School District Announces $2.77M Interest Costs Savings for San Leandro Taxpayers on Measure M Bonds

San Leandro Unified School District

(SLUSD) recently announced the results of the Competitive Bond Sale for the (Measure M) $30,000,000 General Obligation Bonds, Election of 2010, Series A. Assistant Superintendent Song Chin-Bendib, dissatisfied with the initial bond rating, worked with the agency to make a stronger financial case for the District—resulting in an improved rating which is estimated to save the taxpayers of San Leandro nearly $3 million over the life of the bond.

Superintendent Cindy Cathey reported that out of six bids submitted on May 10, 2011, the winning bid was submitted for a total interest cost of 5.3279%—the lowest possible interest costs for the District’s taxpayers. Of the $30 million, $195,000 from the bond proceeds will be set aside in a cost of issuance fund.

As pointed out by Superintendent Cathey, the most exciting part of the bond sale was that the District was able to get a rating upgrade to an “Aa3” rating. “Song is to be commended for her tenacity and fiscal stewardship,” she said. “The District continues to manage taxpayers’ dollars efficiently, in spite of the economic uncertainties facing the state.”

Measure M, the $50.1 million school facilities bond, passed with a 62.75% “yes” vote last November, reflecting the community’s continued commitment to education (Measure B, the $109 million school facilities bond, was passed by San Leandro voters in 2006). Measure M will support healthy, active living for students and the entire community by addressing critical sports facilities throughout the district, including (partial list):

• Renovating Burrell Field, the tennis courts, and the softball fields • Building a synthetic track and field at John Muir Middle School • Upgrading play structures at the elementary schools • Renovating the high school swimming pools

• Creating walking paths and par courses at elementary schools; par courses at Bancroft Middle School and Lincoln High School

• Upgrading field and track at San Leandro High School • Providing fencing and security lights district-wide, as needed

At the May 17, 2011 Board Meeting, Assistant Superintendent Chin-Bendib gave an update on Measure M and the role of the Conceptual Design Teams for the Pacific Sports Complex & Burrell Field and the SLHS Swim Center. The Conceptual Design Teams, comprised of teachers, district and City staff, users and community members, met with architects in a series of meetings where they offered valuable input and critical feedback on the two marquee projects, resulting in conceptual designs based on needs and wants. The conceptual architectural drawings for both of these projects—which will be further refined as the process continues—were also discussed and approved by the Board of Education. The conceptual designs may be viewed on the District website at www.slusd.k12.ca.us.

“As we continue with our work on Measure M,” said Superintendent Cathey, “we are also moving forward with our Measure B projects.” Summer projects on Measure B include restroom renovations at Bancroft and Muir Middle Schools and Roosevelt and Wilson Elementary Schools, classroom painting and new lighting at Bancroft and Muir, Roosevelt and Wilson, and San Leandro High School. Extensive work will continue through the summer on the Career Technical Education Center at San Leandro High School.