Palmdale Elementary Schools: Vote Yes on Measure PSD Bonds - Los Angeles County - 2016 general Election
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  Commentary    Question    Analysis    Argument in Favor    Argument Against    Full Text    Tax Rate  

Commentary on Measure PSD

Are you sure you want vote to support this extravagant measure? It has no accountability.

This campaign was designed by EMC Research Inc. We figured out just the right words to get you to you to open up your checkbook.

We'd also like to introduce you to our partners -- bond lawyers, brokers, wealthy investors, architects, management firms, construction companies, and trade unions. We all stand to make a ton of money on these bonds. Our profits come right off the top, before a penny is actually spent on improving the facilities.

We're not just doing it for the money. We like to show off our work in Architectural Digest and other places where the rich and famous congregate.

Remember, we've taken a lot of risk. We gave money to get your governing board members elected, so they'd be sure to remember us when we came around for a hand-out later.

It's just business-as-usual, here in sunny Corruptifornia.

Please don't read the fine print. That's just put in by the lawyers to make what we're going to do to for you legal.

When you see highlighting in the documents below, it to see the commentary.

  Commentary    Question    Analysis    Argument in Favor    Argument Against    Full Text    Tax Rate  

Measure PSD Question

ELEMENTARY AND MIDDLE SCHOOL REPAIR AND MODERNIZATION MEASURE. To update classrooms, labs and learning technology for the twenty-first century; and windows; improve school safety, security, energy and water efficiency; accommodate growing enrollment; and repair, construct, and acquire equipment for classrooms, sites and facilities; shall Palmdale (Elementary) School District be authorized to issue up to $80,000,000 in bonds with annual audits, citizens' oversight no money for administrator salaries, and all funds benefiting local schools?

Bonds - Yes Bonds - No

  Commentary    Question    Analysis    Argument in Favor    Argument Against    Full Text    Tax Rate  

Impartial Analysis for Measure PSD

PR-004930-8 LA 020-092

IMPARTIAL ANALYSIS OF MEASURE PSD

By Mary C. Wickham, County Counsel

Approval of Measure PSD ("Measure") would authorize the Board of Trustees ("Board") of the Palmdale School District ("District"), which placed the Measure on the ballot by a Resolution adopted on August 5, 2016, to issue general obligation bonds in an amount not to exceed $80,000,000.

Proceeds from the sale of the bonds authorized by the Measure shall be used only for the purpose of repairing and modernizing District elementary and middle schools. Projects include, but are not limited to, acquiring, replacing, and upgrading classrooms, building, labs, restrooms, common areas, grounds, and school support facilities; acquiring, replacing, and upgrading major building systems, equipment, and related infrastructure; acquiring and upgrading renewable energy and energy-saving systems and equipment; renovating, repairing, and modernizing portable classroom buildings or replacing them with modular buildings; upgrading and expanding athletic facilities and equipment; furnishing and equipping classrooms and other facilities; renovating facilities to bring them into compliance with local, State, and federal building, health, safety, access, seismic, and related requirements; replacing and upgrading hard surfaces, landscaping, lighting, fencing, playground equipment, and parking lots; replacing and upgrading fire and security systems, computer network infrastructure and equipment, and telecommunications systems; acquiring and installing technology equipment and software; constructing additional classrooms, classroom buildings, and athletic and support facilities; and acquiring all or a portion of any school site or facility, or making lease payments with respect to any school site or facility. Bond proceeds may not be expended on teacher and administrator salaries and other operating expenses.

The Board shall cause independent performance and financial audits to be conducted annually to ensure that bond proceeds are spent only for the projects identified in the Measure. The Board shall appoint an independent Citizens' Oversight Committee in accordance with Education Code section 15278 no later than 60 days after the Board enters the election results in its minutes to ensure that bond proceeds are spent as specified in the Measure and as provided by law. The Board shall create an account into which bond proceeds shall be deposited.

The maximum rate of interest on any bond shall not exceed the maximum rate allowed by law. Bonds may be issued and sold in several series, but no bond shall have a maturity greater than the maximum number of years allowed by law. According to the District's Tax Rate Statement, the best estimate of the highest tax rate required to fund the bonds, based on estimated assessed valuations available when the District filed its Tax Rate Statement, is $30 per $100,000 of assessed value, which is projected to be the same in every year that the bonds remain outstanding. Tax rates are based on the assessed value of taxable property on official tax rolls, not on the property's market value.

This Measure requires a fifty-five percent (55%) vote for passage.

  Commentary    Question    Analysis    Argument in Favor    Argument Against    Full Text    Tax Rate  

Argument in Favor of Measure PSD

PR-004930-9 LA 020-093

ARGUMENT IN FAVOR OF MEASURE PSD

Palmdale School District

Vote YES on Measure PSD to ensure Palmdale students receive the educational opportunities to thrive and compete in our changing world. We have dedicated teachers, staff and students in our schools, but our facilities seriously lack the modern tools, labs and classrooms needed for a 21st Century education.

Some of our schools are over 40 years old and badly in need of repair. This measure will provide urgent updates to old, leaky roofs, restrooms, electrical and plumbing systems to provide a safe and healthy learning environment for our children.

Measure PSD will help prepare our students to compete in a global economy with updated computers and classroom technology as well as high-quality instruction in science, math, technology, and the arts.

It's time to transform the Palmdale School District facilities and broaden our students' horizons.

Measure PSD will:

  • Remove asbestos and other hazardous materials from schools.
  • Improve school safety and security.
  • Repair leaky roofs and windows.
  • Provide up-to-date science, technology, engineering, arts and math labs.
  • Modernize our classrooms and labs so they meet today's academic standards.
  • Fulfill the Palmdale Promise by creating world class learning facilities.

Measure PSD provides local school funds under local control:

  • All the money raised through this measure will go directly to repair existing Palmdale School District schools and buildings. Funds cannot be taken away by the state.
  • No funds will go towards administrators' salaries, pensions or benefits.
  • All funds would be audited annually and reviewed by an independent Citizen's Oversight Committee to ensure all funds are spent as promised.

Measure PSD will transform and upgrade our aging and deteriorating elementary and intermediate schools. It's time our students have school facilities

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PR-004930-10 LA 020-094
ARGUMENT IN FAVOR OF MEASURE PSD (Continued)

worthy of our community. Future generations will be grateful for the legacy we create today by voting YES on Measure PSD!

TANIA CORTEZ
District English Learner Advisory Committee President

FREDERICK C. THOMPSON
City of Palmdale Council Member

NANCY K. SMITH
Palmdale School District Board of Trustees Member

MARY REES
Educator/Youth Leader

RICARDO M. DE LA ROSA
Local Business Owner

  Commentary    Question    Analysis    Argument in Favor    Argument Against    Full Text    Tax Rate  

Argument Against Measure PSD

NO ARGUMENT AGAINST THIS MEASURE WAS SUBMITTED

  Commentary    Question    Analysis    Argument in Favor    Argument Against    Full Text    Tax Rate  

Full Text of Measure PSD

PR-004904-14 LA 020-084

FULL TEXT OF BALLOT MEASURE PSD

PALMDALE SCHOOL DISTRICT
ELEMENTARY AND MIDDLE SCHOOL REPAIR AND
MODERNIZATION MEASURE

This Proposition may be known and referred to as the "Palmdale School District Elementary and Middle School Repair and Modernization Measure" or as "Measure PSD".

BOND AUTHORIZATION

By approval of this proposition by at least 55% of the registered voters voting on the proposition, the Palmdale School District (the "District") shall be authorized to issue and sell bonds of up to $80,000,000 in aggregate principal amount to provide financing for the specific school facilities projects listed under the heading entitled "BOND PROJECT LIST" below (the "Bond Project List"), subject to all of the accountability safeguards specified below.

ACCOUNTABILITY SAFEGUARDS

The provisions in this section are specifically included in this proposition in order that the voters and taxpayers of the District may be assured that their money will be spent to address specific facilities needs of the District, all in compliance with the requirements of Article XIIIA, Section 1(b)(3) of the California Constitution, and the Strict Accountability in Local School Construction Bonds Act of 2000 (codified at Sections 15264 and following of the California Education Code (the "Education Code")).

Evaluation of Needs. The Board of Trustees of the District (the "Board") has conducted a facilities site assessment of each of the school sites in the District in order to evaluate and address all of the facilities needs of the District at each campus and facility, and to determine which projects to finance from a local bond at this time. The Board hereby certifies that it has evaluated safety, class size reduction and information technology needs in developing the Bond Project List.

Limitations on Use of Bonds. Proceeds from the sale of bonds authorized by this proposition shall be used only for the 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, including, to the extent permitted by law, the acquisition or lease of real property in connection with an existing or future financing of the specific school facilities projects listed in the Bond Project List, including the , and not for any other purpose, including teacher and administrator salaries and other school operating expenses.

(Continued on next page)
PR-004930-1 LA 020-085
FULL TEXT OF BALLOT MEASURE PSD (Continued)

Independent Citizens' Oversight Committee. The Board shall establish an (pursuant to Education Code Section 15278 and following), to ensure bond proceeds are expended only for the school facilities projects listed in the Bond Project List. The committee shall be established within 60 days of the date when the results of the election appear in the minutes of the Board. In accordance with Section 15282 of the Education Code, the citizens' oversight committee shall consist of at least seven members and shall include a member active in a business organization representing the business community located within the District, a member active in a senior citizens' organization, a member active in a bona fide taxpayers' organization, a member that is a parent or guardian of a child enrolled in the District, and a member that is both a parent or guardian of a child enrolled in the District and active in a parent-teacher organization. No employee or official of the District and no vendor, contractor or consultant of the District shall be appointed to the citizens' oversight committee.

Annual Performance Audits. The Board shall conduct an annual, independent performance audit to ensure that the bond proceeds have been expended only on the school facilities projects listed in the Bond Project List. These audits shall be conducted in accordance with the Government Auditing Standards issued by the Comptroller General of the United States for performance audits. The results of these audits shall be made publicly available and shall be submitted to the citizens' oversight committee in accordance with Section 15286 of the Education Code.

Annual Financial Audits. The Board shall conduct an annual, independent financial audit of the bond proceeds until all of those proceeds have been spent for the school facilities projects listed in the Bond Project List. These audits shall be conducted in accordance with the Government Auditing Standards issued by the Comptroller General of the United States for financial audits. The results of these audits shall be made publicly available and shall be submitted to the citizens' oversight committee in accordance with Section 15286 of the Education Code.

Special Bond Proceeds Account; Annual Report to Board. Upon approval of this proposition and the sale of any bonds approved, the Board shall take actions necessary to establish an account in which proceeds of the sale of bonds will be deposited. As long as any proceeds of the bonds remain unexpended, the Superintendent of the District shall cause a report to be filed with the Board no later than January 1 of each year, commencing January 1, 2018, stating (a) the amount of bond proceeds received and expended in that year, and (b) the status of any project funded or to be funded from bond proceeds. The report may relate to the calendar year, fiscal year, or other appropriate annual period as the Superintendent of the District shall determine, and may be incorporated into the annual budget, audit, or other appropriate routine report to the Board.

(Continued on next page)
PR-004930-2 LA 020-086
FULL TEXT OF BALLOT MEASURE PSD (Continued)

FURTHER SPECIFICATIONS

Joint-Use Projects. The District may enter into agreements with other public agencies or nonprofit organizations for joint use of school facilities financed with the proceeds of the bonds in accordance with Education Code Section 17077.42 (or any successor provision). The District may seek State grant funds for eligible joint-use projects as permitted by law, and this proposition hereby specifies and acknowledges that bond funds will or may be used to fund all or a portion of the local share for any eligible joint-use projects identified in the Bond Project List or as otherwise permitted by California State regulations, as the Board shall determine.

Single Purpose. All of the purposes enumerated in this proposition shall be united and voted upon as one single proposition, pursuant to Education Code Section 15100, and all the enumerated purposes shall constitute the specific single purpose of the bonds, and proceeds of the bonds shall be spent only for such purpose, pursuant to California Government Code Section 53410.

Bonds may be Issued in Excess of Statutory Bonding Limit. Issuance of all of the authorized bonds might require the outstanding debt of the District to exceed its statutory bonding limit of 1.25% of the total assessed valuation of taxable property in the District. In that event, the District intends to seek a waiver of its bonding limit from the State Board of Education, which has the power to waive certain requirements of the Education Code applicable to the District. By approval of this proposition, the voters have authorized the District to seek such a waiver, and to issue authorized bonds in excess of the 1.25% limit as the State Board of Education may approve. No such waiver has yet been sought or granted.

Other Terms of the Bonds. When sold, the bonds shall bear interest at an annual rate not exceeding the statutory maximum, and that interest shall be made payable at the time or times permitted by law. The bonds may be issued and sold in several series, and no bond shall be made to mature more than the statutory maximum number of years from the date borne by that bond.

BOND PROJECT LIST

The Bond Project List below lists the specific projects the District proposes to finance with proceeds of the bonds. The Bond Project List shall be considered a part of the bond proposition and shall be reproduced in any official document required to contain the full statement of the bond proposition. Listed projects will be completed at a particular school or facility site according to Board-established priorities, and the order in which such projects appear on the Bond Project List is not an indication of priority for funding or completion. Any authorized repairs shall be capital expenditures. The Bond Project List does not authorize non-capital expenditures. is assumed to include its share of and bond issuance, construction-related costs, such as (Continued on next page)
PR-004930-3 LA 020-087
FULL TEXT OF BALLOT MEASURE PSD (Continued)
project and construction management, architectural, engineering, inspection and similar planning and testing costs, demolition and interim housing costs, legal, accounting and similar fees, costs related to the independent annual financial and performance audits, a contingency for unforeseen design and construction costs, and other costs incidental to and necessary for completion of the listed projects (whether the related work is performed by the District or third parties). The final cost of each project will be determined as plans are finalized, construction bids are awarded, and projects are completed. In addition, certain construction funds expected from non-bond sources, including State of California grant funds for eligible projects, have not yet been secured. Therefore, the Board cannot guarantee that the bonds will provide sufficient funds to allow completion of all listed projects. Alternatively, if the District obtains unexpected funds from non-bond sources with respect to listed projects, such projects may be enhanced, supplemented or expanded to the extent of such funds. Some projects may be subject to further government approvals, including by State officials and boards and/or local environmental or agency approval. Inclusion of a project on the Bond Project List is not a guarantee that the project will be completed (regardless of whether bond funds are available).

The specific projects authorized to be financed with proceeds of the bonds under this proposition are as follows:

ELEMENTARY AND MIDDLE SCHOOL REPAIR AND MODERNIZATION PROJECTS

The following projects are authorized to be financed at all existing school sites and school support facilities.

School Renovation, Repair and Upgrade Projects

  • Modernize, upgrade, renovate, replace, rehabilitate, re-configure, expand, acquire and install, and/or upgrade classrooms, classroom buildings, labs, restrooms, common areas and grounds and school support facilities (including library, multipurpose room/auditorium, food storage, preparation and service, cafeteria and office/staff support facilities, whether permanent, portable or modular, including interior and exterior (as applicable) doors, windows, door and window hardware, roofs, rain gutters and downspouts, walls, ceilings and floors and finishes, paint, siding, insulation, casework, cabinets, secured storage, carpets, drapes, window coverings, infrastructure, lighting, sinks, drinking fountains, fixtures, signage, fencing, landscaping, furniture and equipment.
  • (Continued on next page)
    PR-004930-4 LA 020-088
    FULL TEXT OF BALLOT MEASURE PSD (Continued)

  • Renovate, replace, upgrade, acquire, install and/or integrate major site/building/utility systems, equipment and related infrastructure and housing, including lighting, electrical (including wiring and related infrastructure for modern technology), heating, refrigeration, cooling and ventilation, water, sewer, gas, irrigation, drainage, and energy efficiency/management monitoring systems, networks, fixtures, equipment and controls.
  • Acquire, install, upgrade and/or construct renewable energy and/or energy-saving systems, improvements and equipment, including electricity generation and distribution systems and/or water heating systems, natural light improvements, upgraded insulation and roofing, efficient lighting, windows and window coverings, shade structures, energy management and conservation systems, and other passive technologies, and structures to support such systems, improvements and equipment and related infrastructure.
  • Renovate, repair, re-configure and/or modernize portable classroom buildings or replace such buildings with permanent or modular classroom buildings.
  • Modernize, renovate, rehabilitate, re-configure, expand, upgrade and/or equip locker rooms, gymnasiums, pools, physical education/athletic fields and related facilities for school and community use.
  • Furnish and equip classrooms and other school facilities, including, but not limited to, desks, chairs and classroom furniture, science and lab equipment, school-site maintenance equipment, copy machines, "cubicle" partitions, chairs, storage units and school office equipment, including initial purchases and continued replacement of equipment and furniture as needed.

All or portions of these projects may be used as joint-use projects within the meaning of Section 17077.42(c) of the Education Code (or any successor provision).

School Site Health, Safety and Security Projects

  • The inspection, sampling and analysis of grounds, buildings and building materials to determine the presence of hazardous materials or substances, including asbestos, lead, etc., and the encapsulation, removal, disposal and other remediation or control of such hazardous materials and substances.
  • (Continued on next page)
    PR-004930-5 LA 020-089
    FULL TEXT OF BALLOT MEASURE PSD (Continued)

  • The inspection and analysis of grounds, buildings, fixtures and structures, including parking lots, walkways, paths, restrooms, drinking fountains, physical education/athletic fields and facilities, playground areas and equipment, to assess health and safety risks to students, faculty, staff, parents and the public and compliance with local, state and federal building, health, safety, access and other related requirements, including seismic safety requirements, Field Act requirements access requirements of the Americans with Disabilities Act (ADA) and Occupational Safety & Health Administration (OSHA) requirements, and the improvement, correction, repair or renovation of such grounds, buildings, fixtures and structures or portions thereof identified as such health and safety risks or acquire, install and/or construct other improvements to comply with such laws and requirements.
  • Reconfigure, renovate, repair, resurface, improve and/or expand roads, sidewalks, parking lots and related areas, and pick-up/drop-off and bus areas to improve ingress/egress and safety and increase capacity to meet site usage.
  • Renovate, repair, resurface, upgrade, expand, construct and/or install and improve paved and other hard surfaces (including playgrounds), benches, walls, gates, fencing, play and outside instructional areas, playfields, including turf, physical education/athletic fields and related facilities, and landscaping, and acquire, improve, replace and/or upgrade playground equipment and fixtures.
  • Upgrade and/or acquire and install exterior lighting, fire detection and suppression, security, emergency, clock, bell, data, voice and audio-visual communication (including telephone and public address) systems, networks, fixtures, equipment and controls.
  • Upgrade or replace buildings that do not meet current minimum building code standards.
  • Repair, replace and/or upgrade doors and door hardware, including locks.
  • Remove all dry rot and repair damaged caused by dry rot.
  • Replace/upgrade existing signage.
  • Renovate, repair, replace, upgrade, expand and/or install and improve fencing.

All or portions of these projects may be used as joint-use projects within the meaning of Section 17077.42(c) of the Education Code (or any successor provision).

(Continued on next page)
PR-004930-6 LA 020-090
FULL TEXT OF BALLOT MEASURE PSD (Continued)

District-Wide Wiring and Technology for Instructional Support and Effective Learning Environment Projects

  • Acquire and install technology equipment, fixtures and infrastructure, including computers, tablets, mobile devices, software, interactive educational technology, digital projectors and cameras, monitors, audio systems, video systems, network equipment (including servers, network interface devices, network switches and routers, wireless network equipment, firewalls, network security equipment, racking, power and cooling equipment, wiring and uninterruptible power supplies), etc.
  • Upgrade, expand, replace, acquire and/or install campus wide-intercom system, wireless systems, and telecommunications, internet, and network connections.
  • Upgrade, replace, acquire and/or install media, audio/visual equipment, and other technology equipment and fixtures, including smart boards.

Construction Projects at School Sites

  • Construct additional classrooms/classroom buildings, performing arts facilities, restrooms, food storage, preparation and service facilities and related school facilities.
  • Construct/install outdoor learning and athletic facilities and areas, including shade/rain structures, sitting areas, amphitheaters, pools, physical education/athletic fields and related facilities for school and community use.

All or portions of these projects may be used as joint-use projects within the meaning of Section 17077.42(c) of the Education Code (or any successor provision).

Miscellaneous

  • Planning, designing and providing temporary housing necessary for listed bond projects.
  • Necessary onsite and offsite preparation or restoration in connection with new construction, renovation or remodeling, or installation or removal of relocatable buildings, including demolition of structures; removing, replacing, or installing irrigation, drainage, utility lines (gas, water, sewer, electrical, data and voice, etc.), trees and landscaping; relocating fire access roads; and acquiring any necessary easements, licenses, land or rights of way made necessary by listed bond projects.
  • (Continued on next page)
    PR-004930-7 LA 020-091
    FULL TEXT OF BALLOT MEASURE PSD (Continued)

  • Address other unforeseen conditions revealed by construction, renovation or modernization (including plumbing or gas line breaks, dry rot, seismic and structural deficiencies, etc.).
  • Acquire or construct storage facilities and other space on an interim basis, as needed to accommodate construction materials, equipment, and personnel, and interim classrooms (including relocatables) for students and school functions or other storage for classroom materials displaced during construction.
  • For any project involving renovation, rehabilitation or repair of a building or the major portion of a building, the District shall be authorized to proceed with new replacement construction/re-construction instead (including any necessary demolition), if the Board of Education of the District determines that replacement and new construction/re-construction is more practical than renovation, rehabilitation and repair, considering the building's age, condition, expected remaining life, comparative cost and other relevant factors.
  • Furnishing and equipping of classrooms and other school facilities; furnishing and equipping shall include initial purchases, and scheduled and necessary replacements, upgrades and updating of technology.
  • Modernize, renovate, replace, acquire, install, and/or construct space for food service at each school or at a central location for all schools.
  • Renovate, replace, upgrade, acquire, install and/or construct space, to be used for school and community functions such as professional development, community meetings, school exhibits and other programs.
  • to the listed bond projects.
  • Acquisition of all or a portion of any school site or facility, or an interest therein, or make lease payments with respect to any school site or facility, encumbered in order to finance or refinance listed bond projects or other prior capital improvement projects pursuant to a lease, certificate of participation or lease revenue bond financing.

  Commentary    Question    Analysis    Argument in Favor    Argument Against    Full Text    Tax Rate  

Measure PSD Tax Rate Statement

PR-004930-11 LA 020-095

TAX RATE STATEMENT -MEASURE PSD

An election will be held in the Palmdale School District (the "District") on November 8, 2016, to authorize the sale of up to $80,000,000 in bonds of the District to finance school facilities as described in the proposition. If the bonds are approved, the District expects to issue the Bonds in multiple series over time. Principal and interest on the bonds will be payable from the proceeds of tax levies made upon the taxable property in the District. The following information is provided in compliance with Sections 9400 through 9404 of the California Elections Code.

1. The best estimate of the tax which would be required to be levied to fund this bond issue during the first fiscal year after the sale of the first series of bonds, based on estimated assessed valuations available at the time of filing of this statement, is 3 cents per $100 ($30 per $100,000) of assessed valuation in fiscal year 2017-18.

2. The best estimate of the tax rate which would be required to be levied to fund this bond issue during the first fiscal year after the sale of the last series of bonds, based on estimated assessed valuations available at the time of filing of this statement, is 3 cents per $100 ($30 per $100,000) of assessed valuation in fiscal year 2025-26.

3. The best estimate of the highest tax rate which would be required to be levied to fund this bond issue, based on estimated assessed valuations available at the time of filing of this statement, is 3 cents per $100 ($30 per $100,000) of assessed valuation and is projected to remain approximately the same in each year during the term of repayment of the bonds.

4. The best estimate of the total debt service, including the principal and interest, that would be required to be repaid if all of the bonds are issued and sold is approximately $164,155,000.

Voters should note that estimated tax rates are based on the ASSESSED VALUE of taxable property on the County's official tax rolls, not on the property's market value, which could be more or less than the assessed value. In addition, taxpayers eligible for a property tax exemption, such as the homeowner's exemption, will be taxed at a lower effective tax rate than described above. Certain taxpayers may also be eligible to postpone payment of taxes. Property owners should consult their own property tax bills and tax advisors to determine their property's assessed value and any applicable tax exemptions.

Attention of all voters is directed to the fact that the foregoing information is based upon the District's projections and estimates only, which are not binding upon the District. The actual tax rates and the years in which they will apply, and the actual total debt service, may vary from those presently estimated, due to variations from these estimates in the timing of bond sales, the amount of bonds (Continued on next page)
PR-004930-12 LA 020-096
TAX RATE STATEMENT - MEASURE PSD (Continued)
sold and market interest rates at the time of each sale, and actual assessed valuations over the term of repayment of the bonds. The dates of sale and the amount of bonds sold at any given time will be determined by the District based on need for construction funds and other factors, including the legal limitations on bonds approved by a 55% affirmative vote.

The actual interest rates at which the bonds will be sold will depend on the bond market at the time of each sale. Actual future assessed valuation will depend upon the amount and value of taxable property within the District as determined by the County Assessor in the annual assessment and the equalization process.

Dated: 8/5/2016.

RAUL MALDONADO
Superintendent of Schools
Palmdale School District

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