Bond Update Presentation Azusa Unified School District

Size: px

Start display at page:

Download "Bond Update Presentation Azusa Unified School District"

Nathaniel Park
5 years ago
Views:

1 Bond Update Presentation by Isom Advisors, a Division of Urban Futures, Inc. June 9, Maria Lane, Ste Walnut Creek, CA 94596

2 Community Voter Survey (November 2013)

Ballot Measure (pre-information) Support for measure is above the Prop.

school facility improvements and is considering placing a school improvement bond

If the election were held today, would you vote YES in favor of the measure or

To improve the quality of education; make health and safety improvements; improve

cooling and airconditioning systems; replace leaky roofs; upgrade inadequate

facilities; shall the issue $75,000,000 of bonds at legal interest rates, have an

3 Ballot Measure (pre-information) Support for measure is above the Prop % threshold v At this time, the District is looking to make classroom and school facility improvements and is considering placing a school improvement bond measure before voters in your community on an upcoming ballot. If the election were held today, would you vote YES in favor of the measure or would you vote NO to oppose the measure? To improve the quality of education; make health and safety improvements; improve student access to computers and modern technology; replace outdated heating, cooling and airconditioning systems; replace leaky roofs; upgrade inadequate electrical systems; and modernize and renovate classrooms, restrooms and school facilities; shall the issue $75,000,000 of bonds at legal interest rates, have an independent citizens oversight committee and have NO money used for administrative or teacher salaries or be taken by the State? Lean No 1.5% Undecided 9.8% No 18.8% Lean Yes 9.3% Yes 60.8% 3

if the election were held today, would you vote YES in favor of the measure or would you

4 Ballot Measure (post information) Support remains strong after voter education v Now that you have heard some more information regarding the proposed measure, projects, and cost, if the election were held today, would you vote YES in favor of the measure or would you vote NO to oppose the measure? No 22.0% Lean No 2.5% Undecided 6.5% Yes 61.3% Lean Yes 7.8% 4

5 Neighboring Districts

6 Bond Dollars Passed Per Student Area voters have been very supportive of schools v v v Since 1996, neighboring districts have passed 12 bond programs (Azusa USD passed one in 2002) The average bond dollar passed per student for neighboring K-12 school districts during that time is $14,050; Azusa USD is $7,688 Average combined tax rate is $105.08; Azusa USD is $37.66 Duarte USD Covina Valley USD Charter Oak USD Glendora USD School District Tax Rate Baldwin Park USD $ Duarte USD $ Charter Oak USD $ Covina Valley USD $ Glendora USD $78.00 Azusa USD $37.66 Azusa USD Baldwin Park USD $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 6

7 Plan of Finance

8 G.O. Bond Plan of Finance Option #1 District can generate $92 million with a $60 tax rate Ø With projected annual assessed value growth of 3.50%, (0% next year) the District can generate up to $92.0 million Ø The survey said that 39% of those surveyed were against a $60 tax rate while 54% would be more likely Azusa USD Bond Sales at $60 per $100,000 Tax Rate Tax Rate per Series A Series B Series C Series D Total Bond $100, Proceeds $60.00 $24,000,000 $22,000,000 $23,000,000 $23,000,000 $92,000,000 Assumes AV growth of: 3.50%, No CABs, 30 year terms Source: Isom Advisors 8

9 G.O. Bond Plan of Finance Option #2 District can generate $75 million with a $49 tax rate Ø With projected annual assessed value growth of 3.50%, (0% next year) the District can generate up to $75.0 million Ø The survey said that 26% of voters surveyed were against a $45 tax rate while 68% would be more likely for it Azusa USD Bond Sales at $49 per $100,000 Tax Rate Tax Rate per Series A Series B Series C Series D Total Bond $100, Proceeds $49.00 $20,000,000 $18,000,000 $19,000,000 $18,000,000 $75,000,000 Assumes AV growth of: 3.50%, No CABs, 30 year terms Source: Isom Advisors 9

10 June 3 rd 2014 Bond Elections

Statewide Tax Results 34 of 43 Bonds passed last week Ø One LA County school district passed their bond measure Ø Isom Advisors assisted 15 of the 34

11 Statewide Tax Results 34 of 43 Bonds passed last week Ø One LA County school district passed their bond measure Ø Isom Advisors assisted 15 of the 34 successful school districts state-wide pass bond measures in June ranging from $1.1 million - $89 million School Tax Measures June 3 rd 2014 Source: Ed Source 11

12 Next Steps

13 Timeline G.O. Bond Next Steps Following these key steps are critical to District s success Task Responsible Party November 2014 Conduct survey Consultant Complete Prepare /Revise Facilities Needs Analysis District Complete Present survey results to the Board Consultant Complete Initiate public information program, speaking with elected officials, large taxpayers, community service groups to discuss proposed measure District/Consultant Dec. July 2014 Conduct RFP for Architect Consultant/District Complete Conduct RFP for Bond Counsel Consultant/District Complete Finalize Capital and Financing Plan Consultant June Finalize the Project List Consultant/District June Prepare Resolution Calling Election, including Ballot Language, Project List, and Tax Rate Statement Board Meeting - Board action to adopt Resolution Calling Election Deadline to submit to county Resolution Calling Election and Tax Rate Statement Consultant/Bond Counsel District District June June August 8 th Prepare Argument in Favor of Measure Consultant/District August Submit Argument in Favor of Measure Consultant/District August Form campaign committee and conduct campaign kick-off meeting Campaign Committee August Run campaign Campaign Committee Aug. Nov. Election Day November 4,

Measure D Overview and Bond Issuance Next Steps

Measure D Overview and Bond Issuance Next Steps by Isom Advisors, a Division of Urban Futures, Inc. August 15, 2016 1470 Maria Lane, Ste. 315 - Walnut Creek, CA 94596 Measure D Plan of Finance $60 million