Michelle Ross, Superintendent
As we begin 2026, we’re pleased to share an update on both our Measure R bond financing and the Pescadero Middle/High School Multi-Purpose Room project, two important steps forward for our schools and community.
Measure R Bond Sale: Strong Results for the District
In December, La Honda-Pescadero USD successfully completed the first bond sale authorized by Measure R (2022) and the results were very positive for our community.
Total bonds issued: $12.2 million
$8 million in new Measure R bonds were issued to fund school facility improvements
$4.2 million in refinancing bonds were issued to lower costs on older debt
The bonds were sold on December 10, 2025, during a favorable market period that included a Federal Reserve rate reduction. Investor interest was strong, with more than $27 million in orders, more than double what was offered. This high demand allowed the district to secure lower interest rates than originally projected.
What this means for our community:
Lower overall borrowing costs
Reduced long-term debt service
Savings passed on to local property owners
Compared to earlier estimates shared with our Board of Education:
The district’s borrowing rate dropped from 4.84% to 4.51%
Total debt service was reduced by more than $1.2 million
In addition, refinancing older bonds lowered interest rates from 3.80% to 2.46%, generating $232,000 in savings over the next 10 years, helping keep local property tax rates lower.
Bond proceeds were deposited into district accounts on January 6, 2026, and are now available to support our Measure R projects.
Pescadero Middle/High School MPR Project: Progress Update
At the same time, planning continues to move forward on the Multi-Purpose Room project at Pescadero Middle/High School.
Recent progress includes:
Community and staff input meetings that provided valuable feedback to guide design decisions
Campus surveying conducted over winter break by civil engineering partners
Topographic survey results expected shortly
What’s next:
A schematic site plan and floor plan are currently in development
Draft designs are expected to be ready for district review by January 26, 2026
A presentation to the Board of Education is planned for February, where community input, design concepts, and next steps will be shared
This work ensures that the project reflects both educational needs and community priorities as we move from planning into design.
Thank You
We continue to be grateful to our community for supporting Measure R and for continuing to engage in the planning process. Careful financial management, strong market timing, and community input are helping us move forward responsibly, delivering facilities that support students today and into the future.
For more information and ongoing updates, please continue to follow district communications.