Consideration of New School Bonds Sept. 25
The Piedmont Unified School District is considering placing a bond measure on a future ballot to cover the cost of renovating and improving the Allan Harvey Theater (AHT) at Piedmont High School. The following is excerpted information being considered by the School Board at their meeting September 25, 7:30 p.m. in the Piedmont Council Chambers, 120 Vista Avenue. The meeting will be broadcast.
“As reported by Ruth Allhaydoian [financial consultant] at the Board of Education meeting on September 11, 2013, the District’s capacity to issue new bonds is growing, as existing bonds are paid down and the local tax base grows. Currently, the District has bonding capacity of in excess of $11 million. Conservative estimates project the bonding
capacity to exceed $14 million in the 2014/15 fiscal year. Based on this report, the voters could authorize the use of bond funds to pay for an AHT project.”
“Although the project would likely qualify for additional State matching funds, receipt of that funding would depend on another State school facilities bond, and the timing of the next State-wide school facilities bond is uncertain.”
Gauging Public Support & Election Options
“The District could present a ballot measure to voters as early as February 2014 (included as part of the existing scheduled election of City Council and School Board members) with little or no additional election costs. The deadline to get a measure on the ballot is October 14, 2014. This allows little time to resolve important outstanding questions such as reliable cost estimate and community support. The District could present a ballot measure to voters at the regularly scheduled elections in either June or November of 2014 without the cost of a Special Election. Special elections are estimated to cost $80,000- $100,000 while joining an already scheduled election costs in the $20,000 range, depending on the number of issues on the ballot.”
Staff Recommendation: “The Board is requested to provide direction to staff as to next steps. Community members have expressed an interest in pursuing the preliminary design as presented to the Board in January of this year.”
Click to read the staff report in the September 25 Board packet and go to page 8.
Sep. 23, 2013
re: Sep. 25, 2014 Agenda Item VIIC: Allen Harvey Theatre (“AHT”)
Dear President and Board Members,
I note item VIIC includes the Board’s consideration of a general obligation bond measure to be put before Piedmont voters as early as Feb. 2014. I request a discussion and report ensue as to the potential liability to taxpayers of a general obligation bond. I request that worst case scenarios be discussed and the potential downside cost to Piedmont taxpayers.
Piedmont taxpayers have been subjected to unlimited cost overruns in the Piedmont Hills Utility Underground District (“PHUUD”), have directly paid for the Crest Road trench collapse for the special interest of PHUUD and, most recently, many hundreds of thousands of dollars of public money have been expended on the PRFO Blair Park Proposal despite many promises of “no taxpayer funds.” Most recently $177,366 was gifted to the Piedmont Recreational Facilities Organization ($113,533 owed by PRFO plus $63,833 in directly related attorney fees).
While the PUSD Board is a separate entity from the Piedmont City Council, Piedmont is a small community that has our public schools dynamically interwoven into the fabric of our community. I am hopeful the School Board will not succumb to any of the less than diligent practices of City Hall and City Council.
Respectfully,
Rick Schiller