Measure D Overview and Bond Issuance Next Steps
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1 Measure D Overview and Bond Issuance Next Steps by Isom Advisors, a Division of Urban Futures, Inc. August 15, Maria Lane, Ste Walnut Creek, CA 94596
2 Measure D Plan of Finance $60 million over the next six years On June 7, 2016, District voters approved Measure D, a $60 million bond authorization, for the renovation, upgrade and modernization of schools within the District boundaries, in addition to new construction at Tice Creek School. The estimated tax rate for Measure D is $17.30 per $100,000 of assessed value. The legal maximum tax rate is $30.00 per $100,000 of assessed value. Below is the District s Plan of Finance and the basis for Measure D: Walnut Creek SD Measure D Plan of Finance (1) Tax Rate per Series A Series B Series C Total Bond $100, Proceeds $17.30 $20,000,000 $20,000,000 $20,000,000 $60,000,000 (1) Assumes AV growth of 3.50% (historic 12-year average AV growth is 4.68%), 30 year term, 5.0% discount rate Source: Isom Advisors Variables that determine bond proceeds are assessed value ( AV ) growth assumptions, interest rates, term (length of the borrowing), and tax rates constraints. 2
3 Measure D Plan of Finance Estimated debt service and tax rate 3
4 You ve Passed Your Bond, Now What?
5 Bond Issuance Basics Components of a bond issuance Numbers Establish par amount and bond structure to reflect Plan of Finance Aug Adopt tax levy resolution and get on tax roll Legal Documents Aug Adopt resolution certifying election results Sept Adopt resolution authorizing the issuance of bond and form of legal documents related to the bond issuance Credit Review Meet with Standard & Poor s and receive rating Bond Sale Bonds are publicly offered for sale Close the financing - bond funds in the bank! 5
6 Numbers Bond issuance amount based on needs and constraints Par amount Based on capital needs and the ability to expend bond proceeds in three years or less Structure Assumptions assessed value growth, interest rates Repayment term Tax rate constraints Tax rate assumption of $17.30 per $100,000 of assessed value Legal limit of $30.00 per $100,000 of assessed value 6
7 Legal Documents Authorization by Board & disclosure for investors Resolution Authorizing the Sale of General Obligation Bonds Board authorizes the issuance of bonds and specifies the basic terms, parameters and forms of the Bonds. Also, approves the form of the Preliminary Official Statement. Preliminary Official Statement ( POS ) Offering document which prospective purchasers of the bonds use to learn about the District and about the bonds. Notice of Sale Makes public the parameters of the bonds and bond sale as well as the date and time of sale. Continuing Disclosure Certificate District covenants to file annual reports and material events notices to keep investor community abreast of the District s finances and tax base. 7
8 Credit Review Credit ratings guide investors on bond risk Investors use credit ratings to gauge risk and the likelihood of default on bonds. The District will meet with Standard & Poor s ( S&P ) in San Francisco and walk through a (roughly) 30-page presentation detailing the District s finances, the District s tax base, the regional and local economy, as well as details of the financing. District will be issued a credit rating. The District s current rating is an extremely-strong AA. The better the rating, the lower the risk of default and the lower the interest rate on the District s bonds, which translates to lower tax rates. 8
9 Bond Sale Methods of Sale Competitive Sale In a competitive sale, bonds are advertised for sale. The advertisement, by way of a notice of sale, includes both the terms of the sale and the terms of the bond issue. Any broker dealer or dealer bank may bid on the bonds at the designated date and time. The bonds are awarded to the bidder offering the lowest interest cost. Negotiated Sale In a negotiated sale, an underwriter is selected in advance to purchase the bonds. The underwriter, in turn, sells the bonds to investors. The terms of the bonds are tailored to meet the demands of the investors, as well as the needs of the issuer. Considerations for Sales Credit of Issuer: Issue Size: Issuer: Financing Terms: Structure or Security: Market: Negotiated Competitive WCUSD? Weak Credit Strong Credit Comp Unusually large or small issues Manageable issues Comp Unknown in the market A known entity to investors Comp Unusual terms Standard terms Comp Complicated or unique Straightforward/standard Comp Volatile Calm Comp 9
10 Timeline
11 Timeline G.O. Bond Next Steps What are the next steps? July 28 August 15 Aug 15 Oct14 August 16 August 26 Week of Sept. 12 th September 19 September 23 September 26 September 28 October 5 October 14 October 19 Meet with District Bond Overview and Next Steps District Board adopts: 1) resolution certifying election results (Citizen Bond Oversight Committee (CBOC) must be formed within 60 days) and 2) resolution requesting County levy taxes for Series A bond issuance Application period for CBOC Distribute draft of the Preliminary Official Statement (POS), bond resolution and legal documents Comments due on POS, bond resolution and legal documents Rating meeting with Standard & Poor s District Board adopts bond resolution, POS, and legal documents Receive ratings Post Notice of Sale and POS on internet bidding platform Publish Notice of Intent to Sell to The Bond Buyer Bonds offered at competitive sale; bids received Last day to form CBOC Closing/funding 11
12 APPENDIX Assessed Value and Bond Authorization History
13 District Bond & Assessed Value History District s tax base has grown by 72% since 2004 Walnut Creek SD Historical Assessed Value Fiscal Year Ending Total Value % Change 2004 $7,135,365, $7,695,173, % 2006 $8,166,598, % 2007 $8,923,015, % 2008 $9,536,312, % 2009 $9,923,812, % 2010 $9,992,560, % 2011 $9,923,278, % 2012 $9,721,391, % 2013 $9,711,818, % 2014 $10,497,056, % 2015 $11,332,160, % 2016 $12,251,183, % Average 4.68% Source: Contra Costa County District voters have approved three GO bond measures, one in 1995 ($21.0 million) one in 2002 ($20.0 million) one in 2016 ($60.0 million) District has no remaining authorization from the first two elections and the total authorization from the third election Combined tax rate was $18.10 per $100,000 of assessed value District s assessed value is approximately $12.3 billion; twelve-year average assessed value growth rate is 4.68%. Preliminary assessed values of $13.2 billion suggest a year-over-year increase of 7.7%. Based on preliminary assessed values, District s gross bonding capacity is $164.9 million (1.25% x assessed value); District s outstanding G.O. bond debt is approximately $24.3 million; District s net bonding capacity, or current debt limit, is approximately $140.6 million. 13
14 APPENDIX Citizens Bond Oversight Committee
15 Legal Requirements Independent citizens oversight committee composition After a successful bond election and within 60 days of the Board s certification of election results, the District must appoint an independent citizens oversight committee pursuant to Prop. 39 The District should encourage/invite specific community members to participate The Committee shall consist of at least seven (7) members (and may be larger) to serve for a term of two (2) years, without compensation, and for no more than two (2) consecutive terms. The Committee may not include any employer or official of the school district or any vendor, contractor, or consultant of the school district. The Committee must include all of the following: (a) One member who is active in a business organization representing the business community located within the school district; (b) One member active in a senior citizen s organization; (c) One member active in a bona fide taxpayer association; (d) one member shall be the parent or guardian of a child enrolled in the district; and (e) one member shall be both a parent or guardian of a child enrolled in the district and active in a parent-teacher organization. 15
16 Legal Requirements Independent citizens oversight committee duties As stated by AB 1908, the purpose of the Committee shall be to inform the public at least annually in a written report concerning the expenditure of the bond proceeds. In carrying out this purpose the Committee shall: (a) Actively review and report on the proper expenditure of taxpayers money for school construction; (b) Advise the public as to whether the school district is in compliance with the requirements of Article XIIIA, Section 1(b)(3) of the California Constitution, which provides that: (i) Bond funds are expended only for the construction, reconstruction, rehabilitation, or replacement of school facilities, including the furnishing and equipping of school facilities, or the acquisition or lease of real property for school facilities; (ii) No bond funds are used for any teacher or administrative salaries or other school operating expenses; (iii) A list of projects to be funded was included on the ballot; (iv) An annual independent performance audit is performed; and (v) An annual independent financial audit is performed. 16
17 Legal Requirements Annual performance and financial audits As a prerequisite to authorizing a bond by a 55 percent vote, Proposition 39 requires certain accountability requirements including bond fund audits. (Cal.Const., Art. XIIIA, 1(b)(3).) One of the requirements is that the school district conduct an annual, independent performance audit to ensure that the funds have been expended only on the specific projects listed. (Cal.Const., Art. XIIIA, 1(b)(3)(C).) A related requirement is that the school district conduct an annual, independent financial audit of the proceeds from the sale of the bonds until all of the proceeds have been expended for the school facilities projects. (Cal.Const., Art. XIIIA, 1(b)(3)(D).) School districts have sought the services of outside auditors to perform the annual, independent performance and financial audits required by Proposition 39 on a request for proposal basis. Some Committees want to be involved in selection of the auditor(s). The school district should determine the extent to which it wants the Committee involved in this process. Even if the Committee is involved, the district must be the party that selects the auditor(s), and the audits must be prepared for the district. 17
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