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Overview
Parcel Tax
Bond Measure
How We Are Funded
Budget Highlights
Financial Q&A
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In November 1998 district voters passed a measure
enabling the district to issue up to $94.7 million of general obligation
bonds to pay for the renovation and expansion of our schools. Bond
monies also enabled the district to renovate and reopen Covington
School to help deal with the overcrowding of schools in the center
of town. The total cost of the construction program to implement
our plan has been $115 million. In addition to bond proceeds, the
district has garnered at least $7.5 million in state funding (from
state bonds), $1 million in developer fees, and $8 millions of interest
earnings to pay for the program.
In February 1999 the district issued its first
series of bonds (Series A) in the amount of $40 million. In 2001
we issued our second series of bonds (Series B) in the amount of
$46.7 million.Per state law the district can only issue debt up
to 1.25% of the total assessed valuation of property within district
boundaries. As the assessed value total rises the amount the district
can borrow will rise as well – up to the projected $94.7 million.
The district has already reached a borrowing capacity in excess
of $94.7 million by 2003. The estimated tax impact of the Series
A bonds is $60 per $100,000 of assessed value of property.
The text of the ballot measure is as follows - "To relieve
overcrowding and to repair and rehabilitate aging local schools,
shall the Los Altos School District issue bonds to construct and
acquire additional classrooms and school facilities as needed, and
to renovate existing schools, including upgrading electrical wiring
for safety and capacity, renovating aged plumbing systems and upgrading
restrooms, in a total amount not to exceed $94.7 million at an interest
rate within the legal limit?"
For more information about the district’s
bond funded modernization program, go to the Modernization
section.
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