Approval of Measure LL ("Measure") would authorize the Board of Education ("Board") of the Little Lake City School District ("District") to issue general obligation bonds in an amount not to exceed $36,000,000. The District placed the Measure on the ballot by Resolution No. 22-058, "Resolution of the Board of Education of the Little Lake City School District Ordering an Election, and Establishing Specifications of the Election Order, "adopted by the Board on February
22, 2022.
Proceeds from the sale of the bonds authorized by the Measure will be used only for the purposes specified in the Measure, including repairing and upgrading classrooms and school facilities; removing asbestos, mold and lead paint;
providing safe drinking water; repairing gas lines, plumbing, roofs, and electrical systems; upgrading heating and ventilation systems, and air purification systems; retrofitting classrooms and school facilities; improving emergency
communication systems; increasing accessibility for students with disabilities; upgrading classroom technology; and replacing playground equipment. A complete list of the projects and allowed expenditures is included in the full text of
the Measure. Bond proceeds may not be expended on teacher and administrator salaries and other operating expenses.
The Board will cause independent performance and financial audits to be conducted annually to ensure that bond proceeds are spent only for projects identified in the Measure. The Board will appoint an independent Citizens' Oversight Committee in compliance with Education Code section 15278 no later than 60 days after the Board enters the election results in its minutes. The District will create an account into which the bond proceeds will be deposited and will comply with the reporting requirements of Government Code section 53410.
The bonds will not exceed the maximum interest rate as allowed by law. According to the District's Tax Rate Statement, the best estimate of the average tax rate required to fund the bond issue, based on assessed valuations available when the District filed the statement, is $30 per $100,000 of assessed valuation. The final fiscal year in which the tax to be levied to fund this bond is anticipated to be fiscal year 2054-2055. The estimated total debt service, including principal and
interest, is approximately $77,000,000.
This Measure requires approval by fifty-five percent (55%) of the qualified voters voting in the election for passage.
