Community Corner
WCCUSD responds to bonds questions 1
Dear Mr. Sharenow:
The following information has been provided in response to your Public Records Act Request dated September 19, 2013.
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Questions and Answers about the West Contra Costa Unified School District’s bond program.
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1. How much does the district currently owe?
As of June 30, 2013
1998 Measure E: $23,750,000.00
2000 Measure M: $107,305,000.00
2002 Measure D: $251,630,428.15
2005 Measure J: $319,359,708.50
2010 Measure D: $93,385,000.00
Total $795,430,136.65
2. What is the face value of the amount soon to be borrowed?
$40,000,000 2010 Measure D
$85,000,000 2012 Measure E
Total $125,000,000
3. What is the total amount, including the premium, that is about to be authorized? I realize this may just be an estimate.
The Board of Education has authorized the sale of $125,000,000 of General Obligation bonds. Any premium received by the District (driven by market interest rates) will be deposited into the District’s debt service fund and will offset future debt service obligations.
4. What was the tax rate per $100,000 of assessed value for 2012/13?
1998 Measure E $8.70
2000 Measure M $55.60
2002 Measure D $60.00
2005 Measure J $60.00
2010 Measure D $31.40
Total $215.70 per $100,000 of assessed value
5. What will be the tax rate per $100,000 of assessed value for 2013/14?
The tax rate per $100,000 is
1998 Measure E $10.20
2000 Measure M $55.60
2002 Measure D $60.00
2005 Measure J $60.00
2010 Measure D $48.00
2012 Measure E $48.00
Total $281.80 per $100,000 in assessed value.
6. What is the estimated tax rate per $100,000 of assessed value for 2014/15?
Future tax rates will depend on future assessed values for the District. At this time, the District expects that tax rates for its bond program in 2014/2015 will be similar to the tax rates in 2013/2014. The District has been able to be at or within the tax rate targets for each of the District’s six bond authorizations since the inception of the current bond program in 1998.
7. For the bonds that are about to be sold, how much will they increase the tax rate per $100,000 of assessed value and when will that tax take effect?
The bonds under the 2010 Measure D and 2012 Measure E bond programs have been or will be structured with the aim to keep tax rates at the $48 per $100,000 in assessed value per authorization throughout the term of the bond programs. However, as stated before, actual tax rates will depend on actual assessed value growth.
8. What is the total amount of bonds authorized?
The total amount authorized is
1998 Measure E $40,000,000
2000 Measure M $150,000,000
2002 Measure D $300,000,000
2005 Measure J $400,000,000
2010 Measure D $380,000,000
2012 Measure E $360,000,000
Total $1,630,000,000
9. What is the total amount sold?
The amount sold is
1998 Measure E $40 million
2000 Measure M $150 million
2002 Measure D $300 million
2005 Measure J $322.4 million
2010 Measure D $100 million
Total $912.4 million
10. What is the total amount of bonds authorized but not yet sold?
The total amount authorized but not yet sold is
2005 Measure J $77.6 million
2010 Measure D $280 million
2012 Measure E $360 million
Total $717.6 million
11. Was there a need for the November vote simply because other bond measures ran into the $60 per $100,000 of assessed value limitation?
The District has a scope-driven capital facilities program to provide students with safe and equitable educational facilities. The bond authorizations in 2010 and 2012 allowed the District to move forward with its capital facilities program without relying on debt service structures at this time.
