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Published on 08/21/1995 All articles from this issue

MV-LA high school district earns highest bond rating for facilities renovation project Thanks to a history of excellent financial management, the Mountain View-Los Altos Union High School District has earned the highest bond rating in the state resulting in significant tax dollar savings to the community.

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In a report to the Construction Overview Commission Aug. 9, Rod Carter, senior vice president of Sutro and Company, said the AA rating will mean the district will pay less in interest payments for the voter-approved $58 million bond earmarked to rehabilitate school facilities at Los Altos and Mountain View high schools. Only four other school districts in the state - Beverly Hills, Mill Valley, Palo Alto and San Diego Unified - share the AA rating.

Construction Overview Commission member Hugh Bikle estimated the savings to taxpayers over the life of the bond could be hundreds of thousands of dollars if not significantly more.

"The district deserves a tremendous amount of credit for a first class job in putting together the data that has resulted in such a high bond rating," Bikle said. "It's going to save a lot of money over the years for the taxpayer."

High marks for good fiscal management are nothing new for the district, which consistently ranks among the top in the state. "Our budget reviews always come back with a great bill of health, but getting the best bond rating in the state is welcome news," said Superintendent Don Phillips. "Few public agencies have this high of a bond rating. It's a wonderful validation of the careful way the Board and district have managed funds."

In addition to strategic budget cuts implemented in the past and carefully monitored spending, Phillips said contributing factors for the high rating were the Board of Trustee's commitment to maintain a 5 percent reserve fund instead of the 3 percent required by the state and the establishment of a building fund using the proceeds from the sale of the old Mountain View High School.

"The building fund was definitely a key factor in achieving the high bond rating," Phillips said. "While some of the money from the building fund will be used for computers and other equipment that cannot be purchased with bond money, we plan to continue to keep the building fund intact to insure long-term maintenance of our facilities."

At its first meeting, the Construction Overview Commission began the process of reviewing all aspects of the five-year construction project for facilities rehabilitation of district schools. Phillips said the project is a monumental undertaking that will result in doubling the size and scope of district operations for the next five years. The district will use funds appropriated from the bond money to hire staff with the level of expertise needed to manage the project.

"The new project doubles the size of our operations to a point where the existing staff cannot handle the increased workload. We need to develop the infrastructure and expertise to support this new effort," Phillips said. "We want to make sure this project is managed and supervised in a way that will make our community proud and so they know their tax money has been well spent."

The Construction Overview Commission will continue to hold ongoing public sessions to monitor and oversee facilities rehabilitation. For more information, call the district office at 940-4650.