Close Menu
Fund Focus News
    Facebook X (Twitter) Instagram
    Trending
    • Green bonds: How to overcome the challenge of fading ‘greenium’
    • Stable ETFs, Payment Altcoins, and a Meme Coin That Pays You Back
    • Giants’ Willy Adames ends crazy drought with San Francisco history not done since Barry Bonds
    • Mexican government unveils $540M industrial hub to lure investments
    • ‘People Might Be Underestimating Demand For Spot XRP ETFs,’ ETF Expert Says As CME XRP Futures Set Open Interest Record
    • SoftBank, Rakuten tap Japan’s booming retail demand for bonds
    • Financial advice about living trusts, capital gains and COBRA
    • What is Expense Ratio in Mutual Funds? – Money Insights News
    Facebook X (Twitter) Instagram
    Fund Focus News
    • Home
    • Bonds
    • ETFs
    • Funds
    • Investments
    • Mutual Funds
    • Property Investments
    • SIP
    Fund Focus News
    Home»Bonds»School districts supporting Prop. 2, the $10B school construction bond measure 
    Bonds

    School districts supporting Prop. 2, the $10B school construction bond measure 

    October 13, 2024


    School districts across the Santa Clarita Valley and the state are throwing support behind Proposition 2, a statewide bond measure meant to help renovate and modernize buildings, though not everyone is a believer in its efficiency. 

    According to the official ballot text language on the California Secretary of State website, the proposition “authorizes $10 billion in general obligation bonds for repair, upgrade, and construction of facilities at K-12 public schools (including charter schools), community colleges, and career technical education programs, including for improvement of health and safety conditions and classroom upgrades.” 

    Annual audits would be part of the funding process. Of the $10 billion that would be available, $8.5 billion would go to K-12 public school districts and $1.5 billion to community college districts. 

    Should the proposition pass, there would be increased state costs of about $500 million per year over the next 35 years to repay the bond, according to the Secretary of State. 

    Those funds would be used to match whatever a school district can offer for a given project, and the state bond funds would not be the sole financial source for projects. 

    As of Wednesday, the governing boards for the William S. Hart Union High School District, the Newhall School District and the Saugus Union School District have all passed resolutions in support of the proposition. The Santa Clarita Community College District board of trustees, which oversees College of the Canyons, has also pledged its support. 

    Eric Harnish, spokesman for COC, said there is an estimated $27.5 billion in unmet facilities needs across the state, and there is not enough funding in the state’s budget to meet those needs. 

    The college currently has about $95 million left in its Measure E bond fund for improving facilities or building new ones, and Harnish said having that money already in hand would help to augment the potential state bond funds. 

    “If we can leverage those state dollars, then it can extend what we can do with those local dollars,” Harnish said in a phone interview on Tuesday. 

    Since 2002, COC has received 11 allocations from the state for various scheduled maintenance projects, securing $66.4 million in state funding. That money is planned to help with scheduled maintenance as well as the Performing Arts Center, Hasley Hall, Aliso Hall and Aliso Lab, the east physical education building and the University Center. 

    Should the proposition pass, Harnish said projects such as the Advanced Technology Center and the student center would be looked at for potentially receiving the matching funds. 

    However, some local elected officials are questioning if Sacramento can be trusted with doing the right thing when it comes to taxpayer dollars. 

    Erin Wilson, a member of the Hart district governing board, was the only member of the board to oppose a resolution in support of the proposition. She said in a phone interview on Tuesday that the state had a $100 billion surplus in 2022, one that has now shifted to a $68 billion deficit. 

    “I assumed that I would agree with that resolution,” Wilson said, “but when I read it, I didn’t see any part of this that makes sense to me, because we’re taking money out of our pockets, as well as our community members, to Sacramento to a governance team that has not been responsible with our funds. They have not proven themselves worthy of greater taxes.” 

    L.A. County 5th District Supervisor Kathryn Barger echoed those sentiments in a prepared statement sent to The Signal on Tuesday after the Board of Supervisors approved supporting the proposition. Barger abstained from the vote, saying she has “unresolved concerns” about multiple bonds being passed over the years and some classrooms are still not in good condition. 

    “I abstained because I have unresolved concerns about Proposition 2,” Barger said in the statement. “I hear loud and clear taxpayers’ frustration with these types of bonds being approved year after year, yet they’re still seeing classrooms in disrepair, unreliable air conditioning systems, leaking roofs, outdated plumbing, and more. I’m not convinced this is the best path forward. I prefer to keep school bonds in the hands of local school districts who can apply more of a surgical approach to crafting solutions. I’m not a fan of one-size-fits-all solutions.” 

    Wilson agreed with Barger that local bonds that support just the schools in a given district are typically better for communities. 

    “We are receiving less funds than (Los Angeles Unified School District), and we’ve shown that we do a better job of using those funds,” Wilson said. 

    A bond measure for the Hart district is not currently on the table, but Wilson said one could be necessary in the future to renovate facilities, based on conversations she’s had with district staff. 

    “If the responsibly falls on the local district, I trust that we will be responsible,” Wilson said. 

    One local district that has a bond measure on the ballot Nov. 5 is the Saugus district. Measure N would provide $187 million via a $30 per $100,000 assessed value tax per year. 

    That money would be used to retrofit buildings to make them safer should an earthquake strike in the area, as well as for greater safety and security measures, among other potential projects. 

    That bond would require 55% of voters to approve it for it to pass. 

    California voters last approved a statewide bond measure for schools in 2016, which provided $9 billion for construction. That followed multiple successful bond measures, though one was struck down in 2020 that proposed $15 billion being given out to school districts. 

    Voters have approved $54 billion in bond measure funding since the current formula for state bond proceeds took effect in 1998. 



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email

    Related Posts

    Green bonds: How to overcome the challenge of fading ‘greenium’

    August 31, 2025

    Giants’ Willy Adames ends crazy drought with San Francisco history not done since Barry Bonds

    August 31, 2025

    SoftBank, Rakuten tap Japan’s booming retail demand for bonds

    August 31, 2025
    Leave A Reply Cancel Reply

    Top Posts

    Planning Rs 10 crore retirement? Here’s how much SIP you need if you start at 25, 30 or 40 – Money News

    July 21, 2025

    The Shifting Landscape of Art Investment and the Rise of Accessibility: The London Art Exchange

    September 11, 2023

    The Unyielding Resilience of the Art Market: A Historical and Contemporary Perspective

    November 19, 2023

    The Evolution of Art and Art Investments: A Historical Perspective on Fruitful Returns and Wealth Management

    August 21, 2023
    Don't Miss
    Bonds

    Green bonds: How to overcome the challenge of fading ‘greenium’

    August 31, 2025

    ‘Green’ bonds — meant to raise funds for environmentally friendly ventures — were seen as…

    Stable ETFs, Payment Altcoins, and a Meme Coin That Pays You Back

    August 31, 2025

    Giants’ Willy Adames ends crazy drought with San Francisco history not done since Barry Bonds

    August 31, 2025

    Mexican government unveils $540M industrial hub to lure investments

    August 31, 2025
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    EDITOR'S PICK

    Wealth Column: Buried in investment paper? – Brainerd Dispatch

    August 11, 2024

    These Are All the Ethereum ETFs Now Trading in the US

    July 23, 2024

    Mortgage securing the bonds of Baltic Horizon Fund has been released

    August 15, 2024
    Our Picks

    Green bonds: How to overcome the challenge of fading ‘greenium’

    August 31, 2025

    Stable ETFs, Payment Altcoins, and a Meme Coin That Pays You Back

    August 31, 2025

    Giants’ Willy Adames ends crazy drought with San Francisco history not done since Barry Bonds

    August 31, 2025
    Most Popular

    🔥Juve target Chukwuemeka, Inter raise funds, Elmas bid in play 🤑

    August 20, 2025

    ₹10,000 monthly SIP in this debt mutual fund has grown to over ₹70 lakh in 23 years

    June 13, 2025

    ₹1 lakh investment in these 2 ELSS mutual funds at launch would have grown to over ₹5 lakh. Check details

    April 25, 2025
    © 2025 Fund Focus News
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.