ENDORSE: MBUSD $200M Bond (Measure RLS)
It’s important to listen to the voice of the community. Based on community polling, MBUSD estimates community support to exceed the 55% needed to pass.
MBUSD has previous facilities bonds from the late 90’s and early 2000’s that will be maturing, freeing up space to take on new debt while keeping property taxes the same.
From a taxpayer perspective, it maintains the same allocation of ~$32 per $100,000 of assessed home value per year, so property taxes will remain STATUS QUO. In other words, if you PAID (not market value) $1 million for your home, you will pay $320 per year.
The plan is to issue 25-year debt in early 2025. It’s likely interest rates will trend down between now and then, reducing the interest rate we will pay.
While Measure RLS comes on the heels of the recently passed Measure MB, which extended the previous parcel tax of $225 per year for another six years, it’s important to note that MB funds salaries and administration while RLS strictly funds infrastructure, so the two address very different but equally important needs.
Much of the infrastructure in our schools dates back to the 1970’s, older than most surrounding communities.
The State’s Proposition 2 would provide $8.5 billion in infrastructure funds for grades TK-12 IF AND ONLY IF we have our own measure on the ballot. This would qualify MBUSD to receive ~$57M in matching funds as of today.
It’s also worth noting that Prop 2, the $10B matching proposition ($8.5B for K-12) is a General Obligation (GO) bond. GO’s are paid by the state’s General Fund which receives revenue from our state income tax, sales tax, and corporate income tax. It does NOT raise our taxes. So it would be silly to vote for Measure RLS and not also vote for Prop 2 - why not take the $57M in matching?
RBUSD and PVUSD are each putting close to $300 million in bonds on the ballot. Pasadena has a $900 million bond and LAUSD $9 BILLION! It’s important that MBUSD remains competitive.
There is also the possibility of future litigation initiating a needs-based sliding scale which would reduce MBUSD’s matching percentage, so better to lock in our matching now.
In 2016, Measure C issued $114M in bonds to fund school modernization and repairs. Measure EE issued $39M to fund the new athletic facility at MCHS. These projects have come in on time and on budget, proving the bond oversight committee to be a responsible fiduciary.
Our schools are at the heart of our community, and our children represent the heartbeat of our future. For more information on Measure RLS, this video describes the Master Plan in detail: About this Master Plan (mbusdplan.org)