• Bond Measure Information

Superintendent’s Comments September 10, 2012 Board Meeting:

 

"I want to take some time to express my thoughts regarding some of the feedback the District has received regarding the decisions made to issue Capital Appreciation Bonds (CABs) in the fifth and final Bond Issuance of the School Modernization Project. The District’s action regarding this financing has received attention on two levels: First, through media outlets that have both reported and editorialized on the issue; and the community, which has reacted to those reports.

 

In recognizing this scrutiny, I believe it is imperative that we take a step back in time to reflect on the bigger picture. First of all, this District implemented and completed a highly-successful, half a billion dollar school construction program which began nine years ago in 2003. The taxpayers of this District voted upon and gave us the responsibility to modernize and expand the 24 oldest schools in our District, which were in need of vital upgrades in order to uphold the excellent standards of the educational environment our students deserve, and to reduce the risks and liability associated with aging schools. These improvements included brick and mortar structures, building operation systems and infrastructure, and upgrades of new technology infrastructure, and ensured that all students with the District shared equitable learning environments." <<<READ MORE>>>

 

More Bond Measure Information

Recently, a statement has been made that “Poway Unified borrowed about $30 million more than taxpayers approved it to (sic) in 2008.” This statement is false. The reference to $30 million is related to the premium generated from the two bond issuances approved under Proposition C. This was not “borrowing beyond the amount approved by voters.” Provided below is information documenting the legal process followed by the District prior to the bond sale.

 

  • On December 17, 2010, Poway Unified School District and the County of San Diego filed a validation action with the Superior Court of the state of California relating to the proposed issuance of general obligation bonds. The purpose of this action was to bind the District and the County in connection with its sale and issuance of SFID 2007-1 Series B Bonds; and validate that the District Board and County Board have properly authorized the use of premiums generated by the sale of the Series B Bonds to be used to pay for or recover Issuance Costs pursuant to Education Code and other applicable California law.

  • On March 2, 2011, the Superior Court issued a judgment in favor of Poway Unified School District and the County of San Diego validating these actions. Listed below are excerpts from the Court Judgment:

    IT IS HEREBY ORDERED THAT:

    • The District, in adopting District Resolution No. 21-2011, rendered all appropriate findings and determinations, and issued all required directives, as may be required by California law to duly and validly bind the District in connection with its sale and issuance of the Series B Bonds.

    • The District validly and properly filed a copy of Resolution No. 21-2011 with the San Diego County (“County”) Board of Supervisors (“Board”), as required by Education Code Sections 15140 and 15350.

    • The County Board, in adopting County Resolution No. 10-213, rendered all appropriate findings and determinations, and issued all required directives, as may be required by California law to duly and validly bind the County in connection with its sale and issuance of the Series B Bonds.

    • That the District Board and County Board have properly authorized the use of premiums, if any, generated by the sale of the Series B Bonds to be used to pay for or recover Issuance Costs pursuant to and in conformance with Government Code Sections 53506 et seq. and Education Code Sections 15145 and 15150 and other applicable California law.

For copies of documents referenced above, click here:

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