Approval of Measure O ("Measure") would authorize the Board of Education ("Board") of the Pasadena Unified School District ("District"), which placed the Measure on the ballot by Resolution No. 2575, to issue general obligation bonds in an amount not to exceed $516,300,000.
Proceeds from the sale of the bonds authorized by the Measure shall be used only for the purposes specified in the Measure, including, but not limited to, removing asbestos and lead paint; repairing and replacing bathrooms, roofs, and electrical, plumbing, heating, ventilation and air conditioning systems; providing safe drinking water; improving fire safety and security systems; increasing accessibility for students with disabilities; and constructing and renovating classrooms, restrooms, offices, and facilities; upgrading computer and science labs. Bond proceeds may not be expended on teacher and administrator salaries and other operating expenses.
The Board shall 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 shall 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 shall create an account into which proceeds of the bond shall be deposited and shall comply with the reporting requirements of Government Code section 53410.
The bonds shall 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 required to fund the bond issue, based on assessed valuations available when the District filed the statement, is $37.18 per $100,000 of assessed valuation. The best estimateof the highest tax rate required to fund the bonds, based on assessed valuations available when the District filed the statement, is $45 per $100,000 of assessed valuation and it is estimated to start in fiscal year 2027-2028. The final fiscal year in which the tax to be levied to fund this bond is anticipated to be fiscal year 2048-2049. The estimated total debt service, including principal and interest, is approximately $798,100,000.
This Measure requires a fifty-five percent (55%) vote for passage.