Fall ballot, JUHSD board asks voters to renew facilities bond tax

Pacifica Tribune/Jane Northrop, 8/7/12. "JUHSD board passes resolution to ask voters to reauthorize bonds in November election."

.... The board members decided to proceed with the bond reauthorization in November because if a decision were delayed, repairs and upgrades to current projects would not be built for at least five years. Because of the inability to issue the remaining bonds, the district's project manager has shelved all plans for the future. Nothing is being designed or drawn.

Gap:  bonds are cash locked

Problem:  housing tax down

In 2006, the Measure N bond measure passed with 70.2 percent in favor. The voters authorized $136.9 million to be issued to modernize the district's schools. There is $41.9 million remaining authorized, but not issued because of the tax limit of $30 per $100,000 of assessed value. The value of homes in San Mateo County has declined since 2008. Scott* said that excludes JUHSD from issuing the $41.9 million, There are about 100 other school districts in the state in the same situation. 

Scott* recommended asking voters to reauthorize the $41.9 million. It would require a 55 percent pass rate. The JUHSD would receive funding immediately. Taxpayers would repay an additional $11.83 per $100,000 assessed valuation, but save $300 million in interest, Scott *estimated.  Read Article.

Note:  Dale Scott of  Dale Scott and Company is a bond consultant. Voters will be polled in advance of the ballot measure.

Posted by Kathy Meeh