Written by Michelle Hunter (News Writer)
School districts use bonds to borrow money to pay for expensive short-term projects. Bonds are usually used to fund capital improvement projects like updating the heating system in a high school or building a new gymnasium. Under the California Constitution, school districts may issue bonds if approved by at least 55 percent of voters within the boundaries of that district. These bonds are sold to the public and constitute a debt of the district. They are repaid by the levy of an ad valorem tax, which is calculated based on the current assessed value of each property. The Board of Trustees of the San Lorenzo Valley Unified School District (‘the School District’) proposes the sale of bonds in the amount not to exceed $75 million dollars. The School District anticipates that these bonds would generate approximately $4.3 million annually. As limited by law, the funds from the sale of these bonds shall only be used for specific purposes related to school site facilities, buildings, and classrooms. The law does not allow these funds to be used for teacher and administrator salaries or other school operational expenses. Over the life of a typical bond, interest will equal principal. Bond terms can range from 25 to 40 years in length. Bonds have been a popular (yet misunderstood) funding tool for a variety of purposes. However, bonds are long-term loans. Before agreeing to borrow money, savvy taxpayers should find out how much it ultimately will cost to repay the loan and how long they (and their children) will be in debt. The bond was approved by 6,055 people. I have personally heard that students and faculty would like these funds to go toward expanding the parking lot due to the lack of parking spots for students. The other local measure that was voted on but did not pass is Measure R in Cabrillo College district which would have upgraded and repaired classrooms, wiring, and other infrastructure, constructing and acquiring buildings and facilities. Those who favored Measure R argue that it will allow for Cabrillo College to better prepare the students for transfer, and to prepare veterans to enter the workforce after military service
The Claw 