II. Bond Program Financial Update

Special Board Meeting
Measure K Bond Program
January 29, 2013
Long Beach Unified School District
BOARD OF EDUCATION WORKSHOP
Presentation Summary
I. 
Renaissance High School for the Arts
II. 
Bond Program Financial Update
• 
• 
• 
• 
Introduction and Overview
State Funding Eligibility
Current Influencing Factors
Measure K Funding / Cash Flow Impacts
Long Beach Unified School District
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I. Renaissance HS for the Arts
Facilities Information and History
•  The existing 3.44 acre campus has
approximately 86,042 S.F. of facilities with
42 classrooms (30 located in permanent
buildings and 12 portable classrooms).
•  All permanent structures were built in1935 and 1936 with additions in
1941 and 1962. Major renovations and alterations where constructed in
1952, 1980 and 2000.
•  The campus was originally constructed as a technical school (John
Dewey HS) then changed to a continuation high school (Reid HS).
•  In 2001, the campus was converted to its current use as an art school
(Renaissance HS for the Arts).
•  The current (2012/13) enrollment is 493 students.
•  1 Permanent building is used by the Office of Media Services (OMS).
Long Beach Unified School District
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I. Renaissance HS for the Arts
Piano
Rehearsal
Space
Ceramics/
Art Studio
Costume
Design
Band
Chemistry
Dance/
PE
Library
Computer/
Lab
Kitchen
Community
Rm.
Biology
Auditorium
Administration
Existing Site / 1st Floor Plan
Long Beach Unified School District
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I. Renaissance HS for the Arts
Choir
Theater/
Drama
Existing Site / 2nd Floor Plan
Dance/
PE
Long Beach Unified School District
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I. Renaissance HS for the Arts
Existing Condition and Issues
•  Small campus with aging facilities and infrastructures
•  Undersized classrooms and inadequate / insufficient spaces for
performing arts program
•  Insufficient space for physical education program
•  Some building systems are past their useful life
• 
• 
• 
• 
• 
• 
• 
Roofing on Bldg. 200 and 100 in poor condition
Poor ventilation in Bldg. 200 and 300
Lack of air conditioning in Bldg. 200 and 300
Heating systems in Bldg. 200 and 300 are antiquated
Electrical & Lighting systems in Bldg. 200 and 300 in fair condition
Fire alarm system needs to be upgraded
Public address & other communications systems antiquated
•  American with Disabilities Act (ADA) accessibility
•  Insufficient parking and poor vehicular access
•  Facility Master Plan recommends a moderate renovation for the
campus
Long Beach Unified School District
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I. Renaissance HS for the Arts
Existing Condition and Issues (Cont.)
Air Conditioning
Bldg 100
Bldg 200
Bldg 300
Yes
No
No
Lighting & Electrical
Good
Fair
Fair
Roofing
Poor
Fair
Poor
Flooring
Good
Poor
Fair
Mechanical/Plumbing
Fair
Poor
Poor
Other Finishes
Fair
Fair
Poor
ADA Accessibility
Good
Poor
Poor
Doors & Windows
Good
Poor
Fair
Bldg 400
OMS - Not Assessed
Building Systems
Bldg 600
Yes
Good
Fair
Good
Good
Good
Good
Good
Long Beach Unified School District
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I. Renaissance HS for the Arts
Proposed Program
•  Master plan site capacity for 600 students
•  Major renovations and repairs of classroom Bldg. 200
•  Minor repairs and improvements to Bldg. 100 and 600
•  Major renovation or replacement of existing auditorium (Bldg. 300)
•  General improvements to specialty program spaces – art, music and
dance
•  Remove portables and replace with permanent building containing
classrooms, locker rooms, restrooms, storage, and large space for PE &
dance
•  ADA accessibility improvement throughout site
•  Structural repairs if required
•  Improvements to fire alarm & communications systems
•  Improvements to site utilities and landscaping
•  Target Project Budget = $40,000,000
Long Beach Unified School District
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I. Renaissance HS for the Arts
Minor repairs and
improvements
503
504
Remove portables,
expand parking or
add basketball courts
70
502
501
600
505
706
Remove portables
and construct new
permanent building
705
704
200
OMS
701 702 703
400
300
Major renovation/
repairs or replacement
of Auditorium/kitchen
Proposed Improvement Plan
100
Major renovation
and repairs
Minor repairs and
improvements
Long Beach Unified School District
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II. Bond Program Financial Update
Introduction and Overview
Introduction and Overview
•  Original financial structure of Measure K Bond Program in 2008:
•  10 - 15 year build-out plan
•  Long-term Assessed Value (AV) growth assumption = 5.0% annually
•  State funding programs available with funds for apportionments
• 
Since passage of Measure K Bond:
•  2 consecutive years (2010 and 2011) of decline in AV
•  2012 and 2013 AV growth has increased, but sill behind original
assumptions
•  Projects reprioritized and schedules have been adjusted to match
projected cash flow needs and bond issuance schedule
•  State funding programs unavailable
Long Beach Unified School District
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II. Bond Program Financial Update
Introduction and Overview
Introduction and Overview (Cont.)
•  There has been recent public controversy over a type of
general obligation bond - called CABs - that has been issued
by school districts.
•  We will:
•  Provide information on CABs and discuss their role in an
overall bond program; and
•  Seek board feedback on future Measure K issuances.
Long Beach Unified School District
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II. Bond Program Financial Update
Introduction and Overview
What is a general obligation bond?
•  A bond backed by the credit and property tax base of the district
•  Begins with an election to authorize a specific total amount to be
issued
•  Local property taxes levied to pay the principal and interest
(debt service) due on the bonds
•  Bonds sold when cash is needed for facilities projects and are
usually issued in several series
Long Beach Unified School District
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II. Bond Program Financial Update
Introduction and Overview
What is a CAB?
•  Principal and interest paid in one lump sum at the bond
maturity date
•  An alternative CIBs
•  Interest paid semi-annually, starting once the bond is
issued
•  Principal paid in lump sum at bond maturity date
•  Cost to issue CABs is higher than CIBs
•  Interest rates for CABs are higher than CIBs
•  Interest is calculated using compounding versus simple
interest
Long Beach Unified School District
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II. Bond Program Financial Update
Introduction and Overview
Bond comparison illustrated
CABs
Payment
Payment
CIBs
Year
Year
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Recent controversy about CABs
•  Poway Unified School District
•  Issued $105 million of non-callable CABs that
matured in 22-40 years with a total repayment cost of
$981 million (9.35 to 1 ratio)
•  Financing draws attention of media nationwide
•  Los Angeles Times
•  November 2012 article about the use of CABs by
California school and community college districts
•  Included a database of 200 districts that issued CABs
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Proposed legislation to change bond financings
•  Legislation introduced January 24, 2013:
•  Maximum maturity of bonds from 40 years to 25 years
•  Maximum interest rate on bonds from 12 to 8 percent
•  Public analysis presented on use of CABs when bond
resolution on agenda for board adoption
•  CABs to be subject to redemption after 10 years
•  Debt service repayment ratio for bond series cannot be
in excess of 4 to 1
•  Moratorium on issuing CABs urged by CDE
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Why would a district issue up to 40 year bonds?
Why would a district issue CABs?
•  Proposition 39 tax levy limit - $60 per $100,000 of AV
•  Problem: Stalled (or even negative) growth in property values
•  To raise funds to cover current facilities needs and stay under its
tax rate limit, a District may choose to defer payments
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Building a bond program
•  How much funding is needed and when?
•  Facilities project needs often require multiple issuances (example,
issuing every two years)
•  Early issuances take up tax rate capacity
•  Later issuances may require deferred payments in order to stay
under tax rate limit
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II. Bond Program Financial Update
Current Influencing Factors
Building a bond program (Cont.)
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Building a bond program (Cont.)
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Building a bond program (Cont.)
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Building a bond program (Cont.)
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Other considerations
•  The useful life of most facilities projects exceeds the term of
longer bonds
•  Municipal interest rates currently at historic lows
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Other considerations (cont.)
•  Time value of money: money today ≠ money tomorrow
•  Project costs today versus future costs
•  Future debt repaid with cheaper dollars
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Measure K debt schedule
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Measure K projected tax rates
•  Tax rate capacity in 2014-2018, when the bond program cash needs
are greatest, has been limited by prior issuances.
(1) 
Assumes AV growth rates of 2% for 2013-14, 3% for 2014-15 and 4% annually thereafter.
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II. Bond Program Financial Update
Current Influencing Factors
Four scenarios for future issuances
•  40-year bonds with use of CABs when necessary
•  25-year bonds with use of CABs when necessary
•  40-year bonds without CABS
•  25-year bonds without CABs
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Scenario assumptions
•  Following are scenarios for the remaining Measure K authorization
based on the below assumptions:
•  Annual AV growth rates:
•  2013-14: 2.0%
•  2014-15: 3.0%
•  Thereafter: 4.0%
•  Current interest rates:
•  Financings with CABs: 4.40% - 5.60%
•  Financings without CABs: 3.40% - 4.00%
•  Program cash goals
•  $50 million in 2013
•  Up to $375 million in 2014
•  Remaining authorization split in two series
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Scenario 1: Up to 40-year bonds with CABs
(1) 
(2) 
Previously issued financings.
Assumes AV growth rates of 2% for 2013-14,
3% for 2014-15 and 4% annually thereafter.
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Scenario 2: Up to 25-year bonds with CABs
(1) 
(2) 
Previously issued financings.
Assumes AV growth rates of 2% for 2013-14,
3% for 2014-15 and 4% annually thereafter.
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Scenario 3: Up to 40-year bonds without CABs
(1) 
(2) 
Previously issued financings.
Assumes AV growth rates of 2% for 2013-14,
3% for 2014-15 and 4% annually thereafter.
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Scenario 4: Up to 25-year bonds without CABs
(1) 
(2) 
Previously issued financings.
Assumes AV growth rates of 2% for 2013-14,
3% for 2014-15 and 4% annually thereafter.
Long Beach Unified School District
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II. Bond Program Financial Update
Current Influencing Factors
Using CABs
Pros
Cons
Access dollars when they are
needed for projects
Higher interest rates
More actively manage tax rate
Compounding interest
Less reliance on AV for planning
Negative public perception
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II. Bond Program Financial Update
Current Influencing Factors
Major Project Reprioritization Summary
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II. Bond Program Financial Update
Bond Issuance
E and F
Bond Issuance
A, B, B1, C, and D
Measure K Funding / Cash Flow Impacts
Scenario 1
Projects
Scenario 2
Projects
Scenario 3
Projects
Scenario 4
Projects
Nelson MS
McBride, Sr. HS
Roosevelt ES
Cabrillo HS Pool
Jordan HS Ph. 1
NHS #3 (JFA Site)
NHS #4 (Butler)
NHS #5 (TBD)
Newcomb K-8
Bancroft MS Gym
Hoover MS Gym
District-Wide Projects
Polytechnic Auditorium
Wilson Auditorium
NHS #2 (Browning)
Hamilton MS Gym
Hill MS Gym
Nelson MS
McBride, Sr. HS
Roosevelt ES
Cabrillo HS Pool
Jordan HS Ph. 1
NHS #3 (JFA Site)
NHS #4 (Butler)
NHS #5 (TBD)
Newcomb K-8
Bancroft MS Gym
Hoover MS Gym
District-Wide Projects
Polytechnic Auditorium
Wilson Auditorium
NHS #2 (Browning)
Hamilton MS Gym
Hill MS Gym
Nelson MS
McBride, Sr. HS
Roosevelt ES
Cabrillo HS Pool
Jordan HS Ph. 1
NHS #3 (JFA Site)
NHS #4 (Butler)
NHS #5 (TBD)
Newcomb K-8
Bancroft MS Gym
Hoover MS Gym
District-Wide Projects
Nelson MS
McBride, Sr. HS
Roosevelt ES
Cabrillo HS Pool
Jordan HS Ph. 1
NHS #3 (JFA Site)
NHS #4 (Butler)
NHS #5 (TBD)
Newcomb K-8
Bancroft MS Gym
Hoover MS Gym
District-Wide Projects
Jordan HS Ph. 2
Jordan HS Ph. 3
Jordan HS Ph. 4
Jordan HS Ph. 5
Jordan HS Ph. 6
Hill MS
Hamilton MS
Millikan HS
Avalon K-12
Willard ES
Renaissance HS
Jordan HS Ph. 2
Jordan HS Ph. 3
Jordan HS Ph. 4
Jordan HS Ph. 5
Jordan HS Ph. 6
Hill MS
Hamilton MS
Millikan HS
Avalon K-12
Willard ES
Renaissance HS
NHS #2 (Browning)
Hamilton MS Gym
Hill MS Gym
Polytechnic Auditorium
Wilson Auditorium
Jordan HS Ph. 2
Jordan HS Ph. 3
Jordan HS Ph. 4
Jordan HS Ph. 5
Jordan HS Ph. 6
Hill MS
Hamilton MS
Millikan HS
Avalon K-12
Willard ES
Renaissance HS
NHS #2 (Browning)
Hamilton MS Gym
Hill MS Gym
Polytechnic Auditorium
Wilson Auditorium
Jordan HS Ph. 2
Jordan HS Ph. 3
Jordan HS Ph. 4
Jordan HS Ph. 5
Jordan HS Ph. 6
Hill MS
Hamilton MS
Millikan HS
Avalon K-12
Willard ES
Renaissance HS
Note: Measure K funding may not be sufficient for
projects highlighted in red.
Long Beach Unified School District
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II. Bond Program Financial Update
Measure K Funding / Cash Flow Impacts
Scenario 1: Up to 40-year bonds with CABs
Major Projects (Based on Current Prioritization)
Nelson MS
McBride Sr. HS
Roosevelt ES
Cabrillo HS Pool
Jordan HS (Phase 1A-1C)
Jordan HS (Phase 2A - 2B)
Jordan HS (Phase 3A - 3B)
Jordan HS (Phase 5 Athletic Fields)
Jordan HS (Phase 6 Gymnasium)
New HS #2 (Browning Site)
New HS #3 (Jordan Plus Site)
New HS #4 (Butler Site)
New HS #5 (TBD Site)
Willard ES
Planning
Construction
Completed
Completed
Underway
Completed
Underway
Aug 2016 - Jul 2018
Aug 2014 - Jul 2016
Aug 2018 - Jul 2020
Aug 2020 - Jul 2022
Underway
Underway
Underway
Underway
Underway
Completed
Nov 2010 - May 2013
Jul 2013 - Jan 2015
Jul 2012 - Aug 2013
Jan 2014 - Feb 2018
Aug 2018 - July 2020
Aug 2016 - Jan 2018
Aug 2020 - Jan 2022
Aug 2022 - Jan 2024
Jun 2014 - Feb 2016
Aug 2013 - Jan 2014
Aug 2015 - Oct 2017
Jun 2015 - Oct 2017
Jun 2015 - Oct 2016
Underway
Underway
Underway
Underway
Underway
Underway
Underway
Underway
Underway
Underway
Underway
Underway
Underway
Nov 2013 - Jun 2015
Aug 2013 - Jan 2014
Jan 2014 - Dec 2014
Jun 2015 - May 2016
Aug 2013 - Jan 2014
Aug 2014 - Oct 2015
Aug 2014 - Oct 2015
Aug 2016 - Jan 2018
May 2011 - Aug 2014
Jun 2013 - Aug 2014
Sep 2012 - Aug 2016
Jan 2010 - Dec 2014
Jan 2012 - Dec 2016
Jul 2020 - Jun 2022
(TBD)
(TBD)
(TBD)
(TBD)
(TBD)
Jul 2022 - Dec 2024
(TBD)
(TBD)
(TBD)
(TBD)
(TBD)
District-Wide Projects
AB300 Projects
Newcomb K-8
Bancroft Gym
Hamilton Gym
Hill Gym
Hoover Gym
Polytechnic Auditorium
Wilson Auditorium
Jordan Auditorium (JHS Phase 4)
Deportabilization Projects
Building System Improvements
Technology Projects
DSA Certification Projects
ADA Projects
Future Unassigned Major Projects
Millikan HS
Avalon K-12
Hill MS
Hamilton MS
Renaissance High School for the Arts
Impacts to Current Prioritization
•  No impact to current project prioritization
Long Beach Unified School District
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II. Bond Program Financial Update
Measure K Funding / Cash Flow Impacts
Scenario 2: Up to 25-year bonds with CABs
Major Projects (Based on Current Prioritization)
Nelson MS
McBride Sr. HS
Roosevelt ES
Cabrillo HS Pool
Jordan HS (Phase 1A-1C)
Jordan HS (Phase 2A - 2B)
Jordan HS (Phase 3A - 3B)
Jordan HS (Phase 5 Athletic Fields)
Jordan HS (Phase 6 Gymnasium)
New HS #2 (Browning Site)
New HS #3 (Jordan Plus Site)
New HS #4 (Butler Site)
New HS #5 (TBD Site)
Willard ES
Planning
Construction
Completed
Completed
Underway
Completed
Underway
Aug 2016 - Jul 2018
Aug 2014 - Jul 2016
Jun 2025- Jul 2027
Jun 2025- Jul 2027
Underway
Underway
Underway
Underway
Underway
Completed
Nov 2010 - May 2013
Jul 2013 - Jan 2015
Jul 2012 - Aug 2013
Jan 2014 - Feb 2018
Aug 2018 - July 2020
(TBD)
Jul 2027- Dec 2029
Jul 2027- Dec 2029
Jun 2014 - Feb 2016
Aug 2013 - Jan 2014
Aug 2015 - Oct 2017
Jun 2015 - Oct 2017
(TBD)
Underway
Underway
Underway
Underway
Underway
Underway
Underway
Underway
Underway
Underway
Underway
Underway
Underway
Nov 2013 - Jun 2015
Aug 2013 - Jan 2014
(TBD)
(TBD)
Aug 2013 - Jan 2014
Aug 2014 - Oct 2015
Aug 2014 - Oct 2015
(TBD)
May 2011 - Aug 2014
Jun 2013 - Aug 2014
Sep 2012 - Aug 2016
Jan 2010 - Dec 2014
Jan 2012 - Dec 2016
Jun 2025- Jul 2027
(TBD)
(TBD)
(TBD)
(TBD)
(TBD)
Jul 2027- Dec 2029
(TBD)
(TBD)
(TBD)
(TBD)
(TBD)
District-Wide Projects
AB300 Projects
Newcomb K-8
Bancroft Gym
Hamilton Gym
Hill Gym
Hoover Gym
Polytechnic Auditorium
Wilson Auditorium
Jordan Auditorium (JHS Phase 4)
Deportabilization Projects
Building System Improvements
Technology Projects
DSA Certification Projects
ADA Projects
Future Unassigned Major Projects
Millikan HS
Avalon K-12
Hill MS
Hamilton MS
Renaissance High School for the Arts
Impacts to Current Prioritization:
•  No impact to current project prioritization
•  Possible delays of current and future
projects by 3-5 years
Long Beach Unified School District
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II. Bond Program Financial Update
Measure K Funding / Cash Flow Impacts
Scenario 3: Up to 40-year bonds without CABs
Major Projects (Based on Current Prioritization)
Nelson MS
McBride Sr. HS
Roosevelt ES
Cabrillo HS Pool
Jordan HS (Phase 1A-1C)
Jordan HS (Phase 2A - 2B)
Jordan HS (Phase 3A - 3B)
Jordan HS (Phase 5 Athletic Fields)
Jordan HS (Phase 6 Gymnasium)
New HS #2 (Browning Site)
New HS #3 (Jordan Plus Site)
New HS #4 (Butler Site)
New HS #5 (TBD Site)
Willard ES
Planning
Construction
Completed
Completed
Underway
Completed
Underway
Aug 2016 - Jul 2018
(TBD)
(TBD)
(TBD)
Underway
Underway
Underway
Underway
(TBD)
Completed
Nov 2010 - May 2013
Jul 2013 - Jan 2015
Jul 2012 - Aug 2013
Jan 2014 - Feb 2018
Aug 2018 - July 2020
(TBD)
(TBD)
(TBD)
(TBD)
Aug 2013 - Jan 2014
Aug 2015 - Oct 2017
Jun 2015 - Oct 2017
(TBD)
Underway
Underway
(TBD)
(TBD)
Underway
(TBD)
(TBD)
(TBD)
Underway
Underway
Underway
Underway
Underway
Nov 2013 - Jun 2015
Aug 2013 - Jan 2014
(TBD)
(TBD)
Aug 2013 - Jan 2014
(TBD)
(TBD)
(TBD)
May 2011 - Aug 2014
Jun 2013 - Aug 2014
Sep 2012 - Aug 2016
Jan 2010 - Dec 2014
Jan 2012 - Dec 2016
Jan 2023 - Jul 2023
(TBD)
(TBD)
(TBD)
(TBD)
(TBD)
Aug 2025 -Dec 2030
(TBD)
(TBD)
(TBD)
(TBD)
(TBD)
District-Wide Projects
AB300 Projects
Newcomb K-8
Bancroft Gym
Hamilton Gym
Hill Gym
Hoover Gym
Polytechnic Auditorium
Wilson Auditorium
Jordan Auditorium (JHS Phase 4)
Deportabilization Projects
Building System Improvements
Technology Projects
DSA Certification Projects
ADA Projects
Future Unassigned Major Projects
Millikan HS
Avalon K-12
Hill MS
Hamilton MS
Renaissance High School for the Arts
Impacts to Current Prioritization
•  Will impact current project prioritization
•  Possible delays of current and future
projects by 8-12 years
Long Beach Unified School District
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II. Bond Program Financial Update
Measure K Funding / Cash Flow Impacts
Scenario 4: Up to 25-year bonds without CABs
Major Projects (Based on Current Prioritization)
Nelson MS
McBride Sr. HS
Roosevelt ES
Cabrillo HS Pool
Jordan HS (Phase 1A-1C)
Jordan HS (Phase 2A - 2B)
Jordan HS (Phase 3A - 3B)
Jordan HS (Phase 5 Athletic Fields)
Jordan HS (Phase 6 Gymnasium)
New HS #2 (Browning Site)
New HS #3 (Jordan Plus Site)
New HS #4 (Butler Site)
New HS #5 (TBD Site)
Willard ES
Planning
Construction
Completed
Completed
Underway
Completed
Underway
Aug 2016 - Jul 2018
(TBD)
(TBD)
(TBD)
Underway
Underway
Underway
Underway
(TBD)
Completed
Nov 2010 - May 2013
Jul 2013 - Jan 2015
Jul 2012 - Aug 2013
Jan 2014 - Feb 2018
Aug 2018 - July 2020
(TBD)
(TBD)
(TBD)
(TBD)
Aug 2013 - Jan 2014
Aug 2015 - Oct 2017
Jun 2015 - Oct 2017
(TBD)
Underway
Underway
(TBD)
(TBD)
Underway
(TBD)
(TBD)
(TBD)
Underway
Underway
Underway
Underway
Underway
Nov 2013 - Jun 2015
Aug 2013 - Jan 2014
(TBD)
(TBD)
Aug 2013 - Jan 2014
(TBD)
(TBD)
(TBD)
May 2011 - Aug 2014
Jun 2013 - Aug 2014
Sep 2012 - Aug 2016
Jan 2010 - Dec 2014
Jan 2012 - Dec 2016
Jan 2023 - Jul 2023
(TBD)
(TBD)
(TBD)
(TBD)
(TBD)
Aug 2025 -Dec 2030
(TBD)
(TBD)
(TBD)
(TBD)
(TBD)
District-Wide Projects
AB300 Projects
Newcomb K-8
Bancroft Gym
Hamilton Gym
Hill Gym
Hoover Gym
Polytechnic Auditorium
Wilson Auditorium
Jordan Auditorium (JHS Phase 4)
Deportabilization Projects
Building System Improvements
Technology Projects
DSA Certification Projects
ADA Projects
Future Unassigned Major Projects
Millikan HS
Avalon K-12
Hill MS
Hamilton MS
Renaissance High School for the Arts
Impacts to Current Prioritization
•  Will impact current project prioritization
•  Possible delays of current and future
projects by 8-12 years
Long Beach Unified School District
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II. Bond Program Financial Update
State Funding Eligibility
State Funding Eligibility
•  The District has received the following State funds:
• 
• 
Nelson Middle School
McBride High School
$12,903,722
$15,024,878
COS Funds
Modernization and CTE Funds
•  Current State funds have been depleted for all programs except
the Seismic Mitigation Program (SMP)
•  The District has received DSA’s concurrence for eligibility of SMP
funding for the following projects:
• 
• 
• 
• 
Bancroft MS Gym
Hill MS Gym
Hamilton MS Gym
Hoover MS Gym
• 
• 
• 
Jordan HS Auditorium
Polytechnic HS Auditorium
Wilson HS Auditorium
•  Discussions are underway for a possible State-wide 2014 school
bond measure to replenish the funding source for Modernization,
New Construction, and other grant programs.
Long Beach Unified School District
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II. Bond Program Financial Update
State Funding Eligibility
State Funding Eligibility
•  Future availability of State funds could allow the District to leverage
Modernization eligibility for current district-wide projects such as fire
alarm and clock/intercom replacement projects and ADA upgrades.
•  Other funding opportunities:
•  Received $913,896 in ERATE for the Core Switch & UPS
Replacement Phase 1 project
•  Anticipate receiving an estimated $7,250,000 in ERATE funds
for the Telecommunication Phase II and Wireless Data
Communication Phase II projects
Long Beach Unified School District
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II. Bond Program Financial Update
State Funding Eligibility
State Funding Eligibility
Current Projects
(Based on Current Prioritization)
• 
• 
• 
• 
Estimated State Funding (1)
Roosevelt ES New Construction
Newcomb K8 AB300 / New Construction
Jordan HS Major Renovation
Willard ES Minor Renovation / Addition
Future Projects
•  Hill MS Major Renovation
•  Hamilton MS Major Renovation
•  Millikan HS Major Renovation
•  Avalon K12 Moderate Renovation / Addition
•  Renaissance HS for the Arts
Current AB300 Projects
•  Bancroft MS Gym AB300
•  Hamilton MS Gym AB300
•  Hill MS Gym AB300
•  Hoover MS Gym AB300
•  Polytechnic HS Auditorium AB300
•  Wilson HS Auditorium AB300
•  Jordan HS Auditorium AB300
.
Notes:
(1)  Funding dependent on State’s ability to sell bonds and
voter approval of future State-wide bond measures.
Funding Type
$7,156,975
$11,731,465
$36,776,657
$6,831,301
$62,496,398
Mod. / New Const. / ORG / AB801 / HPS
Mod. / New Const. / ORG / SMP / HPS
Mod. / New Const. / ORG / HPS
Modernization / ORG
$6,446,034
$13,290,237
$39,483,315
$5,417,690
$7,412,999
$72,050,275
Modernization
Modernization / ORG
Modernization / ORG
Modernization / Facility Hardship
Modernization / ORG
$2,200,000
$2,500,000
$2,500,000
$2,100,000
$6,000,000
$4,500,000
$6,500,000
$26,300,000
SMP
SMP
SMP
SMP
SMP
SMP
SMP
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II. Bond Program Financial Update
Staff Recommendations
Staff recommendations
•  Advocate for:
•  Continued use of 40 year bonds for existing bond programs
•  Application of repayment ratio test for entire bond program
•  Issue Series C without CABs in consideration of current
moratorium and proposed legislation
We are seeking preliminary Board feedback on the use of CABs for
future issuances. However, we will revisit this topic with the Board
before the issuance of Series D, when relevant legislation is clarified
and AV is revised.
Long Beach Unified School District
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For More Information
This Presentation along with
Measure K Bond Program
information is available at:
www.lbschools.net
Long Beach Unified School District
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