PROP U REFINANCING SAVES TAXPAYERS $15.7 MILLION
On September 22, the District completed a refinancing of $80 million in Proposition U bonds to lower interest costs. As a result, the District’s taxpayers will realize a savings of $15.7 million over the next 18 years.
This was the second time we have been able to refinance Proposition U bonds. When combined with the previous Proposition U bond refinancing and three prior Proposition H bond refinancings, overall the District has achieved savings of $35.6 million in interest costs.
We will continue to monitor the financial markets to determine if additional savings opportunities are possible as we strive to honor the trust placed in us by the taxpayers when they approved Propositions H and U.
For a summary of the Prop U accomplishments that are transforming our East County High Schools, please click here.QUALITY FACILITIES INFLUENCE STUDENT SUCCESS
You may have noticed the above-pictured signs going up in front of your neighborhood high school. They underscore the ongoing facility needs across the Grossmont Union High School District. Quality school facilities and technology are vital in preparing students for college and careers.
After a thorough assessment and planning effort, the Grossmont Union High School District Governing Board took action on August 4, 2016, to place Measure BB, a local school bond, on the November ballot.
Our District maintenance and operations staff work tirelessly in order to keep GUHSD schools safe, clean and in working condition. With 12 high school campuses in constant use by over 21,850 students and over 3,000 staff, our facility needs far exceed the standard funding allotment we receive from the State for school facilities maintenance.
Passing local school bonds is the most common way California communities upgrade their local schools. Over the past year, GUHSD has performed an extensive facility needs assessment identifying the most critical needs to protect the quality of education in our District.
Click here for Measure BB information to see how an ongoing investment in local school facilities will give our students the same opportunities as others to compete for college and 21st century careers.
Following is a quick summary.
Measure BB will:
• Repair aging roofs, deteriorated plumbing, air conditioning, and electrical systems
• Renovate career-training facilities for science, technology, engineering, math and skilled trades
• Upgrade classrooms and technology to meet rising college/university admission requirements
• Rehabilitate or replace aging student support facilities (e.g., labs, libraries, restrooms, etc.)
• Improve campus safety, security and access for disabled students
Measure BB Facts:
• By law, ALL Measure BB funds STAY LOCAL, dedicated to East County (GUHSD) schools ONLY.
• The State CANNOT take Measure BB funding away.
• Measure BB is for school technology infrastructure, classrooms, facilities and equipment ONLY.
• NO funds are allowed for administrators' salaries or pensions.
• Independent Citizens' Oversight and mandatory audits will ensure proper spending.
• Passage of Measure BB will qualify GUHSD for up to $50 million in State matching funds.
Dr. Tim Glover