In 2012 California Voters Authorized Community College Districts and K-12 School Districts to Borrow $15.3 Billion for Construction Through Bond Sales

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No one seems to know exactly how much money California voters have authorized community college districts and K-12 school districts to borrow for construction since Proposition 39 was approved by 53.4% of voters in November 2000. That statewide ballot measure reduced the vote percentage needed to pass bond measures authorizing bond sales from 66.67% (two-thirds) to 55 percent under certain conditions. This was the start of California’s massive accumulation of debt for educational construction at the state and local levels of government.

I have now confirmed the election results for bond measures considered by California voters in the June 5, 2012 election. Voters approved 25 bond measures in 25 educational districts and authorized these districts to borrow a total of $2,007,880,000 by selling bonds to investors. Voters in an additional nine (9) districts rejected nine bond measures totaling $312,695,000.

Add the amount of bond sales authorized in the November 6, 2012 election, and California voters authorized educational districts in 2012 to borrow a grand total of $15,293,681,190 ($15.3 billion) by selling bonds to investors. Add interest and transaction fees to this amount, and NEW debt service imposed on taxpayers for educational construction in 2012 probably will be $25 billion to $30 billion, depending on interest rates, sales of capital appreciation bonds, and other variables related to municipal finance.

Next, I plan to compile the results for school bond elections in 2002, 2004, 2006, 2008, and 2010. And don’t forget the three past statewide propositions (in 2002, 2004, and 2006) authorizing a total of $35.8 billion to borrow through bond sales.

Educational Bond Measures Approved by California Voters

June 5, 2012
Sorted by Highest to Lowest Amount Authorized for Borrowing Through Bond Sales
West Valley-Mission Community College, Measure C

$350,000,000

Clovis Unified, Measure A

$298,000,000

Cupertino Union, Measure H

$220,000,000

Mountain View Whisman, Measure G

$198,000,000

Val Verde Unified, Measure L

$178,000,000

Norris School District, Measure B

$149,000,000

Dublin Unified, Measure E

$99,000,000

Milpitas Unified, Measure E

$95,000,000

Cabrillo Unified, Measure S

$81,000,000

Sulphur Springs Union Elementary, Measure CK

$72,000,000

Lincoln Unified, Measure A

$48,500,000

Charter Oak Unified, Measure CO

$47,000,000

Healdsburg Unified, Measure E

$35,000,000

Savanna Elementary, Measure G

$28,750,000

Old Adobe Union, Measure G

$26,000,000

Taft City School, Measure C

$23,600,000

Wright Elementary, Measure I

$14,000,000

Reef-Sunset Unified, Measure A

$10,830,000

Pollock Pines Elementary, Measure K

$9,000,000

Sebastopol Union, Measure H

$9,000,000

Guerneville School District, Measure F

$6,000,000

Buellton Union, Measure V

$3,200,000

Elementary Schools Facilities Improvement District No. 1 of the Gridley Unified School District, Measure D

$2,500,000

Southern Trinity Unified, Measure V

$2,300,000

Trindad Union, Measure W

$2,200,000

TOTAL

$2,007,880,000

Educational Bond Measures Rejected by California Voters

June 5, 2012
Sorted by Highest to Lowest Amount Not Authorized for Borrowing Through Bond Sales
Jurupa Unified, Measure M

$125,000,000

Antioch Unified, Measure J

$59,500,000

Brea-Olinda Unified, Measure E

$54,000,000

Mountain Empire, Proposition G

$30,800,000

$11,995,000

Gridley Unified, Measure C

$11,000,000

Corcoran Joint Unified, Measure V

$9,000,000

Biggs Unified, Measure B

$6,000,000

Sierra Unified, Measure O

$5,400,000

TOTAL

$312,695,000

2 comments

  1. […] that voters in 2012 authorized 115 California educational districts to borrow a grand total of $15,266,65…, and you can see why schools are such an alluring target for special interest groups with special […]

  2. […] In 2012 California Voters Authorized Community College Districts and K-12 School Districts to Borrow… […]

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