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Capital Financing Options

Capital Financing Options. Jane A. Russo, Superintendent Michael P. Bishop, Associate Superintendent, Business Services Joe Dixon, Assistant Superintendent, Facilities & Governmental Affairs Kelvin Tsunezumi, Executive Director, Business Services. October 12, 2010. Measure G.

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Capital Financing Options

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  1. Capital Financing Options Jane A. Russo, Superintendent Michael P. Bishop, Associate Superintendent, Business Services Joe Dixon, Assistant Superintendent, Facilities & Governmental Affairs Kelvin Tsunezumi, Executive Director, Business Services October 12, 2010

  2. Measure G Measure G (Summary of Events) Measure G approved by voters (68.8% approval) in June 2008 Total authorization: $200 million Bonds issued to date: $154.1 million 2008: $100 million 2009: $54.1 million (including $19.24 million in Qualified School Construction Bonds) Remaining authorization: $45.9 million Qualified School Construction Bonds (QSCBs) A form of bond financing Purpose: To stimulate the economy & attract new investors to the market Interest expense subsidized in part by the Federal government Property tax payers benefit from the lower interest rate Limited amount of QSCB authorization Authorization expires at the end of 2010 SAUSD’s allocation of QSCBs for 2010: $17.5 million

  3. Completed Projects Carr Lowell Madison • Completed in the last year: • 8 new classroom • buildings • 156 classrooms Diamond Martin 3 Kennedy Santiago Greenville 3

  4. Saddleback High Solar & Energy Efficiency Project Completed Projects Lincoln Elementary Modernization 4

  5. Santa Ana High Modernization Projects Underway New Plumbing New Framing New Brick

  6. Projects Underway Heninger Elementary Spurgeon Intermediate Santa Ana High • 8 new classroom • buildings currently • under construction • 134 classrooms 6 Century High Sierra Intermediate

  7. Mitchell Child Development Center Funded Modernization New Classroom and Multipurpose Room Buildings Garfield Elementary Funded New 12 Classroom Building New Joint Use Multipurpose Room Building _______________________________________________________________________________________________________________________ Davis Elementary New 12 Classroom Building Edison Elementary New 24 Classroom Building Saddleback High Modernization Willard Intermediate Modernization & New 12 Classroom Building Spurgeon Intermediate Modernization Projects To Come

  8. Pending State Funding

  9. Measure G (Cont’d) The Board & District’s Goal with respect to Measure G Continue momentum on Measure G construction and complete projects as soon as possible Benefit from favorable construction bidding climate Manage increases in property tax rates To meet above goals, district staff recommends: Issuance of remaining $45.9 million in bond authorization as follows: QSCBs: $17.5 million Standard Tax Exempt: $28.4 million Without this issuance, work on additional Measure G projects will come to a halt by the end of this fiscal year Use of QSCBs will save Santa Ana property tax payers approximately $7.1 million Property tax rates over the term will range from approximately $36.30 to $38.80 per $100,000 of property valuation

  10. Next Steps – Issuance of Measure G Bonds

  11. Backup Slides

  12. District Issuance Scenarios

  13. Note: Scenario II is the recommended option

  14. Cash Flow (2010)

  15. Cash Flow (2011)

  16. Cash Flow (2012)

  17. Cash Flow (2013)

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