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Bond Measure AA » Bond Measure AA

Bond Measure AA

 Fallbrook Union High School District

 2016 Bond Measure AA

 

BOND MODERNIZATION PROJECTS AND UPDATES

        August 8, 2016                   Approval of Resolution No. 02-1617 for the Bond Resolution, Ballot Question and Tax Rate Statement 

November 8, 2016              The Bond for $45 million was passed in the November election.

 

January 23, 2017                Board Approval of Resolution 07-1617 Certifying Election Results   

January 23, 2017                Board Informational Item regarding Citizens' Oversight Committee (COC) Application

February 13, 2017              Citizens Bond Oversight Committee Resolution No. 08-1617 with Bylaws 

  February 13, 2017              Board Approval of Bond Citizens' Oversight Committee (COC) Application

  March 13, 2017                   Board Approval of Members of the Citizens' Oversight Committee

April 5, 2017                        First meeting of the Citizens’ Oversight Committee for Bond Measure AA

 

 

September 11, 2017           Presentation to Board of Trustees:  GO Bonds, 2016 Election, 2017 Series AA

 

 

July 12, 2018                      Fallbrook High School Library Renovations Bid 1819-02 – Summer project to be completed by August 12

August 2, 2018                   Fallbrook High School Library Renovations Bid 1819-02 – Summer project to be completed by August 12

Bond Background:  For several months, district staff have been working on various elements of long range facilities planning, which include condition assessment of current facilities infrastructure, classroom modernization needs, facility needs for STEM (science, technology, engineering and math) and CTE (career and technical education) and new construction.

 

On March 16, 2016 the Board of Trustees held a study session to receive and discuss information related to the Fallbrook High School campus facilities. In addition, the Board received information about facilities capital planning and financing.

 

On April 25, 2016 Charlene Yarnall with PJHM, Architects, presented detailed project and cost information related to the district’s long range facilities planning.

 

On May 23, 2016, Dr. Tim McLarney with True North Research presented the results of a community survey to provide Board Trustees with essential information regarding the feasibility and likelihood for success of a school facilities bond election in Fallbrook.

 

Additional study sessions and meetings were held on June 6th, 13th, 20th, July 11 and July 25, 2016 to discuss the various aspects of financing the capital needs of the district via a bond election. Those discussions included the potential amount for a bond, prioritization of projects that would be funded by a bond and the legal requirements necessary for the Board to place a bond measure on the November 8, 2016 ballot for Fallbrook voters to decide.

 

The bond sizing amount is $45.0 million, with about $41.5 million available for the project list.

 

In 1994, district voters approved a 25 year bond, which pays down annually and will be completely paid off in 2019. It is imperative to point out that this ballot measure is not asking voters for a tax increase, but instead it is asking voters to continue the current tax rate that is set to expire in 2019. The maximum tax rate for bond payments currently collected from property owners is $26.50 per $100,000 of assessed valuation. For example, a home in Fallbrook with an assessed valuation of $400,000 has a bond tax of about $106.00 each year, or about $8.83 each month. If this bond measure is passed by voters the tax rate will remain the same and will extend for 25 years.

 

The Bond was passed in the November 8, 2016 election.

 

For drawings, click here.

For PowerPoint of Projects/Detailed Project Information/Project Progress, click here.

Prop 39/CA Clean Energy Jobs Act - No funds spent in 2018-19

Key Findings:  The Fallbrook Union High School District Board of Trustees determined that the District’s facilities required repairs and upgrades, including updates to facilities to meet current health, safety, fire, and earthquake standards.  Specifically, the Board of Trustees desires to include:

  • Deferred maintenance items (roofing, painting, hardscapes including asphalt, parking and concrete repairs
  • Utility improvements (replace sewer and water lines, upgrade electrical service)
  • Classroom upgrades (complete interior modernization, demolish to studs, new/additional electrical, new walls, flooring, ceilings, technology, classroom furniture, plumbing fixtures)
  • New STEM / CTE facilities
  • Security and safety systems
  • Improved student facilities, including for athletics
  • Site improvements (landscape, irrigation, student courtyard, concrete bleachers, shade structures)
  • Replace portable classrooms with permanent classrooms

 

Specific projects and descriptions to be funded by the bond measure include, without limitation, the following:

I. School upgrades and repairs to keep educational facilities safe, clean and in good repair 
      • Fix and/or replace deteriorating  roofs;
      • Remove aging and unsafe portable buildings;
      • Replace old, outdated, and inefficient sewer, water, electrical, plumbing, heating and ventilation systems;
      • Improve school fire and earthquake safety;
      • Repair and replace aging student restrooms and plumbing systems;
      • Ensure safe access and security at all schools for all students, staff and community members;
      • Provide classroom intrusion alarms, safety locks on classroom doors, and exterior lighting for student safety;
      • Upgrade emergency communications and technology backup systems, security systems and fencing;

 

II. Projects to ensure students have access to same quality of classrooms, education and services as neighboring communities
      • Renovate, repair, construction and acquire classrooms and other school facilities and reconstruct aging classrooms;
      • Upgrade or construct additional facilities for health services, student services and physical education/athletics.

 

III. Educational technology and facility upgrades for 21st Century learning
      • Provide up-to-date classroom technology infrastructure;
      • Construct flexible classrooms and labs for science, technology, engineering and math programs;
      • Construct flexible classrooms for labs for Career Technical Education (CTE).

                                                                                           

Explanation of Actual/Projected Bond Funding

Series 2017 Bonds

On November 30, 2017, the Fallbrook Union High School District ("District") sold its first series of Measure AA Bonds in the par amount of $9,000,000 ("Series 2017 Bonds"). The Series A Bonds generated $632,557.50 in premium, which cannot be used for capital projects. Instead, premium can only be deposited into the Debt Service Fund for the purpose of lowering debt service.  The Cost and Issuance and Underwriter's Discount are upfront costs that were paid from the $9 million bond par amount, not premium. The total for these two expenses was $218,000 so the remaining balance of $8,782,000 is what is available for the District's building fund for the Series A Bonds.

 

Series 2020 Bonds

Based on the board presentation provided on September 11,2017, the second series of Measure A Bonds ("Series 2020 Bonds") is expected to take place in February 2020 in the amount of $10,000,000. We expect premium to again be deposited into a Debt Service Fund to lower taxes and have assumed a conservative estimate for Cost of Issuance + Underwriter's Discount of $260,000. Thus, the difference of $9,740,000 ($10 million less $260,000) is expected to be deposited into the District's Building Fund at that time.

 

Series 2022 Bonds

The third series of Measure A Bonds ("Series 2022 Bonds") is expected to take place in February 2022 in the amount of $12,000,000. We expect premium to again be deposited into a Debt Service Fund to lower taxes and have assumed a conservative estimate for Cost of Issuance + Underwriter's Discount of $276,000. Thus, the difference of $11,724,000 ($12 million less $276,000) is expected to be deposited into the District's Building Fund at that time.

 

Series 2025 Bonds

The fourth and final series of Measure A Bonds ("Series 2025 Bonds") is expected to take place in February 2025 inthe amount of $12,000,000. We expect premium to again be deposited into a Debt Service Fund to lower taxes and have assumed a conservative estimate for Cost of Issuance + Underwriter's Discount of $276,000. Thus, the difference of $11,724,000 ($12 million less $276,000) is expected to be deposited into the District's Building Fund at that time. In total, the four series of bonds is expected to provide a total of $41,970,000 to the District's Building Fund.