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Meeting Date:
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4/23/2012 - 7:30 PM
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Category:
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Untitled
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Type:
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Action
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Subject:
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16.4 Consider Accelerating the Sale of the Remaining 2010 Measure C Bonds
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LCAP (Local Control Accountability Plan) Goal:
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Enclosure
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File Attachment:
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Summary:
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At the March 26 Board meeting a group of community members submitted a written request that the Board consider accelerating the sales of the 2010 Measure C bonds and specifically avoid the use of Capital Appreciation Bonds in order to reduce the total cost of borrowing to District property taxpayers. The Board requested and held a study session on Monday, April 2. After hearing input from the community and staff the Board directed the Superintendent to craft a newsletter explaining the issue being considered, to hold public forums on this issue, and to conduct a random phone survey to gather input from the broader community. The Superintendent sent out a newsletter update, see attached, on Wednesday April 10 and used the School Messenger system to alert parents to the newsletter in case they did not receive it electronically. The Newsletter was also posted on the District website. The Superintendent also held four public forums April 16 – 19 at Riverview, College Park HS, Ygnacio Valley HS, and Monte Gardens elementary. The attached survey, in English and Spanish, was provided to members of the public who attended the public forums to gather input to share with the Board. The district also worked with Isom Advisors to conduct a phone poll or four hundred residents during the week of April 16 with results to be shared with the Board.
Recommendation: Based on the request from the community to accelerate the issuance of the 2010 Measure C bond, staff has identified five benefits: 1) complete projects sooner so that students currently in our schools will benefit from them; 2) sell bonds during a time of low interest rates; 3) enable the district to take advantage the current favorable construction market; 4) create needed construction jobs in our local community. Staff also is sensitive to people on a fixed income during these difficult financial times. Therefore, if the Board choses to move forward with accelerating the sale of the remaining 2010 Measure C bonds, staff recommends the district implement Option 3. The average assessed value for a home in our district is currently $287,000. Therefore, choosing option 3 would on average raise community members’ annual property tax bill by approximately $86.
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Funding:
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Fiscal Impact
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Recommendation:
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Staff recommends the implementation of Option 3.
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Approvals:
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Recommended By:
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Signed By:
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Loreen Joseph - Secretary to the Superintendent
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Signed By:
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Steven Lawrence - Superintendent
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Vote Results:
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| Original Motion | | Member Cheryl Hansen Moved, Member Lynne Dennler seconded to approve the Original motion 'Staff recommends the implementation of Option 3.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 4 Nay: 1. | | The motion Carried 4 - 1 | | | | | Gary Eberhart | Yes | | Linda Mayo | No | | Sherry Whitmarsh | Yes | | Lynne Dennler | Yes | | Cheryl Hansen | Yes | |
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