Irvine Unified School District Technology Bond Discussion
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1 Irvine Unified School District Technology Bond Discussion February 19, 2013 Adam Bauer Principal (949) Cell: (949) Charles Heath Principal (415) Cell: (415)
2 Table of Contents Potential Proposition 39 General Obligation Bond 3 Technology Bond Structures 12 Questions and Discussion 16 2
3 Potential Proposition 39 General Obligation Bond 3
4 School District Debt Financing with General Obligation Bonds Bonding Capacity Unified School Districts: 2.50% of Assessed Valuation Tax Rate Limitations Unified School Districts: $60 per $100,000 Requires Voter Approval 55% approval required for full district Before Election At least 88 days before election: Projects to be financed must be stated School board must declare resolution for election Tax rate amount must be estimated and bond amount named After Election Citizens Oversight Committee appointed Annual audits required Use of Proceeds Construction, reconstruction, rehabilitation, or replacement of school facilities, including the furnishing and equipping of school facilities, or the acquisition or lease of real property for school facilities 4
5 History of Assessed Valuation FY Ending Total Assessed Valuation (1) % Change 20.00% Historical Change in Assessed Valuation 2005 $21,735,221, $24,945,799, % 2007 $29,685,145, % 2008 $33,264,930, % 2009 $35,055,759, % 2010 $35,037,287, % 2011 $34,873,409, % 2012 $35,622,966, % 2013 $36,811,119, % 5-Year Average 2.07% (1) Total A.V. before Redevelopment Increment 15.00% 10.00% 5.00% 0.00% -5.00% FY Ending Total Assessed Valuation (1) Assumed % Growth in A.V. 5-Year Average: 2.07% Bonding Capacity 2013 $36,811,119,332 - $920,277,983 Section 3.1 (d) of CFD No Mitigation Agreement IUSD shall not be prohibited by the terms of this Agreement from subjecting the Communities to any increase in ad valorem real property tax pursuant to an IUSD-wide general obligation bond election, formation of a school facilities improvement district (but only if such school facilities improvement district is not of such a size and does not disproportionately include property owned by the Developer within the Communities in a manner that unreasonably or inequitably burdens such property in relation to the other properties to be benefited by the financing provided by such school facilities improvement district), or imposition of an IUSD-wide parcel tax which parcel tax is imposed to fund IUSD operations; provided, however, that nothing herein shall be construed to constitute a waiver by Developer of its right or ability to dispute such proposed formation of a school facilities improvement district, imposition of a parcel tax, or passage of an IUSD-wide general obligation bond. Source: CalMuni 5
6 Potential 2014 GO Bond Election - $20 Tax Rate $20 per $100,000 Series 2015 Series 2019 Series 2022 Series 2025 Total Dated Date 02/01/15 02/01/19 02/01/22 02/01/25 - Par Amount $50,805,000 $37,305,000 $33,990,000 $38,160,000 $160,260,000 Project Amount $49,471,112 $36,843,865 $33,552,070 $37,692,880 $157,559,927 Final Maturity Date 08/01/39 08/01/43 08/01/46 08/01/49 - $8,000,000 $7,000,000 Election of 2014 Debt Service (1) (Assumed Tax Rate of $20 per $100,000 of A.V.) Series 2015 Series 2019 Series 2022 Series Estimated Tax Rates (2) Series 2016 Series 2019 Series 2022 Series 2025 Max Tax Rate $6,000,000 $5,000, $4,000,000 $3,000,000 $2,000,000 $1,000, $ (1) CIBs scale based on MMD AA 10-year average per maturity. Assumes no Capital Appreciation Bonds. (2) Assumes 0% growth in Assessed Valuation every year. 6
7 Potential 2014 GO Bond Election - $30 Tax Rate $30 per $100,000 Series 2015 Series 2019 Series 2022 Series 2025 Total Dated Date 02/01/15 02/01/19 02/01/22 02/01/25 - Par Amount $76,235,000 $55,975,000 $50,975,000 $57,235,000 $240,420,000 Project Amount $74,333,476 $55,383,175 $50,418,175 $56,634,355 $236,769,181 Final Maturity Date 08/01/39 08/01/43 08/01/46 08/01/49 - $12,000,000 $10,000,000 $8,000,000 $6,000,000 Election of 2014 Debt Service (1) (Assumed Tax Rate of $30 per $100,000 of A.V.) Series 2015 Series 2019 Series 2022 Series Estimated Tax Rates (2) Series 2016 Series 2019 Series 2022 Series 2025 Max Tax Rate $4,000, $2,000, $ (1) CIBs scale based on MMD AA 10-year average per maturity. Assumes no Capital Appreciation Bonds (2) Assumes 0% growth in Assessed Valuation every year. 7
8 Potential 2014 GO Bond Election - $40 Tax Rate $40 per $100,000 Series 2015 Series 2019 Series 2022 Series 2025 Total Dated Date 02/01/15 02/01/19 02/01/22 02/01/25 - Par Amount $101,675,000 $74,635,000 $67,980,000 $76,280,000 $320,570,000 Project Amount $99,205,670 $73,912,555 $67,304,140 $75,546,040 $315,968,405 Final Maturity Date 08/01/39 08/01/43 08/01/46 08/01/49 - $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 Election of 2014 Debt Service (1) (Assumed Tax Rate of $40 per $100,000 of A.V.) Series 2015 Series 2019 Series 2022 Series Estimated Tax Rates (2) Series 2016 Series 2019 Series 2022 Series 2025 Max Tax Rate $ (1) CIBs scale based on MMD AA 10-year average per maturity. Assumes no Capital Appreciation Bonds (2) Assumes 0% growth in Assessed Valuation every year. 8
9 Strategic Approach to a June 2014 G.O. Bond Election IUSD Registered Voters: 110,041 Expected June 2014 Voter Turnout: 30,641 (28%) Votes Needed to Win: 16,853 (55%) Goal: Persuade at least 17,000 voters to vote Yes Feasibility Study Measure Development/ Public Outreach Advocacy Campaign Now Poll Election timing Bond amount/ tax rate Projects Political landscape Competing issues Potential controversy Red Light/ Green Light (Week of May 7, 2013) Write resolution Ballot question Non-advocacy communication Consensus building Board vote March 8, 2014 Board Calls For Election Private fundraising Direct mail Website Endorsements Phone banks Lawn signs GOTV June 5, 2014 Election Day
10 Strategic Approach to a November 2014 G.O. Bond Election IUSD Registered Voters: 110,041 Expected Nov Voter Turnout: 56,619 (51%) Votes Needed to Win: 31,141 (55%) Goal: Persuade at least 31,500 voters to vote Yes Feasibility Study Measure Development/ Public Outreach Advocacy Campaign Now Poll Election timing Bond amount/ tax rate Projects Political landscape Competing issues Potential controversy Red Light/ Green Light (Week of Oct. 1, 2013) Write resolution Ballot question Non-advocacy communication Consensus building Board vote August 9, 2014 Board Calls For Election Private fundraising Direct mail Website Endorsements Phone banks Lawn signs GOTV November 5, 2014 Election Day
11 Case Study: Tustin Unified School District Measure S Election Date: November 6, 2012 Authorization Amount: $135 million bond measure Use of funds: - Provide and maintain up-to-date technology, data and communication equipment - Upgrade and expand wireless systems, telecommunications, Internet and network connections - Upgrade and replace district technology improving efficiency and reducing operational costs - Upgrade and replace computers, hardware and software systems, classroom and library technology and teaching equipment to enhance instruction - Keep our technology up-to-date and allow our students to learn the skills necessary for a 21st Century economy - Upgrade middle school science and secondary career technical educational classrooms and instructional technology to meet university and industry-standard specifications better preparing our students for college and career opportunities - Provide additional electrical, network and telephone service capacity to relieve overloaded systems so that it can handle modern instructional technology - Provide online and virtual classroom learning curriculum and instruction Election Results: Yes: 60.1% No: 39.9%
12 Technology Bond Structures 12
13 Technology Bond Structures Phased Technology Bond Sales Multiple GO Bond sales Consistent updates to the technology program Technology Endowment Lump sum Investment restrictions (Non-AMT Municipal Bonds) 13
14 Next Steps June 2014 Election Date Monday, February 18, 2013 through Friday, March 1, 2013 Week of Monday, March 4, 2013 Monday, March 25, 2013 Friday, April 5, 2013 Monday, April 8, 2013 Friday, April 19, 2013 Tuesday, May 7, 2013 Friday, November 15, 2013 Monday, November 18, 2013 through Friday, November 29, 2013 Tuesday, January 7, 2014 Tuesday, February 18, 2014 Description Interview and select a pollster Kick-off TBD with pollster to begin development of survey questionnaire Begin drafting poll Review and approve poll Begin polling period End of polling period Present results and recommendations to Board of Education Approve tracking poll (if needed) Conduct tracking poll (if needed) Board of Education meeting for the following items: 1. Present tracking poll results and recommendations (if needed) 2. Present draft bond measure documents for first reading and feedback Board of Education meeting to adopt two resolutions: 1. Resolution ordering Election 2. Resolution requesting consolidation with other elections, authorizing Tax Rate Statement, and authorizing Board Members to sponsor ballot arguments 14
15 Next Steps November 2014 Election Date Monday, July 15, 2013 through Friday, July 26, 2013 Week of Monday, July 29, 2013 Monday, August 19, 2013 Friday, August 30, 2013 Monday, September 2, 2013 Friday, September 13, 2013 Tuesday, October 1, 2013 Friday, April 11, 2014 Monday, April 14, 2014 through Friday, April 25, 2014 Tuesday, July 1, 2014 Tuesday, July 15, 2014 Description Interview and select a pollster Kick-off TBD with pollster to begin development of survey questionnaire Begin drafting poll Review and approve poll Begin polling period End of polling period Present results and recommendations to Board of Education Approve tracking poll (if needed) Conduct tracking poll (if needed) Board of Education meeting for the following items: 1. Present tracking poll results and recommendations (if needed) 2. Present draft bond measure documents for first reading and feedback Board of Education meeting to adopt two resolutions: 1. Resolution ordering Election 2. Resolution requesting consolidation with other elections, authorizing Tax Rate Statement, and authorizing Board Members to sponsor ballot arguments 15
16 Questions and Discussion 16
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