Table A-3 Details of Bond Indebtedness Waiver Requests from California School Districts to State Board of Education 2002 through March 2015

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Executive Summary: “For the Kids” – Comprehensive Review of California School Bonds (1 of 9)
More Borrowing for California Educational Construction in 2016 (2 of 9)
Quantifying and Explaining California’s Educational Construction Debt (3 of 9)
How California School and College Districts Acquire and Manage Debt (4 of 9)
Capital Appreciation Bonds: Disturbing Repayment Terms (5 of 9)
Tricks of the Trade: Questionable Behavior with Bonds (6 of 9)
The System Is Skewed to Pass Bond Measures (7 of 9)
More Trouble with Bond Finance for Educational Construction (8 of 9)
Improving Oversight, Accountability, and Fiscal Responsibility (9 of 9)
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 School DistrictLegal LimitRequestRate Recommended by Department of EducationConditions Recommended by Department of EducationFinal ActionDate ApprovedAgenda Item with Links to Staff ReportsWaiver ID
-Stockton Unified School District2.50%Board approved unanimously March 24, 2015 for General Obligation Bonds. Submitted March 2015.PendingN/A
-Stockton Unified School District2.50%Board approved unanimously March 24, 2015 for E-Tech Bonds. Submitted March 2015.PendingN/A
-Robla School District1.25%Board hearing February 26, 2015.Not yet submittedN/A
-Oak Grove School District1.25%Discussion item on February 12, 2015 board agenda: “State of California Bonding Capacity Waiver - Debt Waiver Process.”No action yet taken by boardN/A
-Greenfield Union School District1.25%Submitted February 2015.PendingN/A
-El Monte City School District1.25%Submitted January 2015.PendingN/A
-Wiseburn Unified School District2.50%Submitted January 2015.WithdrawnN/A
1Planada Elementary School District1.25%2.25%1.96% then 2.01%That the bonded indebtedness limits be waived with the following conditions: (1) the period of request does not exceed the recommended period on Attachment 1, (2) the total bonded indebtedness limit does not exceed the recommended new maximum shown on Attachment 1, (3) the district does not exceed the statutory tax rate, (4) the waiver is limited to the sale of bonds approved by the voters on the measure, (5) the citizens’ oversight committee is established and supports the waiver and intended expenditures prior to the sale of the bonds, and (6) the district complies with the statutory requirements of Assembly Bill 182 related to school bonds which became effective January 1, 2014.Approved by Consent2014-11-13Item W-14
and
Item W-14 Addendum
5-9-2014
2Larkspur-Corte Madera School District1.25%1.50%1.50%That the bonded indebtedness limits be waived with the following conditions: (1) the period of request does not exceed the recommended period on Attachment 1, (2) the total bonded indebtedness limit does not exceed the recommended new maximum shown on Attachment 1, (3) the district does not exceed the statutory tax rate, (4) the waiver is limited to the sale of bonds approved by the voters on the measure, and (5) the district complies with the statutory requirements of Assembly Bill 182 related to school bonds which became effective January 1, 2014.Approved by Consent2014-09-03Item W-0925-6-2014
3Dehesa School District1.25%1.58%1.58%That the bonded indebtedness limits be waived with the following conditions: (1) the period of request does not exceed the recommended period on Attachment 1, (2) the total bonded indebtedness limit does not exceed the recommended new maximum shown on Attachment 1, (3) the district does not exceed the statutory tax rate, (4) the waiver is limited to the sale of bonds approved by the voters on the measure, and (5) the district complies with the statutory requirements of Assembly Bill 182 related to school bonds which became effective January 1, 2014.Approved by Consent2014-05-07Item W-0984-2-2014
4Alvord Unified School District2.50%3.67%3.67%That the bonded indebtedness limits be waived with the following conditions: (1) the period of request does not exceed the recommended period on Attachment 1, (2) the total bonded indebtedness limit does not exceed the recommended new maximum shown on Attachment 1, (3) the district does not exceed the statutory tax rate, and (4) the waiver is limited to the sale of bonds approved by the voters on the measure noted on Attachment 1.Approved by Consent2013-11-06Item W-082-8-2013
5Weaver Union School District1.25%2.26%2.26%That the bonded indebtedness limits be waived with the following conditions: (1) the period of request does not exceed the recommended period on Attachment 1, (2) the total bonded indebtedness limit does not exceed the recommended new maximum shown on Attachment 1, (3) the district does not exceed the statutory tax rate, (4) the waiver is limited to the sale of bonds approved by the voters on the measure noted on Attachment 1, (5) the district obtain approval from the Citizens’ Oversight Committee before issuing any bonds, and (6) Capital Appreciation Bonds (CABs) are not issued subsequent to approval of the waiver if the debt ratio goes above the statutory tax rate limit.Approved by 9-0 vote2013-09-04Item W-0923-5-2013
6Centinela Valley Union High School District1.25%1.65%1.55%That the total bonded indebtedness limits be waived for each district with the following conditions: (1) the period of request does not exceed the recommended period shown on Attachment 1, (2) the total bonded indebtedness limit does not exceed the recommended new maximum shown on Attachment 1, (3) the district does not exceed the statutory tax rate limits, (4) the waiver is limited to the sale of bonds approved by the voters on the measure shown on Attachment 1, and (5) Capital Appreciation Bonds (CABs) are not issued subsequent to approval of these waivers if the debt ratio goes above the statutory tax rate limit.Approved by 9-0 vote after amendment to strike condition (5) of staff recommendation2013-05-08Item W-2927-1-2013
7Jefferson Elementary School District1.25%2.25%1.92%That the bonded indebtedness limits be waived with the following conditions: (1) the period of request does not exceed the recommended period on Attachment 1, (2) the total bonded indebtedness limit does not exceed the recommended new maximum shown on Attachment 1, (3) the district does not exceed the statutory tax rate, (4) the waiver is limited to the sale of bonds approved by the voters on the measure noted on Attachment 1, and (5) Capital Appreciation Bonds (CABs) are not issued subsequent to approval of this waiver if the debt ratio goes above 1.25 percent.Approved by 9-0 vote after amendment to strike condition (5) of staff recommendation2013-05-08 (Held over from 2013-03-13)Item W-3056-10-2012
8Lindsay Unified School District2.50%3.50%3.50%That the total bonded indebtedness limits be waived for each district with the following conditions: (1) the period of request does not exceed the recommended period shown on Attachment 1, (2) the total bonded indebtedness limit does not exceed the recommended new maximum shown on Attachment 1, (3) the district does not exceed the statutory tax rate limits, (4) the waiver is limited to the sale of bonds approved by the voters on the measure shown on Attachment 1, and (5) Capital Appreciation Bonds (CABs) are not issued subsequent to approval of these waivers if the debt ratio goes above the statutory tax rate limit.Approved by 9-0 vote after amendment to strike condition (5) of staff recommendation2013-05-08Item W-2938-2-2013
9Oxnard School District1.25%1.50%1.50%That the total bonded indebtedness limits be waived for each district with the following conditions: (1) the period of request does not exceed the recommended period shown on Attachment 1, (2) the total bonded indebtedness limit does not exceed the recommended new maximum shown on Attachment 1, (3) the district does not exceed the statutory tax rate limits, (4) the waiver is limited to the sale of bonds approved by the voters on the measure shown on Attachment 1, and (5) Capital Appreciation Bonds (CABs) are not issued subsequent to approval of these waivers if the debt ratio goes above the statutory tax rate limit.Approved by 9-0 vote after amendment to strike condition (5) of staff recommendation2013-05-08Item W-2951-1-2013
10Stockton Unified School District2.50%4.23%4.23%That the total bonded indebtedness limits be waived for each district with the following conditions: (1) the period of request does not exceed the recommended period shown on Attachment 1, (2) the total bonded indebtedness limit does not exceed the recommended new maximum shown on Attachment 1, (3) the district does not exceed the statutory tax rate limits, (4) the waiver is limited to the sale of bonds approved by the voters on the measure shown on Attachment 1, and (5) Capital Appreciation Bonds (CABs) are not issued subsequent to approval of these waivers if the debt ratio goes above the statutory tax rate limit.Approved by 9-0 vote after amendment to strike condition (5) of staff recommendation2013-05-08Item W-292-3-13
11West Contra Costa Unified School District2.50%5.00%5.00%That the total bonded indebtedness limits be waived for each district with the following conditions: (1) the period of request does not exceed the recommended period shown on Attachment 1, (2) the total bonded indebtedness limit does not exceed the recommended new maximum shown on Attachment 1, (3) the district does not exceed the statutory tax rate limits, (4) the waiver is limited to the sale of bonds approved by the voters on the measure shown on Attachment 1, and (5) Capital Appreciation Bonds (CABs) are not issued subsequent to approval of these waivers if the debt ratio goes above the statutory tax rate limit.Approved by 9-0 vote after amendment to strike condition (5) of staff recommendation2013-05-08Item W-2957-1-2013
12Westside Union School District1.25%1.33%1.33%The California Department of Education (CDE) recommends that the total bonded indebtedness limits be waived for each district with the following conditions: (1) the period of request does not exceed the recommended period shown on Attachment 1, (2) the total bonded indebtedness limit does not exceed the recommended new maximum shown on Attachment 1, (3) the district does not exceed the statutory tax rate limits, (4) the waiver is limited to the sale of bonds approved by the voters on the measure shown on Attachment 1, and (5) Capital Appreciation Bonds (CABs) are not issued subsequent to approval of these waivers if the debt ratio goes above the statutory tax rate limit.Approved by 9-0 vote after amendment to strike condition (5) of staff recommendation2013-05-08Item W-2935-2-2013
13Alum Rock Union Elementary School District1.25%1.95%1.75%That the bonded indebtedness limits be waived with the following conditions:1) the district’s total bonded indebtedness, as a percent of assessed valuation, does not exceed 1.75 percent, 2) the waiver is limited to the sale of bonds approved by the voters in the November 2012 election, 3) the tax rate levied at the time of bond issuance does not exceed the amount authorized by the voters to secure the bonds, 4) the waiver is limited to two years less one day, and 5) Capital Appreciation Bonds (CABs) are not issued subsequent to approval of this waiver if the debt ratio goes above 1.25 percent. Approved by 9-0 vote after amendment to strike condition (5) of staff recommendation2013-03-13Item W-0763-10-2012
14Pittsburg Unified School District3.58% (based on previous waiver)5.00%5.00%The bonded indebtedness limits be waived with the condition that each district’s total bonded indebtedness as a percent of assessed valuation, does not exceed the percent shown on Attachment 1 and that the tax rate levied at the time of bond issuance does not exceed the amount shown on Attachment 1. Approved by Consent2012-07-18Item W-14168-2-2012
15Savanna Elementary School District1.25%2.50%2.50%That the bonded indebtedness limits be waived with the condition that each district’s total bonded indebtedness as a percent of assessed valuation, does not exceed the percent shown on Attachment 1 and that the tax rate levied at the time of bond issuance does not exceed the amount shown on Attachment 1. Approved by Consent2012-07-18Item W-14132-2-2012
-Folsom-Cordova Unified School District (Measure M)2.50%10.20%10.20%That the bonded indebtedness limits be waived with the condition that each district’s total bonded indebtedness as a percent of assessed valuation, does not exceed the percent shown on Attachment 1 and that the tax rate levied at the time of bond issuance does not exceed the amount shown on Attachment 1.Withdrawn2012-03-07Item W-14 and
Item W-14 Attachment 1 and
Item W-14 Attachment 3
79-12-2011
16Folsom-Cordova Unified School District (Measure N)2.50%3.40%3.40%That the bonded indebtedness limits be waived with the condition that each district’s total bonded indebtedness as a percent of assessed valuation, does not exceed the percent shown on Attachment 1 and that the tax rate levied at the time of bond issuance does not exceed the amount shown on Attachment 1. Approved by Consent2012-03-07Item W-14 and
Item W-14 Attachment 1 and Item W-14 Attachment 4
80-12-2011
17Hawthorne Elementary School District1.25%1.55%1.55%The California Department of Education recommends that the bonded indebtedness limits be waived with the condition that each district’s total bonded indebtedness as a percent of assessed valuation, does not exceed the percent shown on Attachment 1 and that the tax rate levied at the time of bond issuance does not exceed the amount shown on Attachment 1. Approved by Consent2012-03-07Item W-14 and
Item W-14 Attachment 1
and Item W-14 Attachment 2
29-10-2011
18San Ysidro School District1.25%3.00%3.00%That the bonded indebtedness limits be waived with the condition that each district’s total bonded indebtedness as a percent of assessed valuation, does not exceed the percent shown on Attachment 1 and that the tax rate levied at the time of bond issuance does not exceed the amount shown on Attachment 1. Approved by Consent2012-03-07Item W-14 and
Item W-14 Attachment 1 and Item W-14 Attachment 5
62-12-2012
19Twin Rivers Unified School District1.25%2.50%2.50%That the board approve the district’s request with the following conditions: The waiver is limited to the sale of bonds approved by the voters in the June 2006 election and the bonded indebtedness will not exceed 2.5 percent of assessed valuation. In addition, at no time before issuance of any additional authorized bonds will the tax levy exceed $30 per $100,000 of taxable property. Approved by Consent2011-11-09Item W-11 and
Item W-11 Attachment 1
14-5-2011
20Moreland School District1.25%1.57%1.57%That the board approve the district’s request with the following conditions: The waiver is limited to the sale of bonds approved by the voters in the November 2010 election and the bonded indebtedness will not exceed 1.57 percent of assessed valuation. In addition, at no time before issuance of any additional authorized bonds will the tax levy exceed the $30 per $100,000 of taxable property authorized by the voters to secure the bonds.Approved by Consent2011-07-13Item WC-8 General and
Item WC-8 Attachment 1
5-4-2011
21El Monte Union High School District1.25%2.00%2.00%That the bonded indebtedness limit of El Monte Union High School District (UHSD) be waived provided it does not exceed 2.0 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of bonds approved by the voters in the November 2008 election. In addition, at no time is the tax levy to exceed the $30 per $100,000 of taxable property estimated by the voters to secure the bonds.Approved by Consent2011-03-09Item W-5 General and
Item W-5 Attachment 1
174-12-2012
22West Contra Costa Unified School District2.50%5.00%5.00%That the bonded indebtedness limit of West Contra Costa Unified School District be waived provided it does not exceed 5.0 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of bonds approved by the voters in the June 2010 election. In addition, at no time is the tax levy to exceed the $60 per $100,000 of taxable property authorized by the voters to secure the bonds. Approved by Consent2011-03-09Item W-6 General and
Item W-6 Attachment 1
200-12-2010
23Wiseburn Unified School District1.25%2.20%2.20%That the bonded indebtedness limit of Wiseburn Elementary School District be waived provided it does not exceed 2.20 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of bonds approved by the voters in the November 2010 election. In addition, at no time is the tax levy to exceed the amount authorized by the voters to secure the bonds.Approved by Consent2011-03-09Item WC-4 General and
Item WC-4 Attachment 1
46-12-2010
24Alvord Unified School District2.50%2.60%2.60%That the bonded indebtedness limit of Alvord Unified School District be waived provided it does not exceed 2.6 percent of the assessed valuation of taxable property of the district, and that the waiver is limited to the sale of bonds approved by the voters in the November 2007 election. In addition, at no time is the tax levy to exceed the amount authorized by the voters to secure the bonds.Approved by Consent2011-01-12Item W-12 General and
Item W-12 Attachment 1
67-10-2010
25Pittsburg Unified School District2.50%3.58%3.58%That the bonded indebtedness limit of Pittsburg Unified School District be waived provided it does not exceed 3.58 percent of the assessed valuation of taxable property of the district, and that the waiver is limited to the sale of bonds approved by the voters in the November 2006 and November 2010 elections. In addition, at no time is the tax levy to exceed the amount authorized by the voters to secure the bonds.Approved by Consent2011-01-12Item W-13 General and
Item W-13 Attachment 1
48-10-2010
26Stockton Unified School District2.50%3.28%3.28%That the bonded indebtedness limit of Stockton Unified School District be waived provided it does not exceed 3.28 percent of the assessed valuation of taxable property of the district, and that the waiver is limited to the sale of bonds approved by the voters in the February 2008 election. In addition, at no time is the tax levy to exceed the amount authorized by the voters to secure the bonds.Approved by Consent2011-01-12Item W-14 General and
Item W-14 Attachment 1
69-10-2010
27Piedmont Unified School District2.50%2.80%2.79%That the bonded indebtedness limit of Piedmont Unified School District be waived provided it does not exceed 2.79 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of bonds approved by the voters in the March 2006 election. In addition, at no time is the tax levy to exceed the amount authorized by the voters to secure the bonds.Approved by Consent2010-05-05Item WC-17 and
Item WC-17 Attachment 1
21-3-2010
28Delano Joint Union High School District1.25%2.91%2.25%That the bonded indebtedness of Delano Joint Union High School District not exceed 2.25 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of bonds approved by the voters in the November 2005 election. In addition, at no time is the tax levy to exceed the amount authorized by the voters to secure the bonds.Approved by Consent2009-09-16Item W-6 and
W-6 Attachment 1
1-9-2009
29Richland School District1.25%1.90%1.90%That the bonded indebtedness of Richland Union Elementary School District (UESD) not exceed 1.90 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of bonds approved by the voters in the November 2008 election. In addition, at no time is the tax levy to exceed the amount authorized by the voters to secure the bonds.Approved by Consent2009-07-08Item W-9
and Item W-9 Attachment 1
39-5-2009
30El Monte City School District1.25%1.72%1.73%That the bonded indebtedness of El Monte City Elementary School District not exceed 1.73 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of bonds approved by the voters in the November 2008 election. In addition, at no time is the tax levy to exceed the amount authorized by the voters to secure the bonds. Approved by Consent2009-05-06Item W-38 and
Item W-38 Attachment 1
9-5-2009
31Ross School District1.25%1.43%1.43%That the district’s bonded indebtedness does not exceed 1.43 percent of the assessed value of the district’s taxable property, the waiver is limited to the sale of bonds approved by the voters in the June 2008 election, and the tax levy does not exceed the amount authorized by the voters.Approved by Consent2009-05-06Item WC-78-3-2009
32West Contra Costa Unified School District2.50%3.50%3.13%That the district’s bonded indebtedness does not exceed 3.13 percent of the assessed valuation of taxable property of the district, the waiver is limited to the sale of bonds approved by the voters in the November 2005 election, and the tax levy does not exceed the amount authorized by the voters. Approved by 8-0 vote2009-03-11Item W-1577-2-2009
33Planada Elementary School District1.25%1.55%2.55%That the bonded indebtedness of Planada Elementary School District not exceed 2.55 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of bonds approved by the voters in the November 2008 election.Approved by Consent2008-11-05Item W-1441-12-2008
34Alisal Union School District1.25%1.68%1.68%That the bonded indebtedness of Alisal Union Elementary School District not exceed 1.68 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of bonds approved by the voters in the November 2006 election. In addition, at no time is the tax levy to exceed the amount authorized by the voters to secure the bonds.Approved by 8-0 vote.2008-11-05Item W-128-8-2008
35Lindsay Unified School District2.50%2.81%2.81%That the bonded indebtedness of Lindsay Unified School District not exceed 2.81 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of bonds approved by the voters in the February 2008 election. In addition, at no time is the tax levy to exceed the amount authorized by the voters to secure the bonds. Approved by 8-0 vote.2008-09-10Item W-139-8-2008
36El Monte City School District1.25%1.43%1.43%That the bonded indebtedness of El Monte City Elementary School District not exceed 1.43 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of bonds approved by the voters in the November 2004 election. In addition, at no time is the tax levy to exceed the amount authorized by the voters to secure the bonds.Approved by Consent2008-07-09Item W-1817-6-2008
37Edison School District1.25%1.50%1.50%That the bonded indebtedness of Edison Elementary School District not exceed 1.50 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of bonds approved by the voters in the May 2004 election.Approved by Consent2008-01-09Item W-235-4-2008
38Garvey Elementary School District1.25%1.46%1.46%That the bonded indebtedness of Garvey Elementary School District not exceed 1.46 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of bonds approved by the voters in the November 2004 election.Approved by Consent2007-07-11Item W-313-10-2007
39Bassett Unified School District2.50%2.84%2.84%That the bonded indebtedness of Bassett Unified School District not exceed 2.84 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of the bonds approved by the voters in the November 2006 election, the waiver is effective until July 2012.Approved by Consent2007-03-07Item W-448-4-2007
40Los Gatos Union School District1.25%1.26%1.26%Approve with the condition that the bonded indebtedness of Los Gatos School District not exceed 1.26 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of the bonds approved by the voters in the June 2001 election.Approved by Consent2007-01-10Item W-217-1-2007
41Golden Valley Unified School District2.50%4.71%4.71%Approve with the conditions that the: (1) bonded indebtedness of Golden Valley Unified School District not exceed 4.71 percent of the assessed valuation of taxable property of the district; (2) waiver is limited to the sale of the bonds approved by the voters in the June 1999 and 2006 elections; (3) bond repayment from property taxes not exceed the tax rate promised to the voters for the June 1999 and 2006 elections ($100 per $100,000 of assessed value and $60 per $100,000 of assessed value, respectively); and (4) waiver is effective until August 1, 2014.Approved by Consent2006-01-12Item W-24-9-2006
42Alisal Union School District1.25%1.40%1.40%That the condition that the bonded indebtedness of Alisal Union School District not exceed 1.40 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of the bonds approved by the voters in the November 1999 election.Approved by Consent2005-01-13Item W-11-11-2005
43Greenfield Union School District1.25%1.31%1.31%On the condition that the bonded indebtedness of Greenfield Union School District not exceed 1.31 percent of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of the bonds approved by the voters in the March 1999 election.Approved by 10-0 vote2004-09-09Item W-32-11-2004
44Moreland School District1.25%1.76%1.76%On the condition that the bonded indebtedness of Moreland Elementary School District not exceed 1.76% of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of the bonds approved by the voters in the March 2002 election.Approved by 9-0 vote2004-09-09Item W-212-7-2004
45San Ysidro School District1.25%2.15%2.15%On the condition that the bonded indebtedness of San Ysidro School District not exceed 2.15% of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of the bonds approved by the voters in the March 1997 election.Approved by 10-0 vote2002-11-13Item W-319-7-2004
46West Contra Costa Unified School District2.50%3.00%3.00%On the condition that the bonded indebtedness of West Contra Costa Unified School District not exceed 3.0% of the assessed valuation of taxable property of the district and that the waiver is limited to the sale of the bonds approved by the voters in the June 1998, November 2000, and March 2002 elections.Approved unanimously.2009-09-16Item W-37-0-2002
47Union Elementary School District1.25%1.69%1.69%For sale of the bonds approved by the voters in the June 1999 election.Approved2001-11-07Item W-19-9-2001
48San Ysidro School District1.25%1.56%1.56%For sale of the bonds approved by the voters in the March 1997 election.Approved2001-03-07Item W-1019-1-2001
-Oxnard School District1.25%1.59%N/AN/AWithdrawnN/A
-Reef-Sunset Unified School District2.50%2.75%N/AN/AWithdrawnN/A
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