• APPENDIX A

    FULL TEXT OF BOND MEASURE

    INTRODUCTION

    The following is the abbreviated form of the bond measure: 

    To upgrade classrooms, science labs and learning technology in Mill Valley elementary and middle schools; repair/replace leaky roofs/windows, improve accessibility for students with disabilities; add solar and replace outdated/inefficient heating, ventilation, electrical/plumbing systems; shall Mill Valley School District’s measure to issue $194,000,000 in bonds at legal interest rates be adopted, raising approximately $9,300,000 annually while bonds are outstanding averaging 2.6¢ per $100 of assessed value, with oversight, annual audits and all funds improving local schools?

     

    BOND AUTHORIZATION 

    By approval of this measure by at least 55 percent of the registered voters voting on the measure, the Mill Valley School District (the “District”) will be authorized to issue and sell bonds of up to $194 million in aggregate principal amount at interest rates not to exceed legal limits and to provide financing for the specific types of school facilities projects listed under the heading “Bond Project List” below, subject to all the accountability requirements specified below.  

     

    ACCOUNTABILITY REQUIREMENTS 

    The provisions in this section are specifically included in this measure in order that the voters and taxpayers in the District may be assured that their money will be spent wisely.  Expenditures to address specific facilities needs of the District will be in compliance with the requirements of Article XIIIA, Section 1(b)(3), of the State Constitution and the Strict Accountability in Local School Construction Bonds Act of 2000 (codified at Education Code Sections 15264 and following.)

     

    Evaluation of Needs.  The District Board of Trustees (the “School Board”) has identified detailed facilities needs of the District and has determined which projects to finance from a local bond. The School Board hereby certifies that it has evaluated safety, class size reduction, enrollment growth, and information technology needs in developing the Bond Project List shown below.

     

    Independent Citizens’ Oversight Committee.  Following approval of this measure, the School Board will establish an Independent Citizens’ Oversight Committee, under Education Code Sections 15278 and following, to ensure bond proceeds are expended only on the types of school facilities projects listed below.  The committee will be established within 60 days of the date when the results of the election appear in the minutes of the School Board.

     

    Performance Audits.  The School Board will conduct annual, independent performance audits to ensure that the bond proceeds have been expended only on the school facilities projects listed below.

     

    Financial Audits.  The School Board will conduct annual, independent financial audits of the bond proceeds until all of those proceeds have been spent for the school facilities projects listed below.

     

    Government Code Accountability Requirements.   As required by Section 53410 of the Government Code, (1) the specific purpose of the bonds is set forth in this Full Text of the Measure, (2) the proceeds from the sale of the bonds will be used only for the purposes specified in this measure, and not for any other purpose, (3) the proceeds of the bonds, when and if issued, will be deposited into a building fund to be held by the Marin County Treasurer, as required by the California Education Code, and (4) the Superintendent of the District shall cause an annual report to be filed with the School Board not later than January 1 of each year, which report shall contain pertinent information regarding the amount of funds collected and expended, as well as the status of the projects listed in this measure, as required by Sections 53410 and 53411 of the Government Code.

     

    NO TEACHER OR ADMINISTRATOR SALARIES

    Proceeds from the sale of bonds authorized by this measure shall be used only for the purposes specified in Article XIII A, Section 1(b)(3), being the construction, reconstruction, rehabilitation, or replacement of school facilities, including the furnishing and equipping of school facilities, and the acquisition or lease of school facilities, and not for any other purpose, including teacher and administrator salaries and other school operating expenses.

     

    STATE MATCHING FUNDS

    The following statement is included in this measure pursuant to Education Code Section 15122.5:  Approval of this measure does not guarantee that the proposed project or projects that are the subject of bonds under this measure will be funded beyond the local revenues generated by this measure. The District's proposal for the project or projects described below may assume the receipt of matching state funds, which, if available, could be subject to appropriation by the Legislature or approval of a statewide bond measure.

     

    INFORMATION ABOUT ESTIMATES AND PROJECTIONS INCLUDED IN BALLOT 

    Voters are informed that any estimates or projections in the bond measure or ballot materials, including relating to estimated rates of ad valorem property taxes, the duration of issued bonds and related levies and collections of ad valorem property taxes are provided as informational only.  Such amounts are estimates and are not maximum amounts or limitations on the terms of the bonds, the rate or the duration of the tax supporting repayment of issued bonds.  Such estimates depend on numerous variables which are subject to variation and change over the term of the District’s overall facilities and bond financing plan, including but not limited to the amount of bonds issued and outstanding at any one time, the interest rates applicable to issued bonds, market conditions at the time of sale of the bonds, when bonds mature, timing of project needs and changes in assessed valuations in the District.  As such, while such estimates and approximations are provided based on information currently available to the District and its current expectations, such estimates and approximations are not limitations and are not binding upon the District. In addition, the abbreviated and condensed statement of the bond measure presented to voters which is subject to a word count limitation imposed by State law does not limit the scope and complete meaning of the measure provided in this Full Text of Bond Measure and related ballot materials.

     

    BOND PROJECT LIST 

    Scope of Projects.  Bond proceeds will be expended on the construction, reconstruction, rehabilitation, or replacement of school facilities of the Mill Valley School District, including furnish and equipping, and the acquisition or lease of real property for school facilities, and not for any other purpose, including teacher and administrator salaries or other school operating expenses, in compliance with California Constitution Article XIIIA, Section 1(b)(3).  

    This measure authorizes bond projects to be undertaken at all current and future District properties, sites and campuses.

     

    Specific School Facility Project List.  The items presented on the following list provide the types of school facilities projects authorized to be financed with voter-approved bond proceeds.  Specific examples included on this list are not intended to limit the types of projects described and authorized by this measure.  The following types of projects are authorized:

    • Upgrade and modernize classrooms and related school facilities to create modern, efficient and healthy educational environments, including reconstruction, reconfiguring and rebuilding of middle school facilities.  Authorized projects include:
      • Structural repairs and upgrades to facilities, including repairing/replacing aging/leaky roofing, replacement of windows, doors, flooring and all related building finish materials • 
      • Repair and/or replace inefficient and outdated heating and ventilation systems with modern and efficient systems including systems facilitating air purification •
      • Reconfiguration and reconstruction of facilities at the middle school site, including all related demolition, storage and temporary facilities during reconstruction •
      • Interior finishes and renovations: paint, ceiling and wall finishes, window coverings, flooring, carpeting and casework  •
      • Acquire and install or upgrade electrical systems, including lighting, power distribution and control systems, including installing systems that provide renewable energy such as solar panels
      • Replace aging portable buildings with more permanent facilities including modular buildings
      • Provide facilities and equipment for science, art and maker spaces
      • Provide modern and sanitary restrooms including updated fixtures and any needed repairs or upgrades to sewer and water distribution systems
      • Provide modern drinking fountains including hydration stations A-3
      • Technology upgrades and improvements, including network infrastructure, and related technology equipment
      • Modernizing, constructing and upgrading classrooms and other facilities such as libraries, multi-purpose rooms, learning centers, food prep/storage and/or food service and eating areas, portable structures and other support facilities to provide improved and modern facilities. 

    • Upgrading school safety and security to achieve a safe and secure learning environment.  Authorized projects include:
      • Installing or upgrading security and access control systems including surveillance systems, secure entry systems, fire alarms, fire sprinkler systems, alarm systems, communication systems and public address systems
      • Installing or upgrading lighting and access barriers
      • Seismic retrofit projects

    • Ensure safe accessibility to school sites including adequate and secure parking and storage and other site work. Authorized projects include: 
      • Improving student drop off areas including improvements to curbing, walkways, vehicle lanes, signage and lighting 
      •  Acquiring and installing storage facilities/enclosures for bicycles and other similar gear or device
      • Concrete/paving work to improve and expand vehicle lanes, driveways and parking
      • Installing or upgrading outdoor lighting
      • Adding outdoor signage
      • Any necessary grading or other site work relating to modernization and construction projects
      • Acquiring, installing and improving landscaping, including drought tolerant landscaping, and related irrigation systems
          
    • Upgrade, modernize and configure classrooms to address Universal Transitional Kindergarten Instruction.  Authorized projects include:
      • Constructing or upgrading existing facilities to provide education to T-K students  •
      • Ensuring facilities compliance with all requirements for such facilities such as restrooms and appropriate furnishing and equipment

    • Facilities Improvements to Ensure Accessibility for All and Compliance with all Legal Requirements.  Authorized projects include: •
      • Improvements to ensure barrier-free access and compliance with all requirements of the American With Disabilities Act (ADA) and other applicable legal and regulatory provisions
      • Improvements to ensure compliance with all requirements of the California Department of Education and other authorities with respect to facilities for TK and K through eighth grade students. 

    • Construct, install and improve outdoor learning, gathering and play spaces.  Authorized projects include:
      • Provide outdoor classrooms, learning areas and shade structures 
      • Eating and meeting areas including tables, benches and other seating 
      • Play/fitness equipment and field and yard renovations or expansion 
      •  Related landscaping improvements including irrigation

    • Acquire, install, repair and upgrade all necessary infrastructure serving District sites and facilities.  Authorized projects include:
      • Electrical and other mechanical infrastructure  
      • Water, sewer, gas and related utility systems
      • Technology systems and equipment

     

    Each of the bond projects described in this Bond Project List include the costs of furnishing and equipping such facilities, and all costs which are incidental but directly related to the types of projects described above.

     

    Examples of incidental costs include, but are not limited to: costs of design, engineering, architect and other professional services, facilities assessments, inspections, site preparation, grading, utilities, landscaping, construction management and other planning and permitting, legal, accounting and similar costs; all finishing work such as painting, repainting, carpeting and flooring; independent annual financial and performance audits; a customary construction contingency; demolition and disposal of existing structures; the costs of interim housing and storage during construction including relocation and construction costs incurred relating to interim facilities; rental or construction of storage facilities and other space on an interim basis for materials and other equipment and furnishings displaced during construction; costs of relocating facilities and equipment as needed in connection with the projects; interim classrooms and facilities for students, administrators, and school functions, including portable or modular facilities; federal and state-mandated safety upgrades; addressing unforeseen conditions revealed by construction/ modernization including abatement and removal of hazardous materials and other necessary improvements required to comply with existing building codes, including the Field Act; access requirements of the Americans with Disabilities Act; costs of the election; project construction oversight, management and administration during the duration of such projects, including by District personnel, and bond issuance costs. Unforeseen conditions may arise during the course of planning, design and construction and reconstruction resulting in the scope and nature of any of the specific projects described above being altered by the District.  In the event that the District determines that a modernization or renovation project is more economical for the District or otherwise in the District’s best interests to be undertaken as new construction, this bond measure authorizes said new construction, including land acquisition, relocation, expansion and construction and/or reconstruction, and all costs relating thereto, including temporary facilities to house students and other District operations.  In addition, this measure authorizes the acquisition of real property, including necessary rights of ways or other real property interests, required to expand District facilities, to provide access to school or other District facilities, or to provide additional school or related facilities.  Further, authorized projects include reimbursements for project costs previously paid and paying and/or prepaying interim financing for the types of projects included on the project list, such as bond anticipation notes.  Finally, projects on this list may be undertaken and used as joint use projects with other public agencies.

     

    Approval of the District’s bond measure does not guarantee that all of the identified projects within this Bond Project List will be funded beyond what can be completed with funds generated by this bond measure.  The District plans to pursue matching funds from the State of California, if available, to provide additional funding to complete certain of the identified facilities projects.  Many factors which the District cannot predict or control may impact its ability to address each of the projects, including but not limited to construction cost issues, supply chain issues which can cause project delays, labor shortages, and unknown environmental factors or site conditions, among others.  The District is unable to anticipate all unforeseen circumstances which may prevent some of the projects listed above from being undertaken or completed.

     

    The order in which projects are listed in the foregoing Bond Project List does not suggest an order of priority.  Project prioritization is vested in and will be determined by the School Board.

     

    APPENDIX B

    ABBREVIATED FORM OF BOND MEASURE

    To upgrade classrooms, science labs and learning technology in Mill Valley elementary and middle schools; repair/replace leaky roofs/windows, improve accessibility for students with disabilities; add solar and replace outdated/inefficient heating, ventilation, electrical/plumbing systems; shall Mill Valley School District’s measure to issue $194,000,000 in bonds at legal interest rates be adopted, raising approximately $9,300,000 annually while bonds are outstanding averaging 2.6¢ per $100 of assessed value, with oversight, annual audits and all funds improving local schools?

     

    APPENDIX C

    TAX RATE STATEMENT

    REGARDING PROPOSED

    MILL VALLEY SCHOOL DISTRICT 

    GENERAL OBLIGATION BONDS

    An election will be held in the Mill Valley School District (the “District”) on June 7, 2022, to authorize the sale of up to $194 million in bonds of the District to finance school facility improvements as described in the measure.  If such bonds are authorized and sold, principal and interest on the bonds will be payable only from the proceeds of ad valorem property tax levies made upon the taxable property in the District.  The following information is provided in compliance with Sections 9400-9404 of the Elections Code of the State of California.  Such information is based upon the best estimates and projections presently available from official sources, upon experience within the District, and other demonstrable factors.  

     

    Based upon the foregoing and projections of the District’s assessed valuation, the following information is provided:

    1. The best estimate of the average annual tax rate which would be required to be levied to fund this bond issue over the entire duration of the bond debt service, based on a projection of assessed valuations available at the time of filing of this statement, is $0.026 per $100 of assessed valuation (or $26.16 per $100,000 of assessed value). The final fiscal year in which the tax is anticipated to be collected is 2057-58.
    2. The best estimate of the highest tax rate which would be required to be levied to fund this bond issue, based on a projection of assessed valuations available at the time of filing of this statement, is $0.030 per $100 of assessed valuation (or $30.00 per $100,000 of assessed value).  It is estimated that such rate would be levied starting in fiscal year 2022-23 and following.
    3. The best estimate of the total debt service, including the principal and interest, that would be required to be repaid if all the bonds are issued and sold is approximately $363.8 million.


    Voters should note the estimated tax rate is based on the assessed value (not market value) of taxable property on the Marin County’s official tax rolls.  In addition, taxpayers eligible for a property tax exemption, such as the homeowner’s exemption, will be taxed at a lower effective tax rate than described above.  Property owners should consult their own property tax bills and tax advisors to determine their property’s assessed value and any applicable tax exemptions.

    The attention of all voters is directed to the fact that the foregoing information is based upon projections and estimates only, which amounts are not maximum amounts and are not binding upon the District.  The actual debt service, tax rates and the years in which they will apply may vary from those used to provide the estimates set forth above, due to factors such as variations in the timing of bond sales, the par amount of bonds sold and market interest rates available at the time of each sale, actual assessed valuations over the term of the bonds, and other factors.  The date and amount of bonds sold at any given time will be determined by the District based on the need for project funds and other considerations.  The actual interest rates at which the bonds will be sold will depend on conditions in the bond market at the time of sale.  Actual future assessed valuations will depend upon the amount and value of taxable property within the District as determined by the County Assessor in the annual assessment and the equalization process.

    By: ____   Kimberly Berman, Superintendent Mill Valley School District