Jan 18 2011

Citizens’ Oversight Committee to be Updated on School Construction Funding

The Citizens’ Oversight Committee for Piedmont school construction projects will be receiving an update on expenditures to date and the availability of $10 million in state matching funds needed to complete the School District’s $56 million Seismic Safety Bond Program.  To date, matching State funds of $10 million which the District anticipated using to complete the final portion of the District’s seismic work – retrofitting at Beach School – have been delayed due to the State’s own budget issues.  Despite the unavailability of these matching State funds, and despite reduced Piedmont property values limiting PUSD’s ability to issue its own bonds, the district forged ahead with its seismic program in 2010 by obtaining $10 million in bridge financing from the County of Alameda.  However, further delays in the release of matching State funds may postpone the District’s ability to initiate Beach construction or increase borrowing costs.  Read details. The meeting will take place at 4 p.m. on Thursday, January 20 in the District Office Conference Room located at 760 Magnolia Avenue, Piedmont.  Current Committee Members

Leave a Comment