Welcome to the California League of Bond Oversight Committees (CaLBOC). CaLBOC is an all volunteer, non-partisan association of Citizen Bond Oversight Committee (CBOC) members, current and past, who are interested in helping other CBOC members. CaLBOC was formed in 2006 by CBOC members trying to find better training to help perform their duties. CaLBOC is a 501(c)3 charitable organization.
I N T H E N E W S...
Editorial: Getting it right on local school bonds meanings slowing down
Sept. 27, 2014 | By The Editorial Board | http://www.sacbee.com
EXCERPT: Three Sacramento County school districts have measures on the Nov. 4 ballot that ask voters to support bonds for new schools and improvements to existing schools.
Folsom Cordova Unified is asking to borrow $195 million to update some of its schools, which will cost an estimated $60 per $100,000 assessed valuation of each property to pay back, though that could change based on factors including when the bonds are sold and fluctuating interest rates. Natomas Unified is seeking a $129 million bond, and Robla School District is seeking a $29.8 million bond.
... While each district has legitimate need, we also believe the needs outlined in the bond measures, such as Folsom Cordova’s plan to cut utility bills and “prepare students for the 21st century” can wait a short time while two important things happen.
The first is for a statewide school facilities bond to pass. When local school officials put their bonds on the Nov. 4 ballot, they were clearly expecting a $4.5 billion statewide bond to replenish the account that supplies matching building funds to districts to be on the ballot as well. But it was scuttled in favor of Proposition 1, the $7.5 billion water bond, which the governor appropriately backed over schools. A statewide school bond will no doubt be back - in November 2016, if not sooner.
The second thing is for school districts to draft new bond proposals that include the specific cost-control, smart building and oversight guidelines developed by the Sacramento Taxpayers Association. After the debacle of capital appreciation bonds, the STA decided to be proactive with school bonds and help districts design bond packages that won’t cost more than than they have to.
Capital appreciation bonds put off repayment so far in the future that the payback cost is multiplied many times, leaving a heavy burden on future generations and making Wall Street financial firms even richer. Folsom Cordova, for example, used them to finance a building that cost $514,000 to build and will now cost $9.1 million to repay.
School districts still have work to do to regain the trust of voters. Putting these smart guidelines into the bond language itself is a way to do that. ....
To read complete editorial, please visit: http://www.sacbee.com/2014/09/27/6739368/editorial-getting-it-right-on.html
Reducing Costs for Building and Renovating Schools Sacramento Taxpayer Group Tries New Tactic
Sept. 23, 2014 | By Diana Lambert| www.sacbee.com
EXCERPT: The Sacramento Taxpayers Association is changing its tactics when it comes to school bonds. Instead of simply opposing school bonds they don't like, representatives from the organization have been meeting with Sacramento County school districts since early summer to collaborate on them. They recently dubbed the effort the Better Ways to Build Schools initiative. "Schools need to be built," said the association's Michael Day. "The goal is to get to the point where they are building schools that we can actively support."
The STA also plans to help raise money for bond campaigns, so districts don't have to take money from businesses that would stand to profit from the construction of schools or the sale of the bonds to build them, Day said. School districts are prohibited from spending public money to fund bond campaigns. ...
To read the complete article, please visit: http://www.sacbee.com/2014/09/23/6728274/sacramento-taxpayer-group-tries.html
CaLBOC Board Meetings:
November 20, 2014, 9 am February 13, 2015, Friday
May 7, 2015 - Thursday
May 8, 2015 - Friday
CaLBOC May 9, 2014 Statewide Conference Presentation:
Pay to Play in School Bond Measures What it is and
Why it is Wrong
Presented by Lori Raineri of Governmental Financial Strategies www.CaLBOC.org
Searchable Library of:
Articles, Performance Audits, CaLBOC meeting minutes, Bylaws: www.docstoc.com/profile/calboc
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