HISTORY – Proposition V and Measure L
Proposition V and Measure L, hereinafter referred to as “bond measures”, have separate histories but are related. On November 4, 2008 voters of the Lakeside Union School District (District) approved ballot Proposition V, authorizing the issuance of general obligation bonds in the amount of $79,550,000. The first series of bonds was issued on April 23, 2009 in the amount of $21,833,149. The second series of bonds was issued on September 22, 2010 in the amount of $12,982,209. The total of these two sets of bonds is $34,815,358.
Principal and interest on the bonds are to be paid by revenue from an annual tax levied on taxable property within the District. In 2014, the Board of Trustees of the District found and determined that, due to State law limitations imposed on the issuance of bonds under Proposition V, the balance of funds pending issuance would not be able to be acquired. Action was taken to put Measure L on the November 2014 ballot for up to $31 million to allow the continued financing of the projects urgently needed. The ballot measure passed.
The highest tax rate which would be required to be levied to fund principal and interest payments on the bonds is estimated to annually be $30 per $100,000 of assessed valuation of taxable property.
Additionally, the passage of Measure L allowed the district to structure the bond sales in a fiscally responsible way that will also provide for ongoing funding for the replacement of technology (primarily I-pad devices for student use). The purchase of technology is now done using low interest, short-term bonds, with a three-year payback period. The term of the financing allows the length of repayment to match the useful life of the asset purchased, which saves taxpayers from paying years of debt payments for out-of-date equipment. The facility work approved in Measure L is still being financed with longer term debt, typical in a school district general obligation bond issuance.