Dear Editor,
So far, proponents of the bond have strategically neglected publicly showing the public the overall estimated costs of Measure E. It is just as important for our local community to understand the overall, total costs of this bond measure as it is for it to continue to repeat the bond’s smaller cost to the average homeowner.
The Board announced in their bond resolution that they will raise $22.0M a year to pay off Measure E’s debt service. They also chose to charge the maximum tax rate allowed by the state: $60 per $100K assessed valuation annually. With an average annual increase of 4% in our local assessed valuation, it will take the district 18 years before it will actually be able to raise the $22.0M due in the debt service schedule for one year.
If the board does find a way to raise the $22.0M a year over the 32-year life of the bond, it would collect over $700M for a bond that probably will cost about a half-a-billion dollars. Yes, you read that right. That’s half-a-billion with a “B”. Depending on what the future interest rates are for the bond’s four staggered issues; that would mean they would be collecting, or in other words—we would be paying between $160M to $200M in excess tax revenues beyond the cost of paying of the bonds.
They have told the community numerous times how they are going to spend the proceeds of the bond- the actual $358M borrowed; but they have yet to acknowledge or even explain what they will do with the excess taxes collected if Measure E passes.
I do not trust this board with managing this large sum of money.
Until this is addressed and clearly answered, I cannot support Measure E. Even though some parts of our schools are in need of upgrading and modernization.
George Laase
