Approval of Measure SP ("Measure") would authorize the issuance of general obligation bonds in a maximum principal amount not to exceed $125,000,000. The Measure is placed on the ballot by Resolution No. 19-20/003 by the Board of Directors ("Board") of the Local Public Schools Funding Authority ("Authority"). The Authority is a joint exercise of powers authority organized between the Centinela Valley Union High School District and the Wiseburn Unified School District ("Districts"), as successor to the Wiseburn School District. The Authority established the School Facilities Improvement District No. 2016-1 ("Improvement District"). The Improvement District shall issue the bonds. Centinela Valley Union High School District ("School District") shall serve as administrator and the governing board of the School District shall establish priorities among the projects specified in the Measure.
Proceeds from the sale of the bonds authorized by the Measure shall be used only for the purposes specified in the Measure for facilities located within the Improvement District, including, but not limited to, constructing new classrooms; renovating and upgrading existing classrooms, fire alarm and security systems, lighting, communication systems, landscaping, labs, core building and utility infrastructure equipment, HVAC, technology and telecommunications infrastructure, physical activity areas, walkways, asphalt-paved areas, and roofing and waterproofing systems; constructing and acquiring visual and performing arts areas and gymnasiums; and updating furniture and equipment. Bond proceeds may not be expended on teacher or administrator salaries, or other operating expenses.
The Board shall establish and appoint an independent Citizens' Oversight Committee. The School District will conduct annual, independent performance and financial audits to ensure bond proceeds are expended as specified in the Measure. The bond proceeds will be deposited into a special fund, and the School District will annually file a report with the Board of the Authority 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 Improvement 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 Improvement District bonds may be sold 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 Improvement 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 Authority filed the statement, is $0.03 per $100 of assessed valuation (or $30 per $100,000 of assessed value). The final year in which the tax is anticipated to be collected is 2050-51. The estimated total debt service required to be repaid if all bonds are issued and sold is $264,000,000, including principal and interest.
This Measure requires a fifty-five percent (55%) vote for passage.
