SAN RAMON VALLEY -- With the passage of Measure D, the San Ramon Valley school district is sitting on a $260 million pot of money.
The next step is to figure out how to spend it.
On Friday, the school board will hold its first public workshop to decide how and when the money gets spent. The workshop will be 1 to 4 p.m. at the district office, 699 Old Orchard Drive.
At the workshop, the board will meet with the district's bond counsel, a bond consultant and a financial adviser to start hammering out the details of its first bond to be released and which projects they will fund.
"We have a long list of projects and they all cost a lot of money," board President Greg Marvel said. "The order of the projects will determine the issuance of the bonds and how much we'll need for the first series of bonds."
The bonds issued under Measure D will fund 45 projects in the district, to include seismic upgrades, upgrades to electrical and heating and air conditioning systems, technology infrastructure upgrades, security cameras, new classrooms, new stadium bleachers at San Ramon Valley and Monte Vista high schools and a new $31 million elementary school in Dougherty Valley, among others.
Gary Black, assistant superintendent of business services and facilities development, said the initial plan was for the bonds to be issued in four series of $65 million each, in 2013, 2015, 2017 and 2019.
But Black said nothing has been decided
To pay back the bonds, property owners in the district will see a rise in their property taxes most likely starting next year.
This year, district residents paid about $67 per $100,000 of the assessed value of their property. That went toward two previous bond measures -- a $70 million bond passed in 1998 and a $260 million bond passed in 2002.
The property taxes for those two bonds was set to drop next year below $60 per $100,000 of assessed value, with further declines until the bonds are paid off in 2031.
But with the passage of Measure D, property taxes to pay for all three bonds are expected to rise to $75 per $100,000; or $375 a year for a house assessed at $500,000.
The district is projecting that rate to hold steady at $75 until the 2026-27 school year when it will fall slightly. The rate is then expected to decline to around $40 per $100,000 and hold steady from 2031 to 2037. It will then begin to decline again until all the bonds issued under Measure D are paid off in 2044.
But Black said these are estimates and that several scenarios could cause rate changes.
Increased property tax revenues caused by rising property values and new housing growth would cause the rate to fall. But another catastrophic real estate recession that causes property values to plummet would mean the tax rate would go up in order to make the payments on the bonds, Black said.
Contact Jason Sweeney at 925-847-2123. Follow him at Twitter.com/Jason_Sweeney.
What: Public workshop on plans for spending Measure D bond money
When: 1-4 p.m. Friday
Where: San Ramon Valley Unified School District office, 699 Old Orchard Drive, Danville