Approval of Measure EE ("Measure") would authorize the Board of Education ("Board") of the Lawndale Elementary School District ("District"), which placed the Measure on the ballot by Resolution No. 11, to issue general obligation bonds in a maximum principal amount not to exceed $33,800,000.
Proceeds from the sale of the bonds authorized by the Measure shall be used only for the purposes specified in the Measure, including, repairs and upgrades of fire alarm systems, intrusion and security systems, video systems, lighting, communication systems, walkways and ramps, asphalt-paved areas, roofing and waterproofing systems; build, repair, renovate, and replace aging classrooms, libraries/media centers, labs, core building and utility infrastructure and equipment, technology infrastructure upgrades, outdoor structure upgrades, and hardscape/fields/landscaping and equipment school grounds upgrades throughout the District. Bond proceeds may not be expended on teacher or administrator salaries or other 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 Superintendent shall cause a report to be filed with the Board annually commencing January 1, 2021, reporting on the bond proceeds and expenditures, and the status of projects funded or to be funded from bond proceeds.
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 bonds may be issued in one or more series over time. The interest rate and maturity date on any bond shall not exceed the maximum allowed by law. 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 valuation. The estimated total debt service required to be repaid if all bonds are issued and sold is $70,730,000, 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.
