Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the District Governance Dissolution topic
No spam. Unsubscribe anytime.
Rescue District Facilities Corporation board votes to voluntarily dissolve the corporation
Summary
Board directors approved a resolution to wind up and dissolve the Rescue District Facilities Corporation after legal review, citing no current need for the entity used previously for lease-financing school capital projects.
The Board of Directors of the Rescue District Facilities Corporation voted to voluntarily wind up and dissolve the corporation during a special meeting called before the Rescue Union School District study session.
The superintendent recommended the action, saying the corporation — formed in 02/2001 to help the district finance acquisition, construction and remodeling of school facilities — has not been used for recent lease-financing activities and there is no foreseeable need for it. “I am recommending that the Board of Directors of the Rescue District Facilities Corporation approve a resolution of the Board of Directors of the Rescue District Facilities Corporation electing to voluntarily wind down and dissolve the corporation,” the superintendent said.
The superintendent said legal counsel reviewed the dissolution process and “affirmed that all requirements for voluntary dissolution can be met without risk to the District Board’s financial obligations.” The superintendent cited California Corporations Code, section 6,610 b and section 8.1 of the corporation’s bylaws in describing the legal framework for the winding up.
There were no members of the public in the chamber for public comment before trustees moved to act. A trustee moved to approve the recommended resolution; the motion was seconded and the board voted in favor. The meeting record shows the motion passed.
Trustees framed the dissolution as an administrative housekeeping measure to reduce overhead and align the district’s organizational structure with current operational needs. The superintendent said the corporation’s primary historical role was as a vehicle for lease-financing arrangements — often used with certificates of participation or other financing mechanisms — and that the district has not engaged the entity for recent transactions.
The special meeting adjourned after the vote. The Board then continued with the regularly scheduled study session items.
