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Bonds

Financial Statements and Performance Audits

MUNICIPAL ADVISOR STATEMENT

Municipal market participants including bond underwriters and broker/dealers should note that the District is represented by, and relies on, its registered municipal advisor, Government Financial Strategies.  

Proposals, recommendations and marketing materials should be addressed to Lori Raineri, President, Government Financial Strategies, 1228 N Street, Suite 13, Sacramento, CA  95814 or lori@gfsi.com with courtesy copy to: 

HUSD Assistant Superintendent, Business Services Hayward Unified School District, Po Box 5000, Hayward, CA 94540-5000.

 

CBOC - BRIEF ROLES / RESPONSIBILITIES

  • To inform and advise the public
  • To review and report on bond expenditures
  • To review copies of annual, independent financial and performance audits
  • Review efforts by District to maximize bond revenues
  • Issue reports (at least once per year) of the results of their efforts
  • At least seven members (no district employees, vendors, contractors, or consultants)
  • No authority to participate in bond sale or issuance
  • No authority to determine how bond funds are spent
  • No authority to participate in the bid process for contractors or consultants
  • No authority to contact contractors or consultants or to “inspect” construction projects without permission of the Superintendent or authorized representative
  • All committee proceedings must be open to the public

CBOC - Next/Latest Meeting Agenda

HAYWARD UNIFIED SCHOOL DISTRICT

SUCCESSFULLY SELLS $134 MILLION IN FINAL MEASURE L BOND SALE

RESULTING IN AN $85 MILLION DIRECT

SAVINGS TO TAXPAYERS

 

- For Immediate Release -

April 25, 2017

 

ContactBusiness Services for additional information

 

HAYWARD, CALIF – On Tuesday, April 25, Hayward Unified sold its final series of Measure L General Obligation Bonds, as scheduled.  The sale was very successful in that all metrics were improved upon from prior planning.

 

Measure L was approved by 77.35% of voters on November 4, 2014 authorizing $229 million of bonds to be issued.  The original plan was to sell the bonds in three series over five years.  Instead, all bonds have been sold in two series, over three years.  The original plan presented to voters estimated total repayment (“debt service”) of $482 million, and this has now been locked in considerably lower, at $397 million, representing just under $85 million of savings (budget to actual).  The Measure L ratio of total debt service to original principal is now firm at 1.73 to 1.

 

The $85 million in debt service savings represents taxes that were budgeted, but now will not be collected, and is therefore a direct taxpayer savings.  In approving Measure L, voters expected the highest projected tax levy to be $49.00 per $100,000 of assessed value for 30 years (until 2044-45), and tax is now projected to stay below $45 per $100,000 of assessed value for 27 years (until 2041-42).

 

The 2017 bonds, in the amount of $134 million, received 8 bids from bond underwriters located across the United States, with the winning bid coming from Bank of America/Merrill Lynch at a true interest cost of 3.7%.

 

On May 11, when the District is expected to receive the final deposit of Measure L funds, there will be $228.5 million of deposits, with a significant amount of funds deposited between two and four years early, thereby increasing purchasing power and the ability to put projects into service for students, staff, and the broader community years earlier!

 

Bond Sale Presentation:

When:  Wednesday, May 10, 2017

Where: Regular School Board Meeting

Who:    Lori Raineri and Matt Kolker of Government Financial Strategies, the District’s financial advisor

What:   Brief presentation to the Board describing the details of the Bond sale

 

 

 

HAYWARD HOMEOWNERS PROJECTED TO RECEIVE $66 MILLION IN TAX SAVINGS THANKS TO BETTER THAN EXPECTED TAX BASE GROWTH AND LOWER THAN PROJECTED INTEREST RATES

 

- For Immediate Release -

March 23, 2017

 

Contact: Business Services for additional information

 

HAYWARD, CALIF – On March 22, 2017, a presentation by Government Financial Strategies, Inc. was made to the Board of Trustees illustrating past and projected bond performance with respect to the Hayward Unified School District's Measure I and Measure L construction bond programs. In June 2008, more than 72% of District voters approved a $205 million bond with Measure I. In November 2014, more than 77% of District voters approved a $229 million bond with Measure L. The funds generated from the measures are being used to modernize and construct various schools throughout the district and to renovate and update other school facilities.

 

How base growth and interest rates affect the bonds:

 

Better than expected tax base growth:

  • allowed $24 million of bonds to be moved up to the first issuance in 2015
  • projected to allow $57.6 million of bonds to be moved up to second issuance in 2017
  • projected to allow $18.95 million more in total proceeds

Better than expected tax base growth and lower than projected interest rates:

  • resulted in faster amortization at lower cost
  • resulted in Measure L repayment costs being projected at $66.8 million less than expected!

 

EXAMPLE:

The COMBINED tax rate for Measure I ($54.01) and Measure L ($43.39) is $97.40 per $100,000 of Assessed Value: 

 

 Click Here for Full Presentation 

 

 

CITIZENS' BOND OVERSIGHT COMMITTEE (CBOC) MEASURE I & L 2018-2019 S/Y

This committee is made up of several City of Hayward stakeholders who have expressed interest in your Bond expenditures. Stakeholders include parents, business organizations, faith-based organizations, Senior Citizens, and PTA representatives. We welcome their participation.

* Click to Apply to the Citizens' Bond Oversight Committee *

Current Opening: Bona Fide Taxpayers' Organization

CBOC Quarterly Update -June 2018

CBOC Quarterly Update -March 2018

FY16 CBOC Annual Report:  May, 2017

FY15 CBOC Annual Report:  March, 2016

MEETING DATES

Meetings are 1 Hour and Held at the District Office Located at 24411 Amador Street, Hayward
*Unless Otherwise Noted

 


 

FY15-16 Concluded  Meetings: 

Thursday, 9/17/15  5:30pm - 6:30pm

   CBOC-091715-Minutes.pdf

Thursday, 12/17/15  5:30pm - 6:30pm

   CBOC-Amended Minutes - 121715.pdf

Thursday, 3/10/16  5:30pm - 6:30pm

Thursday, 6/16/16  5:30pm - 6:30pm

HAYWARD HOMEOWNERS TO GET $32 MILLION TAX SAVINGS THANKS TO REFUNDED SCHOOL DISTRICT BOND

 

For Immediate Release

August 24, 2015

HAYWARD, CALIF –In June 2008, more than 72% of District voters approved a $205 million bond with Measure I. The funds generated from the measure were used to modernize and construct four elementary and one middle school as well as repair, renovate and update other school facilities.  

 

This month, lower interest rates prompted the Hayward Unified Board of Trustees to approve the refunding of some of the outstanding Measure I general obligation bonds, resulting in a savings to property owners of over $32 million.

 

The first issuance of the $229 million Measure L bonds, approved by 73% of District voters in November 2014, was also sold this month with a repayment cost expected to be $50 million under budget.

 

“The refunded bonds will result in significant savings for our taxpayers,” said Stan “Data” Dobbs Superintendent/CEO. “It has long been the goal of our Board of Education to look for ways to generate savings without impacting our classrooms, instructional programs and services to families. The additional funding generated with the Measure L bonds will make a major impact on our school facilities, and it’s another reason for our community to be proud to invest in our Made in Hayward students.”

FOR MORE INFORMATION CONTACT

Jennifer McGriff,
Office Specialist
at (510) 784-2600 x72844
Email: jmcgriff@husd.k12.ca.us


Ernesto Ramirez
Bond Construction Coordinator

at (510) 784-2600-72844
Email: er799@husd.k12.ca.us


Timothy Cody,
Director III, Facilities, Maintenance, Operations & Transportation
at (510) 784-2600 x72844