Board approves Measure P project list, Series A issuance and related refinancing; audit accepted and revolving fund increased

The Belmont-Redwood Shores School District Board of Trustees voted to approve multiple finance actions related to its November 2024 Measure P general-obligation bond and other district business.

Measure P project list and Series A issuance

Trustees approved a first-tranche project list for Measure P and a resolution authorizing a Series A bond issuance to fund the listed projects. Superintendent and staff told the board that Measure P voters approved a $171,000,000 bond in November 2024 and that the district plans a first issuance of about $57.5 million. Staff and the district’s bond consultants recommended a smaller initial issuance than initially planned to reduce the district’s near-term burden while preserving capacity for future series.

Chris Hyatt, identified in the meeting as a managing director with the bond team, presented financing assumptions, including a current-market interest-rate assumption of about 4.5 percent and an assumed assessed-valuation growth rate of 3.5 percent next year and 4 percent thereafter. Hyatt outlined the plan to seek a Moody’s credit rating, circulate a preliminary official statement on April 1 and sell the bonds on April 8 with a closing roughly two weeks later.

Refinancing Measure I SFID bonds

The board also approved refinancing bonds for the Redwood Shores School Facilities Improvement District (Measure I), which the district’s bond advisor said would save taxpayers an estimated $855,000 in present-value savings (about $120,000 per year). The refinancing will close in May to preserve tax-exempt status and to align with the call date for the prior bonds.

Audit and revolving fund

Trustees accepted the district’s 2023–24 audit report. The auditor issued one finding related to an asset-management system crash, which delayed the audit while the district replaced or recovered its asset list. Otherwise, auditors reported the district in good financial standing.

Separately, the board approved a temporary $500,000 increase in the district’s revolving fund to insure against potential payroll-processing disruptions as the county upgrades financial and HR systems ahead of July payroll.

Voting and next steps

Each measure and resolution approved at the meeting was adopted by roll-call/voice vote with no nays recorded during the motions covered on the agenda. Staff said some smaller projects in the tranche (roofing, restroom and window work, athletic field and parking-loop improvements) could be scheduled as funds are received and that the district is pursuing a program manager/construction manager request for proposals to sequence projects.

Ending: The board instructed staff to proceed with final bond documents and related disclosures as described; timelines provided by staff aim to have Series A proceeds in hand in April and the refinancing close in May.