Advisers outline Measure EE financing plan, project phasing; trustees ask for community outreach

Los Altos School District financial advisers and program staff presented a multi-year Measure EE financing and project phasing plan and outlined how the district would schedule bond issuances and project work to keep the voter-disclosed tax rate near $30 per $100,000 of assessed value.

Eichmann Binder adviser Nikhilika (presenting as financial adviser) reviewed the district's financing assumptions, noted assessed-value growth of 5.2% in 2026 versus a 4% planning assumption, and recommended issuing Measure EE bonds in multiple series to spread tax-rate impact, manage statutory bonding capacity and reduce interest-rate timing risk. The adviser proposed a sample schedule beginning with a spring 2026 pricing and May 2026 closing for the first series.

Program manager Miriam Safari presented two project‑phasing scenarios that prioritize the San Antonio campus and the district's middle‑school conversion, and then phase modernization work across the nine existing sites in multiple waves. Staff emphasized that the district will not issue bond proceeds faster than it can reasonably spend them (arbitrage constraints) and that early procurement and timing decisions influence escalation and contingency needs. The San Antonio campus schematic estimate was shown separately; staff noted a total program revenue forecast that combines Measure EE issuances and remaining Measure N funds.

Trustee discussion and next steps

Trustees asked staff to provide more outreach and to return with further studies, especially a sixth‑grade feasibility study by AS Architects to test lower‑cost ways to accommodate sixth graders at existing junior high campuses before committing to additional new classroom construction. Several trustees emphasized the need to present clear, school‑level modernization plans to principals and PTA leaders so communities can weigh trade‑offs between modernization and potential new construction.

Staff said the next steps include finalizing the San Antonio design development estimate, running the sixth‑grade feasibility study, updating the district's cash‑flow projections and preparing materials for public briefings and the required citizen oversight committee once the bonds are certified.

Budget and risk highlights

Staff and advisers identified these key items: (1) a schematic estimate for the San Antonio campus near $117 million that informed early procurement authorization; (2) a program contingency to cover escalation and unforeseen site conditions; and (3) the need to time bond series to construction cash needs to limit interest expense. Advisers noted that the district's AAA rating and sound general‑fund reserves are factors that should help obtain favorable borrowing rates.