June 25, 2014
Orange County Breeze
By Shelley
Cypress School District (District) was
recently identified in an Orange County Grand Jury report titled: School
Bonds – The Untold Story of Assessed Values.
Our District is extremely grateful to the
voters in our community for their support of the bond measure that funded our
recent school modernization projects. The District takes its responsibility to
the community very seriously. This means we not only serve our community as
educators of students, but also as stewards of local bond dollars.
In November 2008, the Cypress School
District community passed a General Obligation Bond measure (Measure M) which
authorized the District to issue and sell bonds of up to $53,600,000 in
aggregate principal amount to provide financing for specific facilities
improvements, which included the modernization of our six elementary schools.
Our schools were approximately 50 years old
and in deplorable condition before the modernization projects. Our community
met this need straight on with a 69.2% voter approval of the bond measure.
Because of our community’s support, five of our six schools have been
successfully modernized today. This in spite of very little financial support
by our State government.
State law sets several conditions which
limit how school districts may issue general obligation debt. Statutory
authority for how school districts are authorized to issue their own General
Obligation Bonds is established by Education Code Sections 15100 and following
and California Government Code section 53506 and following. Cypress School
District has fully complied with these conditions and has a current (2014)
annual tax rate being levied upon taxable property of $24.83 per year per
$100,000 of assessed value, which is less than the projected taxing threshold
of $30 per year per $100,000 of assessed value.
Cypress School District is committed to
ensuring the fiscal health of the District and providing public accountability.
As stated, State law sets the conditions under which any school district can
issue general obligation debt. This includes direct oversight by the Orange
County Department of Education (OCDE). The District has met with OCDE several
times and continues to regularly communicate with members of their staff.
Furthermore, the District utilizes its own District and Bond counsel to ensure
that all State laws are met. Lastly, as required by law, the District has
established a Citizens Oversight Committee to ensure that all bond proceeds are
utilized only for the specific projects listed in the Measure M Bond Measure
and that no funds are used for teacher or administrator salaries (or other
school operating expenses).
Cypress School District again thanks our
community for their support of the modernization of our school facilities. We
are making a positive difference each and every day for our students and
generations to come!
The article above was released by Cypress
School District.
Editor’s note: the Orange County Grand Jury
report can be found at www.ocgrandjury.org/reports.asp
in pdf format.
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