The Murrieta Valley Unified School District board acting as the MVUSD Public Financing Authority has authorized the refunding of $75 million in Special Tax Revenue Bonds taking advantage of lowering interest rates. The tax savings amounts to $7.5 million in additional money that can be used to improve the districts overall school facilities.
The action took place at the May 12 regular MVUSD Board meeting. The resolutions by the boards allow for the refinancing of 11 Special Community Financing Districts (SCFDs) that help pay for the building and maintaining of public schools. The refunded bonds will total $75 million that are being negotiated by Stilfil, Nicolaus & Co., Inc. through Zions Bank. Since the economic downturn in 2005-06 market conditions have improved resulting in lower interest rates on CFDs.
The Murrieta Valley Unified School District bonds interest rates have dropped down since they were initially purchased at 4.38 percent. The refunded bonds are being negotiated at the 3 percent interest rate with an Indenture of Trust at Zions Bank. The refunding will not change any homeowners (tax) terms, amounts or length of payoff, bond representatives explained.
The MVUSD Board and Public Financing Authority will consider the tax savings in creating the new 2016-17 budget projections that normally come in late June. The CFD being refunded include CFD 99-1,2000-1, 2000-2, 2001-1, 2001-4, 2002-1, 2002-2, 2001-3, 2001-5, 2003-1 and 2003-2. The years represent the years when the bonds were first purchased.
In other action the board at the May 5 meeting heard a report on how and when student grades and evaluations of achievement will be shown to the parents.
Basically the report cards will change from the traditional letter grade, A-F, to a numerical grade 1-4 with explanations. The board heard the report (Board Policy 5121), “stipulates that teachers shall evaluate a student’s work in relation to standards which apply to all students at his/her grade level. The Superintendent or designee shall establish and regularly evaluate a uniform grading system, and principals shall ensure that student grades conform to this system. Teachers shall inform students and parents/guardians how student achievement will be evaluated in the classroom.”
Currently, elementary teachers give four quarterly report cards each school year. These report cards are not aligned to the new California standards.
“In 2016/17, elementary students will receive two report cards (one per semester) and two progress reports (midway through each semester). The report card is aligned to the California state standards. The progress report is an opportunity for teachers to communicate with families regarding individual student progress in meeting the grade level standards.
“The implementation of the new report cards will align instruction, assessment and reporting around the new standards. It is essential that these systems align as we make the shifts in our instruction. The progress report will provide specific feedback to enable effective parent communication, goal setting and student support. The progress report will be provided at parent conferences in the first semester and sent home in the spring semester,” according to the report.
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