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
Superintendent
