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AUSD Measure C 2004 (Facilities Bonds)

Alameda voters approved Measure C in 2004, authorizing the Alameda Unified School District to issue $63 million (face value) in bonds to fund facility repairs and maintenance. According to repayment schedules, the $63 million in face value translated to $176 in total debt, payable until 2036, due to the use of Capital Appreciation Bonds, which defer repayment of principal for 10 to 20 years.

The bonds were issued in two tranches, Series A, for $41 million, and Series B, for $22 million.

The school district raised roughly $14.8 million in state matching funds, after the measure was approved, an amount less than the “over $17 million” advertised in the ballot statement.

Measure C (2004) Ballot Statement
To renovate aging neighborhood schools, improve student safety conditions, relieve classroom overcrowding, construct, equip, upgrade classrooms, facilities and sites, and qualify for over $17 million in State matching funds, shall the Alameda City Unified School District issue $63 million of bonds at legal rates, with annual audits and citizen oversight, with no proceeds going to the State and all funds remaining in Alameda to benefit neighborhood schools without increasing existing tax rates?

Alameda County Smartvoter Report

Campaign Finance Statements
Alamedans for Better Schools Campaign Statement 1 (Pro Measure C)
Alamedans for Better Schools Campaign Statement 2 (Pro Measure C)
Alamedans for Better Schools Campaign Statement 2 (Pro Measure C)

Bond Repayment Schedules
Bond Repayment Schedule from AUSD
Spreadsheet – Consolidated Bond Repayment Schedule

AUSD Bond Payment Account
In response to a public records request, AUSD CFO Robert Clark provided this file below. He could answer few questions about the ongoing collection of tax revenue under Measure C, and repayment to the bond holders, saying that “The County controls the deposits and withdraws of Fund 51. They would have that information. As a district, we are told the values to insert as payments and taxes collected, and do not have control over those amounts.”

Bond Payment Account – Fund 51

How much did the advisors and underwriters make?
Costs of Issuance Document

June 2012 Budget Review
Look for state matching funds of $14.799 million at the bottom, in Fund 35…
Measure C Budget Review

Bond Sales Document
2004 General Obligation Bonds

Measure C Bond Updates
Measure C 2009 Bond Update
Measure C November 29, 2011 Bond Report
Measure C Staff Report, Nov. 29, 2011
Measure C March 21, 2012 Bond Final Report
Measure C June, 14, 2012 Bond Report
Measure C Final Presentation (State matching funds can be seen starting on Page 8, in the OPSC State Funds column, and on Page 6.)

Measure C Citizens Oversight Committee Documents
Jan 18, 2012 Agenda
Jan 18, 2012 Minutes
March 21, 2012 Agenda
March 21, 2012 Agenda

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