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SUHSD $265,000,000 Bond Measure, State matching Funds and Grand Jury Report

Original post made by Jack Hickey, Woodside: Emerald Hills, on Apr 10, 2014

How much debt will the Sequoia Union High School District incur if the voters approve their $265 Million Bond measure? How will the money be used?

This excerpt from from minutes of SUHSD Feb. 26 meeting provides some insight:
President Weiner said that facilities planning would be an ongoing process, and the stakeholders are at the school sites. In response to a question posed by President Weiner, M-A Principal Matthew Zito said he has led M-A through bond measures in 2004 and 2008; and once the dollar amount is known, staff will work with the architect on a master plan. In the past, most work is done after the bond has passed. The total amount of the bond will not be the total dollars available for construction because the district will leverage state-matching funds, and the total funds available
will probably double".

How will the bonds be issued?
The 2012-2013 San Mateo County Civil Grand Jury reported on CAPITAL APPRECIATION BONDS: TICKING TIME BOMBS
Web Link



Comments (4)

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Posted by Jack Hickey
a resident of Woodside: Emerald Hills
on Apr 10, 2014 at 12:52 pm

The issue of State matching funds needs clarification.

RESOLUTION ORDERING SCHOOL BOND ELECTION IN AN AMOUNT NOT TO
EXCEED $265,000,000 AND AUTHORIZING NECESSARY ACTIONS IN
CONNECTION THEREWITH

WHEREAS, if the project to be funded by the bonds will require State matching funds for any phase, the sample ballot must contain a statement, in form prescribed by law, advising the voters of that fact, and the Board of Trustees finds that completion of all or a portion of certain projects listed in the bond project list will not require State matching funds not yet received by the District;

THESE ARE WEASEL WORDS!

BOND AUTHORIZATION
By approval of this proposition by at least 55% of the registered voters voting on the proposition, the Sequoia Union High School District (the "District") shall be authorized to issue and sell bonds of up to $265 million in aggregate principal amount to provide financing for the specific school facilities projects listed in the Bond Project List, and in order to qualify to receive State matching grant funds, subject to all of the accountability safeguards specified below.

What will they do with the State matching grant funds which are not required for "...completion of all or a portion of certain projects listed in the bond project list...".


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Posted by Jack Hickey
a resident of Woodside: Emerald Hills
on Apr 20, 2014 at 2:31 pm

In February of 2014, SUSHD began Community Input meetings using this Powerpoint presentation:
Web Link
The following bulleted items were included on the next to last page:

***A facilities bond will be placed on the ballot either in June or November of 2014. A decision on the election date will be made this month.
•**The Board will be discussing polling results at its February 12 meeting.
•**Parents across the district are beginning to organize a campaign.
This is an electioneering communication that "is susceptible of no reasonable interpretation other than as an appeal to vote for or against a specific candidate.(or Measure)" See:Web Link
Placement of a Bond Measure on the ballot was already a foregone conclusion.


 +   Like this comment
Posted by Peter Carpenter
a resident of Atherton: Lindenwood
on Apr 20, 2014 at 3:54 pm

Peter Carpenter is a registered user.

Posted by Peter Carpenter, a resident of Atherton: Lindenwood
on Mar 8, 2014 at 8:27 pm
Peter Carpenter is a registered user.
Note that the outstanding General Obligation Bond debt of the District as of June 30, 2013, is already $336,340,000.

The total requirements to amortize through 2044 these General Obligation Bonds outstanding as of June 30, 2013 is $558,520,819.

Now add $265 M more in debt which would take $530 M to retire and the DUHSD would now have a total amortized debt of $1.08 BILLION !!!
*****

I am all for supporting education but this is financial craziness. Note that none of these funds can be used for operating purposes. IF they get this money and build these facilities then they will have to ask for voter approval for parcel taxes to pay for the staff required by this expansion and for the operation of these facilities.

Now is the time to say NO MORE.


 +   Like this comment
Posted by jack Hickey
a resident of Woodside: Emerald Hills
on Apr 20, 2014 at 4:06 pm

And then there's the state matching funds which don't cost local taxpayers anything. Or do they?


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