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The Pleasanton school board is set Thursday to discuss the issuance of the first $100 million of Measure I bond dollars that were sold on April 11.
According to the district staff report, this is the first installment of the $395 million Measure I bond that voters passed back in November. The closing date for the bond sale was on Tuesday.
During the meeting, staff will be going over the district’s credit saving, overall market and sale of the bond and the final financing summary that will cover more detailed financial information.
“The district was able to attract strong interest in our bonds and the timing of the sale was advantageous to the district,” the staff report states. “The bonds ultimately achieved a true interest cost of 3.88% (outperforming the good faith estimate of 4.22% provided to the board in February), and a net repayment ratio (debt service of $171,636,049 divided by the principal of $100,000,000) of 1.72 to 1, far below the legislative cap of 4 to 1.”
According to the report, the final interest rate will save taxpayers $8,150,511 as compared to the good faith interest estimate.
The board’s open-session meeting is scheduled to begin at 6 p.m. Thursday (April 27). Read the full agenda here.
In other business:
* The board will be looking to appoint six new members to the Citizen’s Bond Oversight Committee (CBOC).
According to the district’s website, the committee was formed in 2017 after Measure I1 was passed. It is an independent oversight committee that “assists in ensuring bond revenues are expended only for the purposes outlined in the bond project list,” according to the PUSD website.
In 2017, the board at the time approved nine community members to serve a two year term.
After Measure I was passed, the board approved the existing CBOC to oversee both Measure I and the 2016 $270 million Measure I1 bonds. But in March, three of the committee members reached their term limit.
After receiving and reviewing 10 applications from people wanting to join the committee, staff have narrowed it down to six people that they are now recommending to be appointed.
The six people include: William Butler, a PUSD parent who co-chaired the Measure I bond campaign; Brittany Hassebrock, a parent and the city’s human resources coordinator; Kishore Vanapali, a representative at large and active community member; Kathy Narum, former city council member, Pleasanton Partnerships In Education Foundation board member and Zone 7 board member; Kelly Jankins, a representative at large and active volunteer in PUSD; and Paul Sullivan, a representative at large whose kids graduated from PUSD.
* The 7-11 Advisory Committee, which is working to review district properties that no longer might be needed for school purposes, will be presenting a report and recommendation to sell or lease two district-owned properties.
The committee, which is made up of 11 community members, parents and school representatives, was handed the task of reviewing the district office property located at 4665 Bernal Avenue and the Neal property located off Vineyard Avenue between Thiessen Street and Manoir Lane.
According to the district report, the committee will be presenting its findings on why the two properties are surplus pieces of property that can be put to better use.
“The committee finds that the district office property and Neal property are surplus to the needs of the district. As such, the committee recommends that the district sell or lease the district office property and Neal property,” the staff report states. “The committee also recommends that the district consider workforce housing in connection with the sale or lease of the district office property, whether on the district office property or otherwise.”
