• Facility Planning and Bond Exploration - Board Timeline


    Board Meeting - 10/3/2019 - Capital Improvement and Master Planning Discussion

    Dr. Berman, Superintendent, stated the staff has engaged in a new internal process to convert the 2018 facility assessment report, FIT (Facility Inspection Tool) and site observation data into an internal scope and sequence of the capital improvement needs over the course of the next 10-15 years. Staff asked the board to discuss whether or not to engage in polling within the community to gather necessary input regarding the feasibility of a future bond. There was much discussion by the board. Staff was directed to deliver to the board at an upcoming meeting a high level overview of a 10-15 year needs assessment and associated costs per site, as well as polling results which includes community input data.


    Board Meeting - 11/14/2019 - 10-Year Capital Improvement Plan Update

    John Binchi, Director of Maintenance and Operations, presented an overview of the 10-Year facility needs and associated costs per school site. The report involved estimating the age or physical status of each item and comparing it to its standard lifespan. All items would be replaced in a "like-for-like" fashion rather than upgrading items. The total cost for all facility needs for a 10-year period, including escalation costs, is approximately $46,000,000. In addition to regular facility needs, other needs were discussed, including the potential installation of generators for future power outages, covered lunch areas, and new construction of the Middle School. The board asked for additional information on the cost and benefits of generators, as well as a list of top priority or highest need facility and security items.  

    10 Year Capital Improvement Plan Update


    Board Meeting - 11/14/2019 - Polling Results Presentation

    Jessica Polsky from EMC Research presented results from a mid-October mixed-methodology poll of likely 2020 voters in Mill Valley exploring the feasibility of a bond measure. The district will invite a strategist from TBWB to present at the December board meeting, and will also provide feedback on facility needs from school site staff, as requested by the board.  

    EMC Research and TBWB Presentation


    Board Meeting - 12/16/2019 - Facility Planning Next Steps Presentation 

    Sabrina Kochprapha from TBWB Strategies presented the Board with a timeline regarding exploring the feasibility of a future bond for facility needs. Ms. Kochprapha stated the first place to start would be educating the community about the District's facility needs. Ms. Kochprapha recommended that the District begin discussing the matter first with internal stakeholders, followed by community leaders, and lastly the community voters at large. Ms. Kochprapha discussed the timeline necessary to consider placing a bond measure on the November 2020 ballot.  

    TBWB Strategies Presentation


    Board Workshop - 2/13/2020 - Facility Planning Workshop

    Greg Isom of Isom Advisors presented the Board with information regarding the possibility of a school improvement bond measure for the Mill Valley School District. Mr. Isom provided information regarding the District's bond and assessed value history along with pertinent information and timelines as it relates to exploring the feasibility of a bond measure. Mr. Isom also provided information and analysis regarding refinancing of past bond debt. The Board provided direction to the Superintendent to explore the feasibility of a bond along with direction to explore refunding of current bond debt. Trustees Uhlhorn and Wachtel volunteered to meet regularly with the Superintendent on this matter. Old Mill parent Jessica Newman stated she is interested in helping guide the process.  

    Isom Advisors Presentation 2.13.20


    Board Meeting - 3/12/2020 - Resolution Authorizing The Issuance and Sale of 2020 Refunding General Obligation Bonds

    The District identified a local funding source for school facility improvement projects when voters in 2009 approved a general obligation bond measure for facilities projects. The District issued a series of said bonds in 2012 for voter-approved facilities projects. When the 2012 Bonds were issued, an early redemption provision was included, which allows the District to refinance the outstanding bonds when interest rates reflecting current market conditions will result in savings for the District and its property taxpayers. The District has been advised that current conditions in the bond market will result in significant interest savings to District property taxpayers by undertaking a refinancing of some of the maturities of the 2012 Bonds. As provided by law, Refunding Bonds can only be issued if savings are realized, and the final maturity date of the Refunding Bonds is not extended beyond final maturity date of the original bonds to be refinanced.

    The Resolution for Board consideration sets forth all of the terms and conditions of the issuance of 2020 Refunding Bonds to achieve interest rate savings currently available in the bond markets. The Refunding Bonds are proposed to be issued as traditional, current interest bonds (no capital appreciation bonds) pursuant to the terms of the California Government Code. The Refunding Bonds will be issued in accordance with all legal requirements, including the requirement that they be issued on a federally taxable basis because the refunding escrow will extend for a term beyond 90 days. Current expectations regarding the costs of the Refunding Bonds as required by Senate Bill 450 are set forth in Appendix B to the Resolution. The Resolution authorizes the sale of the bonds by negotiation to the investment banking firm of Raymond James & Associates, Inc., which will underwrite all of the bonds and have the responsibility of placing them with investors. The Resolution authorizes the Superintendent and staff, working with its financing professionals, to finalize documentation relating to the issuance of the Refunding Bonds, including the Official Statement, which is the disclosure document to be provided to potential bond purchasers, which under securities laws standards must contain all material information to make an informed investment decision, and no material misstatements or omissions. Edits to and refinement of the Official Statement can continue to be made by staff working with the financing team, until it is released to investors, which is expected following Board approval and following receipt of bond rating assignments by the rating agencies of Moody’s and S&P.

    The Bonds were sold with a true interest cost of 2.75%. Closing documents were prepared by Jones Hall for the May 13, 2020 closing. Successful Bond Sale Details:

    1. The Bonds are an advance refunding of the maturities.
    2. The par amount of the Bonds is $31,605,000;
    3. Total taxpayer savings is $3,801,978.69;
    4. Net present value savings is $2,397,554.90 equivalent to 8.40% as a percentage of refunded par;
    5. There are term bonds with principal maturing on 8/1/2022, 8/1/2025, 8/1/2027, 8/1/2030, 8/1/2035 and 8/1/2039 with annual mandatory sinking fund redemptions beginning 8/1/2020, 8/1/2023, 8/1/2026, 8/1/2028, 8/1/2031 and 8/1/2036;
    6. There is a deposit to the Escrow Fund in the amount of $31,308,060.83, which will be used to purchase SLGS;
    7. The Bonds maturing on and after 8/1/2031 are subject to optional redemption prior to maturity, on or after 8/1/2030, on any day, without premium;
    8. The Bonds pay interest semi-annually on August 1 and February 1, commencing August 1, 2020;
    9. The net repayment ratio for the Bonds is 1.44 to 1.


    Gross Savings: $3,801,978 (with savings every single year as well so it’s a hybrid of deferred and level) Net Present Value Savings: $2,397,554 (or 8.40% as a percentage of the refunded par) Total Debt Service: $44,592,353 True Interest Cost: 2.75% Refunded Bond Par Amount: $28,535,000  

    Press Release


    Board Meeting - 4/2/2020 - Bond Feasibility Discussion 

    Superintendent Dr. Berman presented this item for discussion by the Board. Dr. Berman stated she meets regularly with Trustees Uhlhorn and Wachtel on this issue and noted that these are exceptional times right now while recognizing there are facility needs in the district. After much discussion, the Board directed the Superintendent to cautiously proceed by revising the survey and continuing with outreach.


    Board Meeting - 4/15/2021 - Bonding Capacity Presentation 

    Greg Isom, of Isom Advisors, presented an overview of the district’s bond and assessed value history, including bonding capacity, general obligation bond proceed options, and next steps including a timeline for inclusion in a 2022 election.


    Isom Advisors Presentation 4.15.21


    Board Meeting - 1/13/2022 - Facility Planning Next Steps Presentation

    EMC Research shared polling results completed in December. Polling was favorable, and indicated enough support for a bond to pass at the 55% margin required. TBWB Strategies presented a timeline regarding exploring the feasibility of a future bond for facility needs. There was Board discussion of next steps and the direction for the next meeting. Two members of the board will assist staff with preparation of the resolution, and developing messaging -- Emily Uhlhorn and Elli Abdoli. Jessica Newman, a parent in the district has volunteered to be the chair of the campaign.


    EMC Polling Presentation


    Special Board Meeting - 2/02/22 - Facility Master Plan Special Meeting

    The Board discussed the pros and cons of modular construction for addressing repairs to the middle school. The Board discussed how soft costs and contingency costs are determined in the Master Plan, and as the Master Plan is a high level view, that soft costs and contingency costs are set percentages applied across the whole project. Those costs will be determined more particularly once detailed project lists are created and a detailed scope of work is developed. The Board discussed how to use the Master Plan as a living document. The Master Plan is a communication and planning tool. There is a database provided to staff to track and update the data and projects as they develop over time. The Board discussed that there are legal requirements related to environmental issues that are required to be considered and incorporated into the final plan. There has also been work done already during the initial plan develop in connection with environmental impacts of climate changes.The Board discussed the relationship between the Master Plan and the potential bond measure. The Board discussed that the vote to approve the plan tonight is a vote that there was a thorough investigation of what the district's needs are now and for the next ten years. The plan details and evaluates the needs of the district, and the costs to address those needs. The plan goes beyond what any bond measure would cover. The plan provides direction and a basis for the bond discussion at the February 10th regular board meeting.

    Facilities Master Plan Presentation

    Facility Master Plan


    Board Meeting - 2/10/2022 Resolution Ordering an Election to Authorize the Issuance of General Obligation Bonds

    The District has important school facility improvement needs that have been identified by its recent facilities assessment and plan. The District needs to identify a funding source. June 7, 2022 is the date of the statewide primary election, and also is an election date at which local bond measures that provide facilities funding can be placed on the ballot and approved with a 55% or more vote. In order to appear on the June ballot, adopted, signed resolutions calling bond elections must be filed with the County Elections office at least 88 days prior to the election date (prior to March 11, 2022). The Resolution for Board consideration has been prepared in accordance with all legal requirements and presents a $194 million bond measure to District voters under Prop. 39 (55% vote). Appendix A sets forth the Full Text of the Measure, which will be printed in the sample ballot and contains the project list setting for projects which will qualify for bond funding (pages A-3 and after). Pages A-1 and B-1 contain the condensed, abbreviated question that will be presented to District voters, in a 75-word format as required by State law. Appendix C presents the Tax Rate Statement which will also be printed in the Sample Ballot and discloses to District voters current expectations regarding the property tax rates and other estimations in connection with a bond issuance program.


    Resolution Ordering the Election to Authorize the Issuance of Bonds