Our School Board last night voted to place a $29 million dollar school bond proposal on the local June 3, 2014 ballot. I am proud of their courage to take this step toward lowering class sizes and keeping our exceptional teachers and classified staff. Hopefully with a 55% approval by voters, our faculty and staff can continue to provide the quality education we have provided for generations of Coronado children.
The bond proposal is really quite unique among the general obligation bonds ever passed in California. It is a “pay-as-you-go” financing of our schools that delivers an interest rate return at least 20 times less than a normal home mortgage. The School Board also placed “handcuffs” on future boards so the funds can only be used in prudent ways. These bonds are subject to many more rigorous taxpayer protections to ensure that Coronado’s schools will survive the grave danger posed by the State’s new K-12 funding formula known as LCFF.
Working together to pass this bond, we can free our General Fund from capital costs with the bond proceeds. This measure will cost no more than $40 per $100,000 of assessed value, not fair market values. The average home in Coronado has an assessed value less than $700,000, which means those homeowners will pay approximately $280 each year. Please join me in this effort over the next 100 days to communicate to the community of Coronado about the importance of this ballot measure for today and for future Coronado students.
Learn more at CUSD website.
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