This measure was placed on the ballot by the Board of Education of the Lompoc Unified School District, which is the governing board of the District.
If approved by 55% of the voters voting on the proposition, this measure authorizes the Lompoc Unified School District (District) to issue and sell bonds of up to $79,000,000 in aggregate principal amount to provide financing for the specific school facilities projects listed in the District’s Project List. The Project List, as well as the full text of the measure, are printed in the voter information guide. None of the proceeds from the sale of bonds may be used for teacher or administrator salaries or operating expenses.
The bonds and interest thereon would be payable from property taxes levied on taxable property in the District. These taxes would be in addition to the property taxes currently levied on taxpayers in the District. The amount of the increased taxes each year would depend upon the amount needed to pay the principal and interest on the bonds.
The bond measure includes the following accountability requirements:
A. A requirement that the proceeds from the bond sale be used only for the above purposes and not for any other purpose, including teacher and administrator salaries, and other school operating expenses.
B. A list of the specific school facilities projects to be funded.
C. A requirement that the school district board conduct an annual, independent performance audit to ensure that the funds have been spent only on the specific school facilities projects listed in the Project List.
D. A requirement that the school district board conduct an annual, independent financial audit of the bond proceeds until all of those proceeds have been spent for the school facilities projects listed in the Project List.
E. If the measure is approved, the District Board of Education will also establish an independent citizens' oversight committee to ensure bond proceeds are used only to fund the specific projects listed in the Project List, as printed in the voter information guide.
/s/ Michael C. Ghizzoni
County Counse
July 26, 2018