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School bond debt should be serviced by funds from sale or lease of school district properties
Original post made
by Jack Hickey, Woodside: Emerald Hills,
on Jun 12, 2019
Since the vote threshold for school bond measures was lowered to 55%, total school bond debt in San Mateo County has risen to more than $3.5 Billion. This debt is secured by property taxes. When a school district sells or leases properties upgraded by the bond revenue, it seems reasonable that proceeds from sale or lease of the properties improved with bond revenue should be applied to debt service of those bonds. This could be accomplished by having those proceeds flow into a fund managed by the Controllers Office for that purpose. Property tax reductions would result.
RCESD is projecting $3.1 million in lease revenue for FY2020/2021, from the lease of 3 school campuses. These campuses benefited from school bond measures passed by the 55% margin. Menlo Park City Elementary School District seems destined to have surplus capacity. The funding for teacher housing has been made easier by the State Legislature. Web Link
This is not good for taxpayers.