESSENTIAL C
Page 223 and 224: CURRICULUM & INSTRUCTION Curriculum
Page 225 and 226: CURRICULUM COUNCIL MEMBERS - 2010-2
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reconvene regular meeting: 7:00 pm - Irvine Unified School District

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