Approval of Measure PV ("Measure") would authorize the Board of Education ("Board") of the Palos Verdes Peninsula Unified School District ("District"), which placed the Measure on the ballot by Resolution No. 3-2019/20, to issue general obligation bonds in an amount not to exceed $389,385,000.
Proceeds from the sale of bonds authorized by the Measure shall be used only for construction, reconstruction, rehabilitation, or replacement of school facilities, including, but not limited to, renovating, replacing, upgrading, acquiring and installing roofing, insulation, restrooms, classrooms, buildings, science/STEM labs, common areas, grounds, kitchen facilities, site/building/utility systems, fencing, gates, pools, exterior lighting, fire detection and suppression, security alarms, surveillance, emergency and audio-visual communication systems, networks, technology equipment, window coverings, performing arts centers, outdoor learning centers, and gymnasiums; removing portable buildings and replacing with permanent or modular buildings; improving structural compliance with local, state and federal building/health/safety/access related requirements; and improving ingress and egress, sidewalks and signage, and painting exterior and interior buildings. 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 Board shall deposit bond proceeds in a special account and the Chief Financial Officer shall report annually on the bond proceeds and expenditures.
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 sold in 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 $38.43 per $100,000 of assessed valuation. The best estimate of the highest tax rate required to fund the bonds is $39.55 per $100,000 of assessed valuation in fiscal year 2020-21. The estimated total debt service required to be repaid if all bonds are issued and sold is $778,567,000, including principal and interest. Estimated tax rates are based on the assessed value of taxable property on the County's official tax rolls, not on a property's market value.
This Measure requires a fifty-five percent (55%) vote for passage.
