Pleasanton Unified School District

Measure I1 Information

Measure I1 Updates

Board Approves First Issuance of Measure I1 Bond Sales 

On August 8, 2017, the Board of Trustees approved the issuance of the first series of bonds under the November 8, 2016 Measure I1 general obligation bond authorization.

 

On June 27, 2017, the Administration presented the following draft documents for the Board of Trustees and community to review and discuss.  The Administration explained that it would provide six (6) weeks for review, discussion and any follow-up questions associated with the following documents.

  1. Bond Resolution
  2. Bond Purchase Agreement
  3. Continuing Disclosure Certificate
  4. Escrow Agreement
  5. Preliminary Official Statement

Proceeds of the first series of bonds will be used to (i) provide funds to cause a portion of the Pleasanton Unified School District 2010 Refunding Certificates of Participation (the “2010 Prior Certificates) to be prepaid, and (ii) finance specific construction, repair and improvement projects approved by the voters of the District.  The 2010 Prior Certificates, in part, refinanced the Alameda-Contra Costa Schools Financing Authority Variable Rate Demand Certificates of Participation (Capital Improvement Financing Projects, Series K) (the “2002 Prior Certificates”), which financed among other things, additional classrooms and facilities at Amador Valley High School and Foothill High School and a child care facility (the “2002 Project”).  The acquisition of all or a portion of any school site or facility, or an interest therein, or the making of lease payments with respect to any school site or facility, encumbered in order to refinance the 2002 Project constitutes an authorized project under Measure I1.  Accordingly, the portion of the 2010 Prior Certificates to be prepaid will relate to the 2002 Project.

The bonds will be sold and issued by the District.  Fieldman, Rolapp & Associates, Inc. will serve as the financial advisor for the transaction, and Orrick, Herrington & Sutcliffe LLP will serve as bond counsel and disclosure counsel.  Stifel, Nicolaus & Company, Incorporated, will serve as the underwriter. 

The Board of Trustees is asked to approve the resolution referenced above and the various documents described therein and attached to effect the issuance of the bonds.  Each document is described further below.

1. Resolution. (Attachment A) The resolution authorizes the issuance of the bonds and prepayment of the 2010 Prior Certificates and establishes parameters for the terms of the bonds, approves the forms of and authorize the execution and delivery of the financing documents (including the Bond Purchase Agreement, Escrow Agreement and Continuing Disclosure Certificate), approves the form of and authorize the distribution of the official statement (in preliminary and final form), and sets forth the security provisions for the bonds and the covenants of the District to bond owners.

2. Bond Purchase Agreement. (Attachment B) The Bond Purchase Agreement will specify the purchase price of the bonds to be paid by the underwriter, the interest rates, maturity dates and principal amounts of each maturity of the bonds, the date, time and place of the closing of the bond issue, the allocation of the expenses incurred in connection with the bond issue, the parties’ representations to and agreements with each other and the conditions which the school district must satisfy before the underwriter becomes obligated to purchase the bonds.

3. Escrow Agreement.  (Attachment C) The Escrow Agreement sets forth the terms for the prepayment of the 2010 Prior Certificates, including the deposit and investment of moneys to be held by the escrow bank to prepay the 2010 Prior Certificates.

4. Continuing Disclosure Certificate. (Attachment D) Federal securities laws indirectly require school districts to disclose and annually update certain financial and operating information relevant to the security and repayment of bonds. The Continuing Disclosure Certificate contains the undertakings of the District to provide the ongoing disclosure in the form of annual reports and event notices.

5. Official Statement. (Attachment E) The Official Statement (in its preliminary and final form) is used to provide information to investors and prospective investors about the District and the bonds. The bonds constitute securities for purposes of state and federal securities laws and, therefore, the offering and sale of the bonds through the Official Statement is subject to certain provisions of such laws, including, importantly, the anti-fraud laws. The Official Statement sets forth information about the terms of the bonds, the security for the bonds, the sources and uses of the proceeds of the bonds, the school district and the tax base of the school district, the documents under which the bonds are issued, and the tax-exemption of interest on the bonds.

The bonds will be paid from property taxes levied on property within the District levied and collected by the County of Alameda. 

Finally, the Estimated Cost of Issuance (COI) is included in Attachment F.

 

View the attachments and supporting documents presented to the Board below. 

Board Approves Project List for First Issuance of Measure I1 Bonds

On June 13, 2017 the Board of Trustees approved a project list for the first issuance of Measure I1 bonds. The list of projects presented and approved are below. Additionally, the Board of Trustees also approved an additional $1M to conduct an assessment study for a new elementary school. 
 
Measure I1 Immediate Projects (First Bond Issuance)  Estimated Amount
 
2c. Technology
1:1 Devices for 800 Teachers at all schools
1:1 Devices for Students in grades 6-12
3:1 Devices for Students in grades 4-5
$3.7 M (short-term bonds) 
2f. Infrastructure, Safety and Security and 21st Century Environments*
Replace network backbone cabling
Replace network structured cabling
Replace legacy switching
Install network power management
$9.55 M
4d. COP Payoff $14.27 M (adjusted term)
4cII. Lydiksen Rebuild/Modernization** $30 M 
4cI. Modernization Qualifying for State Funding^* $11.5 M 
Estimated Total $69.02 M
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 

*These projects must be completed before any VOIP, security cameras, etc., projects can be installed
**Kick-off Committee Meeting estimated to take place around August 2017/September 2017
^* See June 8, 2017 Modernization Eligibility Analysis 2016/17 (Agenda Item 13.5)

The Pleasanton Unified School District Board of Trustees voted unanimously during a special meeting on July 30 to place a $270 million general obligation bond measure on the ballot for the November 8, 2016, primary election.

 

The measure requires approval from 55 percent of Pleasanton voters to pass. If the measure is passed, the District will be authorized to issue and sell bonds of up to $270 million to fund specific school facilities projects in the board approved bond project list. The district’s first in nearly 20 years, the measure would mean a tax of $49 per $100,000 of assessed value for Pleasanton property owners.

 

The bond project list includes new classroom buildings at Lydiksen Elementary School, 21st Century science labs at all Pleasanton middle and high schools, state of the art classroom technology, new solar structures to improve energy efficiency and cost savings, and a new elementary school.

 

View the entire board approved project list and final bond resolution below.

 

To the the District's Facilities Master Plan, click here.

The State of PUSD School Facilities
 
There are a significant number of structural repairs and upgrades that have not been made at many of our schools. To provide an in depth look at PUSD's facility needs, the Board of Trustees held a workshop on May 21, 2016. The presentation below was discussed (download or view below).
Needs related to technology infrastructure was also presented during the May 21 board workshop (download or view below). 
Tax Payer Information
 
What Pleasanton property owners pay currently pay for PUSD's last bond measure, Measure B, passed by voters in 1997. Bond debt for Measure B expires after 2023. 
How PUSD tax rates compare to other Alameda County K-12 districts
PTA Presentation
Download a copy of the presentation to school Parent Teacher Organizations below.