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Overview of Measure J: Jefferson School District General Obligation Bonds Approval

On November 2, voters approved Measure J, allowing Jefferson School District to issue $35.4 million in General Obligation Bonds for school improvements. This presentation outlines the bond election results and next steps in the process. With only 55% voter approval needed under Proposition 39, the School District will now focus on prioritizing projects and planning improvements. Key next steps include legal confirmations, community meetings for input, and constructing a financing strategy for the bond issuance expected in mid-2011.

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Overview of Measure J: Jefferson School District General Obligation Bonds Approval

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  1. General Obligation Bond Presentation December 14, 2010

  2. Measure J Successful On November 2, voters approved Measure J, authorizing the issuance of $35.4 million in General Obligation Bonds (“GO Bonds”) to fund improvements to the schools of Jefferson School District (“School District”). Bond Election Result Note: Under Proposition 39, only 55 percent voter approval is required Page 2

  3. Next Steps – Legal In the next few months, the Board of Education will be asked to approve a series of resolutions related to the passage of Measure J: Resolution Confirming Results of Election January Resolution Allowing for Reimbursement of Expenditures Prior to Issuance of Bonds January Formation of Citizens’ Oversight Committee March Page 3

  4. Next Steps – Planning The School District will need to identify the priority of projects and identify what improvements at each school will be in the first phase of construction. • Input from School Sites / Community Meetings 1st Quarter 2011 • Board Study Sessions TBD • Construction Delivery Methods January • Construction Management RFP/RFQ 1st Quarter 2011

  5. Next Steps – Financing The Financing Team will be working to issue the first series of GO Bonds authorized by Measure J in the first half of 2011 to provide funding for the planning and construction of the first phase of facilities improvements. Qualified School Construction Bonds Allocation Results December-January GO Bond Financing Structure 1st Quarter 2011 Resolution Authorizing Issuance of Debt March GO Bond Ratings Trip TBD Issuance of GO Bonds & Receipt of Proceeds 2nd Quarter 2011 Page 5

  6. Questions and Answers ? Page 6

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