$606 million bond measure being considered by Elk Grove Unified Schools for November ballot
https://www.elkgrovenews.net/2024/03/606-million-bond-measure-being.html?m=0
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| Timeline for EGUSD's proposed $606 million bond measure. | |
During a recent Elk Grove Unified School District trustee meeting, it was suggested that a bond measure be placed on the November ballot. The possibility was also discussed at the March 19 meeting of facility needs.
At the March 19 meeting, trustees heard a presentation from Lori Raineri, chief executive officer of Government Financial Services Joint Powers Authority, who discussed the possible bond measure. Ms. Raineri's presentation to the EGUSD is queued in the second video below.
During their February 20 meeting, trustees heard a presentation on polling results on voters' sentiment toward another general obligation bond. As a Proposition 39 bond, it needs 55 percent approval for adoption.
Polling results showed support for a new facility bond at 48 percent. About 10 percent of poll respondents were undecided.
Raineri displayed three proposed bond options the trustees could pursue during her presentation. The tax rate would be $28 or $38 per $100,000 of assessed property value.
If approved, The three options would generate $420, $447, or $606 million. Even though the rates are $28 or $38 per $100,000 of assessed value, differences in the issuance timing of the $28 per $100,000 bonds generate different proceeds.
See the first video below for more information.
Based on an average assessed value of $356,968 for a home in Elk Grove, based on data from Ownwell.com, at $38 per 100,000, the typical property tax would increase $135 annually and $100 with the $28 per 100,000 (the school district also serves portions of unincorporated Sacramento County, Sacramento, and Rancho Cordova).
The trustees have until July to decide if the bond measure will be on the November ballot. Not surprisingly, following the facility meeting, the district started its public relations campaign with an eye toward November by releasing a video touting improvements at Florin High School funded by 216's Measure M.
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