Title: Facility repair, construction and modernization at public Preschools, K-12 schools, Community Colleges, Universities
- This is NOT nor will this affect Proposition 13 of 1978.
This is a *NEW* SCHOOL BOND for $15 Billion
- $9B for K-12 Public Schools
- $6B for Community College, CSU, UC
- $11B in interest (75% of borrowed value!)
Taxpayers pay back:
- $26B = $15B principle + $11B interest (Taxpayers will pay back $740M each year for 35 yrs)
- Our children and grandchildren will be paying this debt!
Hidden provision in this bill.
- Allows school districts to double the amount of money they can borrow.
When schools apply for this bond money, they must also provide matching funds
- Schools typically raise their local share by Issuing Local Bonds.
- Schools also raise local funds from Developer Fees.
- When schools issue bonds, the debt is repaid exclusively by PROPERTY TAXES.
- Property taxes are not paid only by property owners but also by renters and all taxpayers.
Past “Voter approved Bonds”:
From 1998 - 2016, voters approved 5 education facility bond measures.
- A total of $53 Billion in state bond funding
- In 2016, voters approved $9 Billion. Where is that money?
- From 1998 - 2016, voters approved 5 education facility bond measures.
The State has $21B in reserves
- Let’s focus on long term, well–thought out solutions to help our children and grandchildren succeed!