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!
VOTE NO ON PROPOSITION 13
DEL NORTE REPUBLICANS OFFICIAL ENDORSEMENTS
MARCH 2020 PRIMARY
President of the United States
U.S. House, California District 2
California State Assembly, District 2
Board of Supervisors, District 1
Board of Supervisors, District 2
Board of Supervisors, District 5
STATE BALLOT MEASURES
Proposition 13 - NO Read our Overview Here
AB 48 (Chapter 530, Statutes of 2019), O’Donnell.