Approval of Measure SF ("Measure") would authorize the Board of Trustees ("Board") of the Keppel Union School District ("District"), which placed the Measure on the ballot by Resolution No. 2019-20-005, to issue general obligation bonds in a maximum principal amount not to exceed $17,900,000.
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, building permanent classrooms, a multipurpose room and kitchen; build, repair, renovate and replace classrooms, physical activity areas, libraries, labs, core building and utility infrastructure and equipment, technology infrastructure upgrades, HVAC systems, fire safety and security systems, outdoor lighting, parking lots, walkways and ramps, and landscaping, and updating furniture and equipment throughout the District. Bond proceeds may not be expended on teacher or administrator salaries or other school operating expenses.
The Board shall establish an independent Citizens' Oversight Committee and cause independent performance and financial audits to be conducted annually to ensure bond proceeds are expended as specified in the Measure. The Board shall deposit bond proceeds in a building fund held by the Los Angeles County Treasurer. The Superintendent of the District shall cause a report to be filed with the Board annually no later than January 1 of each year, reporting on the bond proceeds and expenditures, as well as the status of projects listed in the Measure.
Approval of the Measure does not guarantee proposed projects will be funded beyond the local revenues generated by the Measure. The District's project proposals may assume receipt of matching State funds subject to appropriation by the Legislature or approval of a statewide bond measure.
Bonds shall be issued pursuant to the California Constitution, Education Code and other laws. The District bonds may be issued in one or more series over time. According to the District's Tax Rate Statement, the best estimate of the average annual tax rate required to fund the bonds, based on assessed valuations available when the District filed the statement, is $30 per $100,000 of assessed value. The final fiscal year in which the tax is anticipated to be collected is 2055-56. The estimated total debt service required to be repaid if all bonds are issued and sold is $32,900,000, including principal and interest. Estimated tax rates are based on the assessed value of taxable property on official rolls, not on a property's market value.
This Measure requires a fifty-five percent (55%) vote for passage.
