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  • Irvine Unified School District Technology Bond Discussion

    Adam Bauer

    Principal

    (949) 660-7303

    Cell: (949) 295-5735

    abauer@fieldman.com

    February 19, 2013

    00068359

    Charles Heath

    Principal

    (415) 291-1894

    Cell: (415) 810-8053

    cheath@tbwb.com

  • Table of Contents

    Potential Proposition 39 General Obligation Bond 3

    Technology Bond Structures 12

    Questions and Discussion 16

    2

  • Potential Proposition 39 General

    Obligation Bond

    3

  • School District Debt Financing with General Obligation Bonds

    Bonding Capacity

    Unified School Districts: 2.50% of

    Assessed Valuation

    Tax Rate Limitations

    Unified School Districts: $60 per

    $100,000

    Requires Voter Approval

    55% approval required for full district

    Before Election At least 88 days before election:

    Projects to be financed must be stated

    School board must declare resolution for election

    Tax rate amount must be estimated and bond amount named

    After Election Citizens Oversight Committee

    appointed

    Annual audits required

    Use of Proceeds Construction, reconstruction,

    rehabilitation, or replacement of school facilities, including the furnishing and equipping of school facilities, or the acquisition or lease of real property for school facilities

    4

  • -5.00%

    0.00%

    5.00%

    10.00%

    15.00%

    20.00%

    2006 2007 2008 2009 2010 2011 2012 2013

    Historical Change in Assessed Valuation

    History of Assessed Valuation

    Source: CalMuni 5

    Section 3.1 (d) of CFD No. 09-1 Mitigation Agreement IUSD shall not be prohibited by the terms of this Agreement from subjecting the Communities to any

    increase in ad valorem real property tax pursuant to an IUSD-wide general obligation bond election, formation of a school facilities improvement district (but only if such school facilities improvement district is not of such a size and does not disproportionately include property owned by the Developer within the Communities in a manner that unreasonably or inequitably burdens such property in relation to the other properties to be benefited by the financing provided by such school facilities improvement district), or imposition of an IUSD-wide parcel tax which parcel tax is imposed to fund IUSD operations; provided, however, that nothing herein shall be construed to constitute a waiver by Developer of its right or ability to dispute such proposed formation of a school facilities improvement district, imposition of a parcel tax, or passage of an IUSD-wide general obligation bond.

    FY EndingTotal Assessed

    Valuation(1)

    % Change

    2005 $21,735,221,551 -

    2006 $24,945,799,586 14.77%

    2007 $29,685,145,799 19.00%

    2008 $33,264,930,824 12.06%

    2009 $35,055,759,151 5.38%

    2010 $35,037,287,346 -0.05%

    2011 $34,873,409,942 -0.47%

    2012 $35,622,966,656 2.15%

    2013 $36,811,119,332 3.34%

    5-Year Average 2.07%

    (1) Total A.V. before Redevelopment Increment

    5-Year Average:

    2.07%

    FY EndingTotal Assessed

    Valuation(1)

    Assumed %

    Growth in A.V.Bonding Capacity

    2013 $36,811,119,332 - $920,277,983

  • Potential 2014 GO Bond Election - $20 Tax Rate

    (2) Assumes 0% growth in Assessed Valuation every year. (1) CIBs scale based on MMD AA 10-year average per maturity. Assumes

    no Capital Appreciation Bonds.

    6

    Series 2015 Series 2019 Series 2022 Series 2025 Total

    Dated Date 02/01/15 02/01/19 02/01/22 02/01/25 -

    Par Amount $50,805,000 $37,305,000 $33,990,000 $38,160,000 $160,260,000

    Project Amount $49,471,112 $36,843,865 $33,552,070 $37,692,880 $157,559,927

    Final Maturity Date 08/01/39 08/01/43 08/01/46 08/01/49 -

    $20 per $100,000

    $0

    $1,000,000

    $2,000,000

    $3,000,000

    $4,000,000

    $5,000,000

    $6,000,000

    $7,000,000

    $8,000,000

    2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049

    Election of 2014 Debt Service(1)

    (Assumed Tax Rate of $20 per $100,000 of A.V.)

    Series 2015 Series 2019 Series 2022 Series 2025

    0.00

    5.00

    10.00

    15.00

    20.00

    25.00

    2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048

    Estimated Tax Rates(2)

    Series 2016 Series 2019 Series 2022 Series 2025 Max Tax Rate

  • Potential 2014 GO Bond Election - $30 Tax Rate

    (1) CIBs scale based on MMD AA 10-year average per maturity. Assumes

    no Capital Appreciation Bonds.

    7

    $0

    $2,000,000

    $4,000,000

    $6,000,000

    $8,000,000

    $10,000,000

    $12,000,000

    2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049

    Election of 2014 Debt Service(1)

    (Assumed Tax Rate of $30 per $100,000 of A.V.)

    Series 2015 Series 2019 Series 2022 Series 2025

    0.00

    5.00

    10.00

    15.00

    20.00

    25.00

    30.00

    35.00

    2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048

    Estimated Tax Rates(2)Series 2016 Series 2019 Series 2022 Series 2025 Max Tax Rate

    (2) Assumes 0% growth in Assessed Valuation every year.

    Series 2015 Series 2019 Series 2022 Series 2025 Total

    Dated Date 02/01/15 02/01/19 02/01/22 02/01/25 -

    Par Amount $76,235,000 $55,975,000 $50,975,000 $57,235,000 $240,420,000

    Project Amount $74,333,476 $55,383,175 $50,418,175 $56,634,355 $236,769,181

    Final Maturity Date 08/01/39 08/01/43 08/01/46 08/01/49 -

    $30 per $100,000

  • Potential 2014 GO Bond Election - $40 Tax Rate

    (1) CIBs scale based on MMD AA 10-year average per maturity. Assumes

    no Capital Appreciation Bonds.

    8

    $0

    $2,000,000

    $4,000,000

    $6,000,000

    $8,000,000

    $10,000,000

    $12,000,000

    $14,000,000

    $16,000,000

    2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049

    Election of 2014 Debt Service(1)

    (Assumed Tax Rate of $40 per $100,000 of A.V.)

    Series 2015 Series 2019 Series 2022 Series 2025

    0.00

    5.00

    10.00

    15.00

    20.00

    25.00

    30.00

    35.00

    40.00

    45.00

    2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048

    Estimated Tax Rates(2)Series 2016 Series 2019 Series 2022 Series 2025 Max Tax Rate

    (2) Assumes 0% growth in Assessed Valuation every year.

    Series 2015 Series 2019 Series 2022 Series 2025 Total

    Dated Date 02/01/15 02/01/19 02/01/22 02/01/25 -

    Par Amount $101,675,000 $74,635,000 $67,980,000 $76,280,000 $320,570,000

    Project Amount $99,205,670 $73,912,555 $67,304,140 $75,546,040 $315,968,405

    Final Maturity Date 08/01/39 08/01/43 08/01/46 08/01/49 -

    $40 per $100,000

  • Feasibility Study Measure Development/

    Public Outreach

    March 8, 2014

    Board Calls

    For Election

    June 5, 2014

    Election Day

    Advocacy Campaign

    Private fundraising

    Direct mail

    Website

    Endorsements

    Phone banks

    Lawn signs

    GOTV

    Now

    Write resolution

    Ballot question

    Non-advocacy communication

    Consensus building

    Board vote

    Poll

    Election timing

    Bond amount/ tax rate

    Projects

    Political landscape

    Competing issues

    Potential controversy

    Strategic Approach to a June 2014 G.O. Bond Election

    IUSD Registered Voters: 110,041

    Expected June 2014 Voter Turnout: 30,641 (28%)

    Votes Needed to Win: 16,853 (55%)

    Goal: Persuade at least 17,000 voters to vote Yes

    Red Light/

    Green Light

    (Week of May 7, 2013)

  • Feasibility Study Measure Development/

    Public Outreach

    August 9, 2014

    Board Calls

    For Election

    November 5, 2014

    Election Day

    Advocacy Campaign

    Private fundraising

    Direct mail

    Website

    Endorsements

    Phone banks

    Lawn signs

    GOTV

    Now

    Write resolution

    Ballot question

    Non-advocacy communication

    Consensus building

    Board vote

    Poll

    Election timing

    Bond amount/ tax rate

    Projects

    Political landscape

    Competing issues

    Potential controversy

    Strategic Approach to a November 2014 G.O. Bond Election

    IUSD Registered Voters: 110,041

    Expected Nov. 2014 Voter Turnout: 56,619 (51%)

    Votes Needed to Win: 31,141 (55%)

    Goal: Persuade at least 31,500 voters to vote Yes

    Red Light/

    Green Light

    (Week of Oct. 1, 2013)

  • Case Study: Tustin Unified School District Measure S

    Election Date: November 6, 2012

    Authorization Amount: $135 million bond measure

    Use of funds: - Provide and maintain up-to-date technology, data and communication equipment

    - Upgrade and expand wireless systems, telecommunications, Internet and network connections

    - Upgrade and replace district technology improving efficiency and reducing operational costs

    - Upgrade and replace computers, hardware and software systems, classroom and library technology and teaching

    equipment to enhance instruction

    - Keep our technology up-to-date and allow our students to learn the skills necessary for a 21st Century economy

    - Upgrade middle school science and secondary career technical educational classrooms and instructional

    technology to meet university and industry-standard specifications better preparing our students for college and

    career opportunities

    - Provide additional electrical, network and telephone service capacity to relieve overloaded systems so that it can

    handle modern instructional technology

    - Provide online and virtual classroom learning curriculum and instruction

    Election Results:

    Yes: 60.1%

    No: 39.9%

  • Technology Bond Structures

    12

  • Technology Bond Structures

    Phased Technology Bond Sales

    Multiple GO Bond sales

    Consistent updates to the technology program

    Technology Endowment

    Lump sum

    Investment restrictions (Non-AMT Municipal Bonds)

    13

  • Next Steps June 2014 Election Date Description

    Monday, February 18, 2013 through

    Friday, March 1, 2013 Interview and select a pollster

    Week of Monday, March 4, 2013 Kick-off meeting @ TBD with pollster to begin development of survey

    questionnaire

    Monday, March 25, 2013 Begin drafting poll

    Friday, April 5, 2013 Review and approve poll

    Monday, April 8, 2013 Begin polling period

    Friday, April 19, 2013 End of polling period

    Tuesday, May 7, 2013 Present results and recommendations to Board of Education

    Friday, November 15, 2013 Approve tracking poll (if needed)

    Monday, November 18, 2013 through

    Friday, November 29, 2013 Conduct tracking poll (if needed)

    Tuesday, January 7, 2014 Board of Education meeting for the following items:

    1. Present tracking poll results and recommendations (if needed) 2. Present draft bond measure documents for first reading and feedback

    Tuesday, February 18, 2014

    Board of Education meeting to adopt two resolutions: 1. Resolution ordering Election

    2. Resolution requesting consolidation with other elections, authorizing Tax Rate

    Statement, and authorizing Board Members to sponsor ballot arguments

    14

  • Next Steps November 2014 Election Date Description

    Monday, July 15, 2013 through

    Friday, July 26, 2013 Interview and select a pollster

    Week of Monday, July 29, 2013 Kick-off meeting @ TBD with pollster to begin development of survey

    questionnaire

    Monday, August 19, 2013 Begin drafting poll

    Friday, August 30, 2013 Review and approve poll

    Monday, September 2, 2013 Begin polling period

    Friday, September 13, 2013 End of polling period

    Tuesday, October 1, 2013 Present results and recommendations to Board of Education

    Friday, April 11, 2014 Approve tracking poll (if needed)

    Monday, April 14, 2014 through

    Friday, April 25, 2014 Conduct tracking poll (if needed)

    Tuesday, July 1, 2014 Board of Education meeting for the following items:

    1. Present tracking poll results and recommendations (if needed) 2. Present draft bond measure documents for first reading and feedback

    Tuesday, July 15, 2014

    Board of Education meeting to adopt two resolutions: 1. Resolution ordering Election

    2. Resolution requesting consolidation with other elections, authorizing Tax Rate

    Statement, and authorizing Board Members to sponsor ballot arguments

    15

  • Questions and Discussion

    16

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