RICHMOND -- Tax rates on five of the West Contra Costa school district's six bond measures will hit their maximum targeted rates for the second consecutive year, the school board decided Wednesday.
The tax rate for 2000 Measure M will be $55.60 per $100,000 in assessed valuation for 2014-15; 2002 Measure D and 2005 Measure J will be $60 per $100,000; and 2010 Measure D and 2012 Measure E will be $48 per $100,000.
If the as-yet-undetermined rate for a sixth bond measure, 1998 Measure E, remains the same as last year, taxpayers will be billed a total of $282 for every $100,000 in assessed valuation.
That would amount to $931 this year for a home assessed at the Contra Costa County average of about $330,000.
The targeted rates for the bonds are the maximum rates voters were promised in the ballot language.
The board-approved rates now go to Contra Costa County Auditor-Controller Bob Campbell for evaluation before they are sent to county supervisors for final approval, said Sheri Gamba, the district's finance director.
A recent bond refinancing will save about $10 million in payments over the life of 2002 Measure D and 2005 Measure J, according to Oakland-based KNN Public Finance, the district's bond adviser.
The savings will enable West Contra Costa to stay within the $60 targeted rate for those bonds over the next three school years if the total assessed valuation within the district rises by an average of 4 percent per year, according to a KNN report.
Any tax collected over and above the cost of servicing the bonds will be used to help keep rates within the targeted maximums in future years or to pay off debt more quickly, Gamba said.
The district is benefiting from a 10.75 percent rise in assessed valuation within its service area for 2014-15 after a decline of 5.96 percent in 2013-14.
The district also had declines of 12.26 percent in 2009-10 and 7.66 percent in 2010-11 as Assessor Gus Kramer's office reassessed properties during the recession under the terms of California Proposition 8.
Trustees also learned that district construction officials are moving ahead with demolishing the three-story administration and classroom building at the now-closed Adams Middle School in Richmond.
The multipurpose room and gymnasium at Adams will remain, according to Keith Holtslander, the district's director for facilities and construction.
The Adams campus was damaged last month when vandals broke in and set arson fires.
The district plans to put portable classrooms on the site to be used by Wilson Elementary School students during construction of a new Wilson campus.
The district will also demolish the old Seaview Elementary School building, at 2000 Southwood Drive in San Pablo.
Construction on a temporary campus for Pinole Valley High School while a new school is being built is on schedule for classes to begin on Monday, Holtslander said.
Two parking lots for students and faculty across Pinole Valley Road from the school have been paved, and the cafeteria kitchen has received tentative health department approval, Holtslander said.