In 2014 voters approved Measure I which gave the Fullerton Joint Union High School District $175 Million in new bonds to play with and play with them they did. The same year they sold the last of those bonds (Fiscal Year 2019) they had to close the Fullerton Gym because the roof was unsafe.
The March Primary is the first election since the district sold off the last of their Measure I bonds and here they are in 2020 with their hat in hand asking for MORE bond money and this time they want an additional $310 Million in debt.
It needs to be pointed out that school districts use bonds as credit cards and to showcase how these bonds are just credit cards for them to squander I’ll point to the District’s own financial statements:
Outstanding general obligation debt totaled $183,465,000, providing a remaining bonding capacity of $261,314,183.
This means that you currently have $183+Million in debt and the District can ask you to let them put you into an additional $261+Million in debt before they’re in violation of State Law for being too far in debt.
Bonds are sold and then paid off with massive interest through your property taxes (and rent increases). They’ve maxed out their Measure I credit limit so they’re asking you to raise the limit and to pay for it for a few decades.
But wait – what’s the math on that? How can they sell bonds worth $310 Million when by law they only have $261 Million of debt left on the credit card?
Because as we saw with Measure I, bonds are sold over the course of several years which means that they’re either expecting CA’s Prop 13 (2020 Primary version) to pass which will allow them to increase their debt limits OR they plan to max out the bond debt and issue more as they free up space by raising your property taxes.
Not only has the Fullerton Joint Union High School District not paid off the 2014 bond as it’s going to be coming from your property taxes (and rent increases) for years to come – they didn’t even finish getting the money from it until 2019. These bureaucrats are hoping you won’t notice that they want to max out their credit card to the legal state limit that and mark my words they’ll barely be through the Measure K bonds before coming back and begging you for more in a few short years.
The Elementary Schools got $50Million in 2004 and now they want $198 Million.
All in all, the schools are asking you right now for more than Half a Billion dollars in Bond debt (on top of the bond debt they already have you paying for). Enough needs to be enough. The schools need to reassess how they pay for things & what they prioritize before simply begging for more debt at your expense the minute they run out of room on the credit card.
Say No to the School Bonds. Enough is Enough.