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West Contra Costa USD

West Contra Costa USD. Update on Bonding Capacity Waiver Presentation to the Board of Education May 28, 2014. Background.

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West Contra Costa USD

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  1. West Contra Costa USD Update on Bonding Capacity Waiver Presentation to the Board of Education May 28, 2014

  2. Background • Section 15106 of the Education Code provides that a unified school district may only issue general obligation bonds up to 2.5% of the assessed value of property within the district. • Section 33050 of the Education Code allows the State Board of Education (“SBE”) to waive any provisions of the Education Code, following a public hearing on the matter (with certain exceptions). • Previously, the District has requested and received four waivers of its bonding capacity, as shown below: Presentation to the West Contra Costa Unified School District's Board of Education | page

  3. Requirements • The SBE requires the completion of an application for review by staff prior to waiver approval. • The SBE meets every two months, and applications must be submitted approximately 10-12 weeks prior to the meeting date. • The District’s Board must hold a public hearing and adopt an authorizing resolution prior to submitting the waiver application. • The District must consult with its collective bargaining units and Citizens Bond Oversight Committee prior to submitting the waiver. This presentation satisfies that requirement with respect to the Citizens Bond Oversight Committee. • The waiver must include: • Rationale for granting the waiver • Start and end dates for the waiver to be in effect • Adjusted bonding capacity limit being requested • May be tied to a specific authorization Presentation to the West Contra Costa Unified School District's Board of Education | page

  4. Waiver Timeline Presentation to the West Contra Costa Unified School District's Board of Education | page

  5. Proposed Measure H Bonding Capacity • If 2014 Measure H is approved by voters this June, the District would need a waiver of its statutory bonding capacity to access authorized bond dollars. • A bonding capacity waiver of 5% of assessed value for Measure H would be consistent with the waivers in place for 2010 Measure D and 2012 Measure E. Bonding Capacity at 5% (a) 2013-14 information from 2013 District Audit (b) Scheduled Payments Presentation to the West Contra Costa Unified School District's Board of Education | page

  6. 2014 Waiver Details • The chart below shows expected growth in the District's bonding capacity, assuming 4% per year annual assessed value growth, as well as expected future principal amount of bonds outstanding, assuming $860 million of additional bonds issued (including Measure H). • Based on ongoing bonding capacity needs, the District plans to submit a bonding capacity waiver at 5% through 2025. Note: Outstanding principal amount includes $795,430,136 outstanding principal as of 6/30/2013, $20,282,206 in principal payments since 6/30/2013, and $125,000,000 in principal from new money issuances. Presentation to the West Contra Costa Unified School District's Board of Education | page

  7. Consistent Waiver Terms for All Measures • To ensure there is consistency across all bond measures, the waiver will request terms apply to all measures with outstanding authorization. • 2014 Measure H Bonds are planned to be issued with other existing bond measures in alternate years. Tentative Bond Issuance Schedule(Assumes Approval of June 2014, Measure H Bonds) Presentation to the West Contra Costa Unified School District's Board of Education | page

  8. Key Points • District plans to submit a bonding capacity waiver application for Measure H targeted at 5% through 2025. • Bonding capacity waiver applications will also request consistent terms apply to all existing bond measures with remaining authorization: • 2005 Measure J: Extend waiver term through 2025 and increase up to 5%. • 2010 Measure D: Extend waiver term through 2025 • 2012 Measure E: No Change to existing waiver terms. • 2014 Measure H: New waiver • On June 11th, the Board of Education will conduct a public hearing and consider a resolution authorizing the 2014 waiver applications. Presentation to the West Contra Costa Unified School District's Board of Education | page

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