Special Board Meeting

Special Board Meeting Measure K Bond Program January 29, 2013 Long Beach Unified School District BOARD OF EDUCATION WORKSHOP Presentation Summary I...
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Special Board Meeting Measure K Bond Program January 29, 2013

Long Beach Unified School District BOARD OF EDUCATION WORKSHOP

Presentation Summary I. 

Renaissance High School for the Arts

II. 

Bond Program Financial Update •  •  •  • 

Introduction and Overview State Funding Eligibility Current Influencing Factors Measure K Funding / Cash Flow Impacts

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I. Renaissance HS for the Arts Facilities Information and History •  The existing 3.44 acre campus has approximately 86,042 S.F. of facilities with 42 classrooms (30 located in permanent buildings and 12 portable classrooms). •  All permanent structures were built in1935 and 1936 with additions in 1941 and 1962. Major renovations and alterations where constructed in 1952, 1980 and 2000. •  The campus was originally constructed as a technical school (John Dewey HS) then changed to a continuation high school (Reid HS). •  In 2001, the campus was converted to its current use as an art school (Renaissance HS for the Arts). •  The current (2012/13) enrollment is 493 students. •  1 Permanent building is used by the Office of Media Services (OMS). Long Beach Unified School District

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I. Renaissance HS for the Arts

Piano

Rehearsal Space

Ceramics/ Art Studio

Costume Design

Band

Chemistry

Dance/ PE Library Computer/ Lab Kitchen

Community Rm.

Biology

Auditorium Administration

Existing Site / 1st Floor Plan

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I. Renaissance HS for the Arts

Choir

Theater/ Drama

Existing Site / 2nd Floor Plan

Dance/ PE

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I. Renaissance HS for the Arts Existing Condition and Issues •  Small campus with aging facilities and infrastructures •  Undersized classrooms and inadequate / insufficient spaces for performing arts program •  Insufficient space for physical education program •  Some building systems are past their useful life •  •  •  •  •  •  • 

Roofing on Bldg. 200 and 100 in poor condition Poor ventilation in Bldg. 200 and 300 Lack of air conditioning in Bldg. 200 and 300 Heating systems in Bldg. 200 and 300 are antiquated Electrical & Lighting systems in Bldg. 200 and 300 in fair condition Fire alarm system needs to be upgraded Public address & other communications systems antiquated

•  American with Disabilities Act (ADA) accessibility •  Insufficient parking and poor vehicular access •  Facility Master Plan recommends a moderate renovation for the campus Long Beach Unified School District

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I. Renaissance HS for the Arts Existing Condition and Issues (Cont.)

Air Conditioning

Bldg 100

Bldg 200

Bldg 300

Yes

No

No

Lighting & Electrical

Good

Fair

Fair

Roofing

Poor

Fair

Poor

Flooring

Good

Poor

Fair

Mechanical/Plumbing

Fair

Poor

Poor

Other Finishes

Fair

Fair

Poor

ADA Accessibility

Good

Poor

Poor

Doors & Windows

Good

Poor

Fair

Bldg 400

OMS - Not Assessed

Building Systems

Bldg 600 Yes Good Fair Good Good Good Good Good

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I. Renaissance HS for the Arts Proposed Program •  Master plan site capacity for 600 students •  Major renovations and repairs of classroom Bldg. 200 •  Minor repairs and improvements to Bldg. 100 and 600 •  Major renovation or replacement of existing auditorium (Bldg. 300) •  General improvements to specialty program spaces – art, music and dance •  Remove portables and replace with permanent building containing classrooms, locker rooms, restrooms, storage, and large space for PE & dance •  ADA accessibility improvement throughout site •  Structural repairs if required •  Improvements to fire alarm & communications systems •  Improvements to site utilities and landscaping •  Target Project Budget = $40,000,000

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I. Renaissance HS for the Arts Minor repairs and improvements

503 504

Remove portables, expand parking or add basketball courts

70 502 501

600

505

706

Remove portables and construct new permanent building

705 704

200 OMS

701 702 703

400

300

Major renovation/ repairs or replacement of Auditorium/kitchen

Proposed Improvement Plan

100

Major renovation and repairs

Minor repairs and improvements

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II. Bond Program Financial Update Introduction and Overview

Introduction and Overview •  Original financial structure of Measure K Bond Program in 2008: •  10 - 15 year build-out plan •  Long-term Assessed Value (AV) growth assumption = 5.0% annually •  State funding programs available with funds for apportionments • 

Since passage of Measure K Bond: •  2 consecutive years (2010 and 2011) of decline in AV •  2012 and 2013 AV growth has increased, but sill behind original assumptions •  Projects reprioritized and schedules have been adjusted to match projected cash flow needs and bond issuance schedule •  State funding programs unavailable

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II. Bond Program Financial Update Introduction and Overview

Introduction and Overview (Cont.) •  There has been recent public controversy over a type of general obligation bond - called CABs - that has been issued by school districts. •  We will: •  Provide information on CABs and discuss their role in an overall bond program; and •  Seek board feedback on future Measure K issuances.

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II. Bond Program Financial Update Introduction and Overview

What is a general obligation bond? •  A bond backed by the credit and property tax base of the district •  Begins with an election to authorize a specific total amount to be issued •  Local property taxes levied to pay the principal and interest (debt service) due on the bonds •  Bonds sold when cash is needed for facilities projects and are usually issued in several series

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II. Bond Program Financial Update Introduction and Overview

What is a CAB? •  Principal and interest paid in one lump sum at the bond maturity date •  An alternative CIBs •  Interest paid semi-annually, starting once the bond is issued •  Principal paid in lump sum at bond maturity date •  Cost to issue CABs is higher than CIBs •  Interest rates for CABs are higher than CIBs •  Interest is calculated using compounding versus simple interest

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II. Bond Program Financial Update Introduction and Overview

Bond comparison illustrated CABs

Payment

Payment

CIBs

Year

Year

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II. Bond Program Financial Update Current Influencing Factors

Recent controversy about CABs •  Poway Unified School District •  Issued $105 million of non-callable CABs that matured in 22-40 years with a total repayment cost of $981 million (9.35 to 1 ratio) •  Financing draws attention of media nationwide •  Los Angeles Times •  November 2012 article about the use of CABs by California school and community college districts •  Included a database of 200 districts that issued CABs

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II. Bond Program Financial Update Current Influencing Factors

Proposed legislation to change bond financings •  Legislation introduced January 24, 2013: •  Maximum maturity of bonds from 40 years to 25 years •  Maximum interest rate on bonds from 12 to 8 percent •  Public analysis presented on use of CABs when bond resolution on agenda for board adoption •  CABs to be subject to redemption after 10 years •  Debt service repayment ratio for bond series cannot be in excess of 4 to 1 •  Moratorium on issuing CABs urged by CDE

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II. Bond Program Financial Update Current Influencing Factors

Why would a district issue up to 40 year bonds? Why would a district issue CABs? •  Proposition 39 tax levy limit - $60 per $100,000 of AV •  Problem: Stalled (or even negative) growth in property values •  To raise funds to cover current facilities needs and stay under its tax rate limit, a District may choose to defer payments

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II. Bond Program Financial Update Current Influencing Factors

Building a bond program •  How much funding is needed and when? •  Facilities project needs often require multiple issuances (example, issuing every two years) •  Early issuances take up tax rate capacity •  Later issuances may require deferred payments in order to stay under tax rate limit

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II. Bond Program Financial Update Current Influencing Factors

Building a bond program (Cont.)

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II. Bond Program Financial Update Current Influencing Factors

Building a bond program (Cont.)

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II. Bond Program Financial Update Current Influencing Factors

Building a bond program (Cont.)

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II. Bond Program Financial Update Current Influencing Factors

Building a bond program (Cont.)

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II. Bond Program Financial Update Current Influencing Factors

Other considerations •  The useful life of most facilities projects exceeds the term of longer bonds •  Municipal interest rates currently at historic lows

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II. Bond Program Financial Update Current Influencing Factors

Other considerations (cont.) •  Time value of money: money today ≠ money tomorrow •  Project costs today versus future costs •  Future debt repaid with cheaper dollars

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II. Bond Program Financial Update Current Influencing Factors

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II. Bond Program Financial Update Current Influencing Factors

Measure K debt schedule

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II. Bond Program Financial Update Current Influencing Factors

Measure K projected tax rates •  Tax rate capacity in 2014-2018, when the bond program cash needs are greatest, has been limited by prior issuances.

(1) 

Assumes AV growth rates of 2% for 2013-14, 3% for 2014-15 and 4% annually thereafter.

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II. Bond Program Financial Update Current Influencing Factors

Four scenarios for future issuances •  40-year bonds with use of CABs when necessary •  25-year bonds with use of CABs when necessary •  40-year bonds without CABS •  25-year bonds without CABs

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II. Bond Program Financial Update Current Influencing Factors

Scenario assumptions •  Following are scenarios for the remaining Measure K authorization based on the below assumptions: •  Annual AV growth rates: •  2013-14: 2.0% •  2014-15: 3.0% •  Thereafter: 4.0%

•  Current interest rates: •  Financings with CABs: 4.40% - 5.60% •  Financings without CABs: 3.40% - 4.00%

•  Program cash goals •  $50 million in 2013 •  Up to $375 million in 2014 •  Remaining authorization split in two series

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II. Bond Program Financial Update Current Influencing Factors

Scenario 1: Up to 40-year bonds with CABs

(1)  (2) 

Previously issued financings. Assumes AV growth rates of 2% for 2013-14, 3% for 2014-15 and 4% annually thereafter.

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II. Bond Program Financial Update Current Influencing Factors

Scenario 2: Up to 25-year bonds with CABs

(1)  (2) 

Previously issued financings. Assumes AV growth rates of 2% for 2013-14, 3% for 2014-15 and 4% annually thereafter.

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II. Bond Program Financial Update Current Influencing Factors

Scenario 3: Up to 40-year bonds without CABs

(1)  (2) 

Previously issued financings. Assumes AV growth rates of 2% for 2013-14, 3% for 2014-15 and 4% annually thereafter.

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II. Bond Program Financial Update Current Influencing Factors

Scenario 4: Up to 25-year bonds without CABs

(1)  (2) 

Previously issued financings. Assumes AV growth rates of 2% for 2013-14, 3% for 2014-15 and 4% annually thereafter.

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II. Bond Program Financial Update Current Influencing Factors

Using CABs Pros

Cons

Access dollars when they are needed for projects

Higher interest rates

More actively manage tax rate

Compounding interest

Less reliance on AV for planning

Negative public perception

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II. Bond Program Financial Update Current Influencing Factors

Major Project Reprioritization Summary

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II. Bond Program Financial Update

Bond Issuance E and F

Bond Issuance A, B, B1, C, and D

Measure K Funding / Cash Flow Impacts Scenario 1 Projects

Scenario 2 Projects

Scenario 3 Projects

Scenario 4 Projects

Nelson MS McBride, Sr. HS Roosevelt ES Cabrillo HS Pool Jordan HS Ph. 1 NHS #3 (JFA Site) NHS #4 (Butler) NHS #5 (TBD) Newcomb K-8 Bancroft MS Gym Hoover MS Gym District-Wide Projects Polytechnic Auditorium Wilson Auditorium NHS #2 (Browning) Hamilton MS Gym Hill MS Gym

Nelson MS McBride, Sr. HS Roosevelt ES Cabrillo HS Pool Jordan HS Ph. 1 NHS #3 (JFA Site) NHS #4 (Butler) NHS #5 (TBD) Newcomb K-8 Bancroft MS Gym Hoover MS Gym District-Wide Projects Polytechnic Auditorium Wilson Auditorium NHS #2 (Browning) Hamilton MS Gym Hill MS Gym

Nelson MS McBride, Sr. HS Roosevelt ES Cabrillo HS Pool Jordan HS Ph. 1 NHS #3 (JFA Site) NHS #4 (Butler) NHS #5 (TBD) Newcomb K-8 Bancroft MS Gym Hoover MS Gym District-Wide Projects

Nelson MS McBride, Sr. HS Roosevelt ES Cabrillo HS Pool Jordan HS Ph. 1 NHS #3 (JFA Site) NHS #4 (Butler) NHS #5 (TBD) Newcomb K-8 Bancroft MS Gym Hoover MS Gym District-Wide Projects

Jordan HS Ph. 2 Jordan HS Ph. 3 Jordan HS Ph. 4 Jordan HS Ph. 5 Jordan HS Ph. 6 Hill MS Hamilton MS Millikan HS Avalon K-12 Willard ES Renaissance HS

Jordan HS Ph. 2 Jordan HS Ph. 3 Jordan HS Ph. 4 Jordan HS Ph. 5 Jordan HS Ph. 6 Hill MS Hamilton MS Millikan HS Avalon K-12 Willard ES Renaissance HS

NHS #2 (Browning) Hamilton MS Gym Hill MS Gym Polytechnic Auditorium Wilson Auditorium Jordan HS Ph. 2 Jordan HS Ph. 3 Jordan HS Ph. 4 Jordan HS Ph. 5 Jordan HS Ph. 6 Hill MS Hamilton MS Millikan HS Avalon K-12 Willard ES Renaissance HS

NHS #2 (Browning) Hamilton MS Gym Hill MS Gym Polytechnic Auditorium Wilson Auditorium Jordan HS Ph. 2 Jordan HS Ph. 3 Jordan HS Ph. 4 Jordan HS Ph. 5 Jordan HS Ph. 6 Hill MS Hamilton MS Millikan HS Avalon K-12 Willard ES Renaissance HS

Note: Measure K funding may not be sufficient for projects highlighted in red.

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II. Bond Program Financial Update Measure K Funding / Cash Flow Impacts

Scenario 1: Up to 40-year bonds with CABs Major Projects (Based on Current Prioritization) Nelson MS McBride Sr. HS Roosevelt ES Cabrillo HS Pool Jordan HS (Phase 1A-1C) Jordan HS (Phase 2A - 2B) Jordan HS (Phase 3A - 3B) Jordan HS (Phase 5 Athletic Fields) Jordan HS (Phase 6 Gymnasium) New HS #2 (Browning Site) New HS #3 (Jordan Plus Site) New HS #4 (Butler Site) New HS #5 (TBD Site) Willard ES

Planning

Construction

Completed Completed Underway Completed Underway Aug 2016 - Jul 2018 Aug 2014 - Jul 2016 Aug 2018 - Jul 2020 Aug 2020 - Jul 2022 Underway Underway Underway Underway Underway

Completed Nov 2010 - May 2013 Jul 2013 - Jan 2015 Jul 2012 - Aug 2013 Jan 2014 - Feb 2018 Aug 2018 - July 2020 Aug 2016 - Jan 2018 Aug 2020 - Jan 2022 Aug 2022 - Jan 2024 Jun 2014 - Feb 2016 Aug 2013 - Jan 2014 Aug 2015 - Oct 2017 Jun 2015 - Oct 2017 Jun 2015 - Oct 2016

Underway Underway Underway Underway Underway Underway Underway Underway Underway Underway Underway Underway Underway

Nov 2013 - Jun 2015 Aug 2013 - Jan 2014 Jan 2014 - Dec 2014 Jun 2015 - May 2016 Aug 2013 - Jan 2014 Aug 2014 - Oct 2015 Aug 2014 - Oct 2015 Aug 2016 - Jan 2018 May 2011 - Aug 2014 Jun 2013 - Aug 2014 Sep 2012 - Aug 2016 Jan 2010 - Dec 2014 Jan 2012 - Dec 2016

Jul 2020 - Jun 2022 (TBD) (TBD) (TBD) (TBD) (TBD)

Jul 2022 - Dec 2024 (TBD) (TBD) (TBD) (TBD) (TBD)

District-Wide Projects AB300 Projects Newcomb K-8 Bancroft Gym Hamilton Gym Hill Gym Hoover Gym Polytechnic Auditorium Wilson Auditorium Jordan Auditorium (JHS Phase 4) Deportabilization Projects Building System Improvements Technology Projects DSA Certification Projects ADA Projects

Future Unassigned Major Projects Millikan HS Avalon K-12 Hill MS Hamilton MS Renaissance High School for the Arts

Impacts to Current Prioritization •  No impact to current project prioritization

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II. Bond Program Financial Update Measure K Funding / Cash Flow Impacts

Scenario 2: Up to 25-year bonds with CABs Major Projects (Based on Current Prioritization) Nelson MS McBride Sr. HS Roosevelt ES Cabrillo HS Pool Jordan HS (Phase 1A-1C) Jordan HS (Phase 2A - 2B) Jordan HS (Phase 3A - 3B) Jordan HS (Phase 5 Athletic Fields) Jordan HS (Phase 6 Gymnasium) New HS #2 (Browning Site) New HS #3 (Jordan Plus Site) New HS #4 (Butler Site) New HS #5 (TBD Site) Willard ES

Planning

Construction

Completed Completed Underway Completed Underway Aug 2016 - Jul 2018 Aug 2014 - Jul 2016 Jun 2025- Jul 2027 Jun 2025- Jul 2027 Underway Underway Underway Underway Underway

Completed Nov 2010 - May 2013 Jul 2013 - Jan 2015 Jul 2012 - Aug 2013 Jan 2014 - Feb 2018 Aug 2018 - July 2020 (TBD) Jul 2027- Dec 2029 Jul 2027- Dec 2029 Jun 2014 - Feb 2016 Aug 2013 - Jan 2014 Aug 2015 - Oct 2017 Jun 2015 - Oct 2017 (TBD)

Underway Underway Underway Underway Underway Underway Underway Underway Underway Underway Underway Underway Underway

Nov 2013 - Jun 2015 Aug 2013 - Jan 2014 (TBD) (TBD) Aug 2013 - Jan 2014 Aug 2014 - Oct 2015 Aug 2014 - Oct 2015 (TBD) May 2011 - Aug 2014 Jun 2013 - Aug 2014 Sep 2012 - Aug 2016 Jan 2010 - Dec 2014 Jan 2012 - Dec 2016

Jun 2025- Jul 2027 (TBD) (TBD) (TBD) (TBD) (TBD)

Jul 2027- Dec 2029 (TBD) (TBD) (TBD) (TBD) (TBD)

District-Wide Projects AB300 Projects Newcomb K-8 Bancroft Gym Hamilton Gym Hill Gym Hoover Gym Polytechnic Auditorium Wilson Auditorium Jordan Auditorium (JHS Phase 4) Deportabilization Projects Building System Improvements Technology Projects DSA Certification Projects ADA Projects

Future Unassigned Major Projects Millikan HS Avalon K-12 Hill MS Hamilton MS Renaissance High School for the Arts

Impacts to Current Prioritization: •  No impact to current project prioritization •  Possible delays of current and future projects by 3-5 years

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II. Bond Program Financial Update Measure K Funding / Cash Flow Impacts

Scenario 3: Up to 40-year bonds without CABs Major Projects (Based on Current Prioritization) Nelson MS McBride Sr. HS Roosevelt ES Cabrillo HS Pool Jordan HS (Phase 1A-1C) Jordan HS (Phase 2A - 2B) Jordan HS (Phase 3A - 3B) Jordan HS (Phase 5 Athletic Fields) Jordan HS (Phase 6 Gymnasium) New HS #2 (Browning Site) New HS #3 (Jordan Plus Site) New HS #4 (Butler Site) New HS #5 (TBD Site) Willard ES

Planning

Construction

Completed Completed Underway Completed Underway Aug 2016 - Jul 2018 (TBD) (TBD) (TBD) Underway Underway Underway Underway (TBD)

Completed Nov 2010 - May 2013 Jul 2013 - Jan 2015 Jul 2012 - Aug 2013 Jan 2014 - Feb 2018 Aug 2018 - July 2020 (TBD) (TBD) (TBD) (TBD) Aug 2013 - Jan 2014 Aug 2015 - Oct 2017 Jun 2015 - Oct 2017 (TBD)

Underway Underway (TBD) (TBD) Underway (TBD) (TBD) (TBD) Underway Underway Underway Underway Underway

Nov 2013 - Jun 2015 Aug 2013 - Jan 2014 (TBD) (TBD) Aug 2013 - Jan 2014 (TBD) (TBD) (TBD) May 2011 - Aug 2014 Jun 2013 - Aug 2014 Sep 2012 - Aug 2016 Jan 2010 - Dec 2014 Jan 2012 - Dec 2016

Jan 2023 - Jul 2023 (TBD) (TBD) (TBD) (TBD) (TBD)

Aug 2025 -Dec 2030 (TBD) (TBD) (TBD) (TBD) (TBD)

District-Wide Projects AB300 Projects Newcomb K-8 Bancroft Gym Hamilton Gym Hill Gym Hoover Gym Polytechnic Auditorium Wilson Auditorium Jordan Auditorium (JHS Phase 4) Deportabilization Projects Building System Improvements Technology Projects DSA Certification Projects ADA Projects

Future Unassigned Major Projects Millikan HS Avalon K-12 Hill MS Hamilton MS Renaissance High School for the Arts

Impacts to Current Prioritization •  Will impact current project prioritization •  Possible delays of current and future projects by 8-12 years

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II. Bond Program Financial Update Measure K Funding / Cash Flow Impacts

Scenario 4: Up to 25-year bonds without CABs Major Projects (Based on Current Prioritization) Nelson MS McBride Sr. HS Roosevelt ES Cabrillo HS Pool Jordan HS (Phase 1A-1C) Jordan HS (Phase 2A - 2B) Jordan HS (Phase 3A - 3B) Jordan HS (Phase 5 Athletic Fields) Jordan HS (Phase 6 Gymnasium) New HS #2 (Browning Site) New HS #3 (Jordan Plus Site) New HS #4 (Butler Site) New HS #5 (TBD Site) Willard ES

Planning

Construction

Completed Completed Underway Completed Underway Aug 2016 - Jul 2018 (TBD) (TBD) (TBD) Underway Underway Underway Underway (TBD)

Completed Nov 2010 - May 2013 Jul 2013 - Jan 2015 Jul 2012 - Aug 2013 Jan 2014 - Feb 2018 Aug 2018 - July 2020 (TBD) (TBD) (TBD) (TBD) Aug 2013 - Jan 2014 Aug 2015 - Oct 2017 Jun 2015 - Oct 2017 (TBD)

Underway Underway (TBD) (TBD) Underway (TBD) (TBD) (TBD) Underway Underway Underway Underway Underway

Nov 2013 - Jun 2015 Aug 2013 - Jan 2014 (TBD) (TBD) Aug 2013 - Jan 2014 (TBD) (TBD) (TBD) May 2011 - Aug 2014 Jun 2013 - Aug 2014 Sep 2012 - Aug 2016 Jan 2010 - Dec 2014 Jan 2012 - Dec 2016

Jan 2023 - Jul 2023 (TBD) (TBD) (TBD) (TBD) (TBD)

Aug 2025 -Dec 2030 (TBD) (TBD) (TBD) (TBD) (TBD)

District-Wide Projects AB300 Projects Newcomb K-8 Bancroft Gym Hamilton Gym Hill Gym Hoover Gym Polytechnic Auditorium Wilson Auditorium Jordan Auditorium (JHS Phase 4) Deportabilization Projects Building System Improvements Technology Projects DSA Certification Projects ADA Projects

Future Unassigned Major Projects Millikan HS Avalon K-12 Hill MS Hamilton MS Renaissance High School for the Arts

Impacts to Current Prioritization •  Will impact current project prioritization •  Possible delays of current and future projects by 8-12 years

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II. Bond Program Financial Update State Funding Eligibility

State Funding Eligibility •  The District has received the following State funds: •  • 

Nelson Middle School McBride High School

$12,903,722 $15,024,878

COS Funds Modernization and CTE Funds

•  Current State funds have been depleted for all programs except the Seismic Mitigation Program (SMP) •  The District has received DSA’s concurrence for eligibility of SMP funding for the following projects: •  •  •  • 

Bancroft MS Gym Hill MS Gym Hamilton MS Gym Hoover MS Gym

•  •  • 

Jordan HS Auditorium Polytechnic HS Auditorium Wilson HS Auditorium

•  Discussions are underway for a possible State-wide 2014 school bond measure to replenish the funding source for Modernization, New Construction, and other grant programs. Long Beach Unified School District

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II. Bond Program Financial Update State Funding Eligibility

State Funding Eligibility •  Future availability of State funds could allow the District to leverage Modernization eligibility for current district-wide projects such as fire alarm and clock/intercom replacement projects and ADA upgrades. •  Other funding opportunities: •  Received $913,896 in ERATE for the Core Switch & UPS Replacement Phase 1 project •  Anticipate receiving an estimated $7,250,000 in ERATE funds for the Telecommunication Phase II and Wireless Data Communication Phase II projects

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II. Bond Program Financial Update State Funding Eligibility

State Funding Eligibility Current Projects (Based on Current Prioritization) •  •  •  • 

Estimated State Funding (1)

Roosevelt ES New Construction Newcomb K8 AB300 / New Construction Jordan HS Major Renovation Willard ES Minor Renovation / Addition

Future Projects •  Hill MS Major Renovation •  Hamilton MS Major Renovation •  Millikan HS Major Renovation •  Avalon K12 Moderate Renovation / Addition •  Renaissance HS for the Arts Current AB300 Projects •  Bancroft MS Gym AB300 •  Hamilton MS Gym AB300 •  Hill MS Gym AB300 •  Hoover MS Gym AB300 •  Polytechnic HS Auditorium AB300 •  Wilson HS Auditorium AB300 •  Jordan HS Auditorium AB300 . Notes: (1)  Funding dependent on State’s ability to sell bonds and voter approval of future State-wide bond measures.

Funding Type

$7,156,975 $11,731,465 $36,776,657 $6,831,301 $62,496,398

Mod. / New Const. / ORG / AB801 / HPS Mod. / New Const. / ORG / SMP / HPS Mod. / New Const. / ORG / HPS Modernization / ORG

$6,446,034 $13,290,237 $39,483,315 $5,417,690 $7,412,999 $72,050,275

Modernization Modernization / ORG Modernization / ORG Modernization / Facility Hardship Modernization / ORG

$2,200,000 $2,500,000 $2,500,000 $2,100,000 $6,000,000 $4,500,000 $6,500,000 $26,300,000

SMP SMP SMP SMP SMP SMP SMP

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II. Bond Program Financial Update Staff Recommendations

Staff recommendations •  Advocate for: •  Continued use of 40 year bonds for existing bond programs •  Application of repayment ratio test for entire bond program •  Issue Series C without CABs in consideration of current moratorium and proposed legislation We are seeking preliminary Board feedback on the use of CABs for future issuances. However, we will revisit this topic with the Board before the issuance of Series D, when relevant legislation is clarified and AV is revised.

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For More Information

This Presentation along with Measure K Bond Program information is available at: www.lbschools.net

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