On January 22, the School Board reported receiving many phone calls requesting the tax rate increase to be lower than what is required to pay both the interest due and start paying off the bond amount.

As a result the School Board decided to recommend a payment scheme that is a hybrid of paying interest-only for a number of years followed by a more rapid payoff after the existing Whiter Field debt is paid off.

KNN provided a chart for how this is likely to play out, see page 17 of 43:

http://www.piedmont.k12.ca.us/aboutpusd/agenda.minutes/2012_13/012214_pa...

The KNN estimate for total repayments (including interest) is $19.55 million.

Instead of dividing this by the number of homes in Piedmont, it is better to divide by 3700 for each $1 million in assessed value.

(The sum of the total assessed value for Piedmont is fast approaching $3.7 Billion = 3700 * $1 Million.)

So if your home is assessed at $1 million, $19.55 million divided by 3700 works out to a total tax of roughly $5300.

e.g. If your home is assessed at $635,000, just multiply $5300 by 0.635.

e.g. If your home is assessed at $1.3 million, multiply $5300 by 1.3 .

The annual tax rate increase per $100,000 assessed value (AV) for the first year is yet to be finalized.

However in Jan 22, KNN produced a report that shows the annual tax rate if interest rates continue in their current trend:

http://www.piedmont.k12.ca.us/aboutpusd/agenda.minutes/2012_13/012214_pa...
(It's on page 17 of 43)

It starts out at $17 per $100,000 assessed valuation and once the Witter bonds finally retire in 2020, the interest-only theater bond switches over to a fully amortized bond with a level payment of $50 per $100,000 assessed value.

I requested to the School Board that CABs be explicitly rejected as a financing option in the ballot measure language.