BOND & CONSTRUCTION
Bond Measure AA
In November 2018, the voters of Milpitas approved the General Obligation (GO) Bond Measure which would generate $284,000,000 to pay for improvements to renovate and repair Milpitas schools. This follows the passage of a $95 million bond in June 2012.
To read Measure AA Full Text from Ballot, click here.
To read about the Bond AA Construction Updates, click here.
Citizens Bond Oversight Committee (CBOC)
The Milpitas Unified School District’s Citizen Bond Oversight Committee (CBOC) is a state-mandated committee of local residents that oversees the approximately $284 million in School Facilities bonds approved by voters November 2018.
Amin Fazal - Parent of an MUSD student
Gregory A. "Spike" Jones - Parent of an MUSD student
Silvia Dias - Parent of an MUSD student and active in a parent-teacher organization
Prasanth Pulavarthi - Parent of an MUSD student and active in a parent-teacher organization
Pono Victor Aiona - Member of the business community
Ron Lind - Active member of a senior citizens' organization
Joseph Weinstein - Active member of a taxpayer organization
Suraj Viswanathan - Member of the community at large
Thomas Valore - Member of the community at large
Remodeling and Renovation Projects Update (May 2017)
Bond Measure E
In February 2012, the Milpitas Unified School District Board of Education voted unanimously to place a local school facilities bond measure on the June 2012 ballot. The measure generated $95 million to renovate and repair Milpitas schools, ensuring all students have access to safe and modern classrooms.
For more information on Bond Measure E completed projects and reports, click here.
MUSD gets record low rate for Measure AA, Series B General Obligations Bonds sale
With a favorable result that will save Milpitas taxpayers, the District successfully sold the second series of bonds, Series B, from its 2018 Measure AA authorization for $150,000,000, with a district record-low 2.084% All-in True Interest Cost.
"I can say with utmost confidence this is the lowest borrowing cost that Milpitas Unified has experienced through any of its prior general obligation bond sales," reported KNN Public Finance Principal/Managing Director Blake Boehm.
Assistant Superintendent Wendy Zhang, along with Boehm, provided the Board and community with a summary of the transaction, which closed on September 29.
MUSD received ratings from both Moody’s Investors Service and S&P Global Ratings. Moody’s and S&P assigned ratings at ‘Aa1’ and ‘AA’, respectively. Main factors include: Sizable and growing tax base with access to Silicon Valley; Strong income levels with proven community support of district's operating and capital needs; Very strong reserves and maintenance of special reserve funds; Good financial management policies and practices; and Strong educational programs and future outlook.