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Hermosa Beach district outlines Measure HV bond plan; first issuance slated for about $8 million
Summary
District financial advisors and program consultants told the board the Measure HV general obligation bond campaign will be issued in multiple series; the first round is estimated at roughly $8 million with proceeds planned for site upgrades and a district‑wide technology assessment.
The Hermosa Beach City School District presented the first‑issuance plan for Measure HV — a $28.7 million general obligation bond passed by voters in November 2024 — and proposed a multi‑series sale tied to assessed‑value growth and tax‑rate constraints.
John Isom of Isom Advisors briefed the board on the mechanics and timing of the bond program, saying the district’s assessed value and interest rates will determine how much can be issued at each sale. “Right now, we're looking at July for the first round of funding in an amount of around $8,000,000,” Isom told the board, while explaining why a negotiated sale is being recommended because of market volatility and the structure that will include capital appreciation bonds.
Alan Rising, a program consultant with District Advocates Group, presented the staff recommendation for project prioritization tied to the forecasted issuance schedule. For the anticipated 2025 series (roughly $8 million), staff prioritized improvements at Hermosa Valley School including two flexible science classrooms and performing‑arts classroom space, targeted special‑education adaptations at Hermosa View (Rooms 108 and 208), and a district‑wide technology systems audit. Series two (forecast for 2027, ~$10 million) was described for administration building upgrades, continued work at Hermosa Valley (entry and drop‑off improvements), HVAC replacements and core infrastructure, and the district technology infrastructure work. Series three (2029, ~$10.7 million) would address athletic field and playground improvements, relocation of district offices if needed, and energy improvements such as solar installations.
Consultants emphasized constraints: the district must respect a tax‑rate extension promise to voters, wait for prior bond levies to retire in part, and comply with federal and state disclosure rules for capital appreciation bonds. Isom said the district’s current credit rating is double‑A and that bond insurance is unlikely to be used. He recommended a negotiated sale to allow for underwriter collaboration amid volatile markets.
Board members asked about timing, the IRS three‑year expenditure rule for bond proceeds, reusability of existing portable classrooms and how community input will be incorporated into site designs. Rising said the district has selected architectural, topographical and surveying firms, and will engage design and construction management firms to prepare DSA (Division of State Architect) filings and community outreach. The district indicated the next formal approval steps and bond pricing would occur in upcoming board meetings and with the county tax office.
