The school district recently completed the first of four bond sales in the Measure D school facilities bond, which passed in November 2012. These first sales will allow the San Ramon Valley Unified School District to proceed with its first phase of school facilities projects.
The third bond in 14 years, Measure D will be used to finance construction, reconstruction, rehabilitation, or replacement of school facilities. The bond proceeds will enable the district to upgrade several older campuses, continue to modernize high schools, increase capacity in some parts of the district and expand technology infrastructure district-wide.
The sale of the first series of Measure D bonds sold on Feb. 14 generated net proceeds of nearly $75 million at an interest cost of 3.53 percent. The favorable interest rate environment combined with the refinancing of previously issued bonds last year enabled the district to keep within the maximum tax rate pledge to voters of $75 per $100,000 of assessed home valuation, according to a release.
"We have worked very hard to keep tax rates stable and as low as possible," said Superintendent Mary Shelton. "Now, with the sale of this first series of bonds, our community will soon start to see some real progress on many of the projects in the Measure D program."
The first set of projects throughout the district totals $67,630,920 and includes 28 projects, the largest of which is a $29.4 million new permanent school in the Dougherty Valley. Several district-wide upgrades are included in the project list, such as the installation of security cameras and upgrades to seismic design and disability access.
Other projects include $187,842 for bleacher and solar power design and approval at San Ramon Valley High; seismic upgrades at Walt Disney and Neil Armstrong elementaries and Monte Vista High to the tune of $1.587 million; and $3.1 million for design and approval of renovations to Stone Valley Middle School. A draft timeline for SVMS calls for breaking ground in spring 2014 and completion by the fall of 2015.
Measure D authorized the total sale of $260 million in general obligation bonds. The bond sales will occur in four stages over the next six to eight years.