(July 18, 2008) -- Here's further on the LBUSD management-proposed $1.2 billion debt bond agendized for possible placement on the November 2008 ballot by the LB School Board on Monday July 21. LBReport.com reported the proposal yesterday (July 17) but taxpayer information in the agenda package was sketchy and we pursued the item today.

LBUSD spokesman Chris Eftychiou tells LBReport.com the taxpayer out of pocket impact for residential and commercial properties is capped at $5 per month per $100,000 of assessed valuation [caveat: not market property value, but the Assessor's assessed valuation].

Mr. Eftychiou says the proposed measure doesn't include an internal "escalator" clause. [Increases in assessed valuation are limited to 2% per year under Prop 13 unless the property is sold or reassessed on a triggering conveyance.] The annual sum is also deductible for taxpayers who itemize their deductions, he noted.

Mr. Eftychiou said District management's request that the Board seek voter approval for a debt bond to finance the construction items follows extensive community outreach/input in developing the School District's Facility Master Plan. The Plan and its supporting materials, adopted by the School Board in January 2008, can be accessed by LBUSD's website, click here.

Mr. Eftychiou cited pages 19b through 19e of the Master Plan which list School priority projects and their proposed order of completion.

[For access to further supporting materials related to the Plan, click here.]

Mr. Eftychiou acknowledged that the Board itself hadn't discussed the debt bond in detail prior to management's July 21 agenda item...but noted that management's proposal follows the lengthy public process involving extentive public input in developing and adopting (Jan. 2008) the Master Plan and its projects...and the next issue is how to pay for those items and management proposes the debt-bond to do so.

The School Board decides what goes on the ballot (size of the debt, other specifics) but District voters get the last word. A 55% margin is required for passage.

As separately reported by LBReport.com, if the School Board puts its debt bond on the November ballot, it could coincide with a proposal by Mayor Foster/city management (coming to the City Council on July 22) to put a parcel tax on LB residential, commercial and industrial property ($120/year on residential properties to start, up to 3% annual increases) on the same ballot...to fund a debt bond to pay for infrastructure related items. That July 22 item (as modified by the Mayor and management) now requires a 2/3 vote of the people to enact, is limited to infrastructure items and no longer requires a unanimous Council vote declaring an emergency to put it on the ballot.

And as LBReport.com has also separately reported, the governing board of the L.A. Metropolitan Transportation Authority (which includes LB Vice Mayor Bonnie Lowenthal) is scheduled to vote in coming days on an MTA management request that L.A. County Supervisors put a half-cent sales tax increase (Countywide) on the same ballot for MTA-desired transportation items.

The School Board's July 21 meeting is scheduled to begin at 4:00 p.m. (special earlier start time to elect Board officers).