Approval of Measure PCC ("Measure") would authorize the Board of Trustees ("Board") of the Pasadena AreaCommunity College District ("District") to issue general obligation bonds in an amount not to exceed $565,000,000. The District placed the Measure on the ballot by Resolution No. 735, "Resolution of the Board of Trustees of the Pasadena Area Community College District Ordering an Election to Authorize the Issuance of General Obligation Bonds, Establishing Specifications of the Election Order, and Requesting Consolidationwith Other Elections Occurring on November 8, 2022," adopted by the Board on August 5, 2022.
Proceeds from the sale of the bonds authorized by the Measure will be used only for the purposes specified in the Measure, including repairing, acquiring, constructing and upgrading classrooms and other school facilities;removing mold, lead paint and asbestos; repairing and replacing roofs, plumbing, gas, electrical, water, sewer,and building and hardscape surfaces; furnishing and equipping facilities; upgrading or replacing libraries and administrative spaces; upgrading security, fire and emergency communication systems; upgrading facilities for energy efficiency and to meet accessibility requirements and seismic standards.
A complete list of the projects and allowed expenditures is included in the full text of the Measure. Bond proceeds may not be expended on teacher and administrator salaries and other operating expenses.
The Board will cause independent performance and financial audits to be conducted annually to ensure that bond proceeds are spent only for projects identified in the Measure. The Board will appoint an independent Citizens' Oversight Committee in compliance with Education Code section 15278 no later than 60 days after the Board enters the election results in its minutes. The District will create an account into which the bond proceeds will be deposited and will comply with the reporting requirements of Government Code section 53410.
Approval of the Measure does not guarantee that projects described in the Measure will be funded beyond local revenues generated by the Measure. The District's proposal for certain projects may assume receipt of matchingState funds subject to appropriation by the Legislature or approval of a statewide bond measure.
The bonds will not exceed the maximum interest rate as allowed by law. According to the District's Tax Rate Statement, the best estimate of the average tax rate and the highest tax rate required to fund the bond issue,based on estimated assessed valuations available when the District filed the statement, is $20 per $100,000 of assessed valuation. The best estimate of the final fiscal year in which the tax is anticipated to be collected is fiscal year 2051-2052. The best estimate of total debt service, including principal and interest, is $938,106,294