Local School Bonds – Decisions ’24
RIVERSIDE – Based on ballot results Thursday afternoon, a proposed bond sale of nearly $1 billion to cover costs associated with upgrades to facilities within the Riverside Community College District was holding a slim margin in favor of approval, despite the higher property tax obligations it would impose.
Tabulations indicated 55.85% support for Measure CC, which was put before voters in Riverside, Moreno Valley, Norco, Corona, Jurupa Valley and multiple unincorporated communities. The threshold for approval of the bond sale is 55%.
The measure seeks a $954 million sale of general obligation bonds with a duration, or payoff period, of just over three decades. By the time of full debt amortization, the total cost of principal and interest would come to about $1.9 billion, according to ballot materials distributed to the public.
The cost of paying that debt would fall on property owners, whose annual property tax rates would rise an estimated $19 per $100,000 of assessed valuation on individual houses, condominiums and businesses, RCCD officials said.
Supporters noted that older buildings are in need of repairs, with improvements required for labs, water delivery systems, electrical outlets, plumbing, ventilation units, natural gas lines and parking lots.
They also pointed to asbestos and lead paint removal plans, as well as the need to “improve emergency communications systems and accessibility for disabled students.”
“Yes on CC allows the district to continue providing low-cost, high- quality education and job training classes close to home,” supporters, including Corona Mayor Tom Richins and Riverside Mayor Patricia Lock Dawson, wrote in campaign literature. “Yes on the measure will keep classrooms safe for learning, addressing urgent, basic and future needs.”
Opponents, including local fiscal watchdogs Vivian Moreno and Jason Hunter, complained the measure lacks specificity, leaving open the possibility of the money being spent any number of ways, instead of exclusively on infrastructure and classroom upgrades.
A similar RCCD bond proposal — Measure A — put before voters in 2020, then seeking $715 million, was rejected.
Additional school bond proposals in Lake Elsinore and Moreno Valley are also showing stronger support in initial tabulations.
Measure T in the Lake Elsinore Unified School District enjoyed 58.11% support in Thursday afternoon. It would authorize the sale of up to $198 million in bonds. The cumulative debt service period would run close to 40 years and translate to an estimated total $396 million in principal and interest before the obligations are satisfied — provided there’s a market for all of them — according to campaign literature.
The LEUSD debt amortization would require an additional $28 in taxes per $100,000 of assessed valuations for property owners.
The school board would have discretion over what to fund under the “District-Wide 21st Century Instructional Technology Program,” supporters wrote. Examples include renovations of computer labs, new lighting and electrical systems, new furnishings, windows and doors
“For our students to succeed in college and careers, they must be skilled in the use of today’s technologies and have a solid background in science, math, engineering and technology,” proponents wrote.
The proposal has a 55% approval requirement.
Two-thirds of voters in the Moreno Valley Unified School District appeared on the side of Measure X, according to the latest ballot count, 67.33% in approval as of Thursday afternoon. The proposal seeks the sale of up to $240 million in bonds. The cumulative debt service period would last 30 years and translate to an estimated total $469.74 million in principal and interest before the obligations are satisfied, according to campaign literature.
The debt amortization would necessitate $40 in taxes per $100,000 of assessed valuations for property taxpayers, according to documents.
The school district would be able to use the money for classroom and lab renovations and upgrades, rehabilitated playgrounds, solar panel acquisitions, electrical, fire alarm and athletic field repairs, as well as other needs.
“Many of our neighborhood schools were built 30-60 years ago and require priority repairs and updates to support high-quality instruction in science, technology, engineering, arts and math,” proponents said.
Opponents countered that saddling “retired residents, small business owners, families” and other property taxpayers with the higher bills that the bond issuance would impose “is irresponsible.”
“Ten years ago, the residents barely passed a $398 million bond that promised the same results,” they said. “But instead of spending the money on the needs of our students … they spent the funds on items that last only three years.”
The proposal also has a 55% approval requirement.
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