Schools leaders are expected to put a bond measure on the November ballot for repair and replacement of Alameda’s aged schools. So how much will you pay if voters approve it, and what will the money pay for?
The board’s likely electoral route – a vote under the rules of Proposition 39, which allows bonds to be issued with 55 percent voter approval – will mean limits on the amount of money property owners can be charged to pay for them each year and also, the amount of debt the district can take on.
The district will begin paying off the bulk of what it owes on its decade-old Measure C bonds in 2015, and that debt could additionally limit the size of a new bond. And a new state law caps the district’s ability to use the long-term, late-blooming bonds they sold to finance Measure C improvements without raising taxes.
Political considerations will also play a role, as school board members try to figure out how much voters will be willing to pay, and what for.
We’ve got a quick primer on how school bonds work, Alameda Unified’s current debts and what options school board members may consider, on The Alamedan.