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? 

• 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

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Charlotte Svolos California State Assembly, District 2

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