Considering a bond in 2022?
January 31, 2022
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School districts considering a general obligation bond in 2022 will want to take note of statutory requirements, according to an advisory from Atkinson, Andelson, Loya, Ruud & Romo.
For public school districts and community college districts general obligation bonds provide a potential funding source for new facilities, classroom and building renovations and modernizations, and a means of funding 21st Century learning technology infrastructure and tools.
Proposition 39, and its related legislation, provide that a Proposition 39 (55 percent favorable vote) General Obligation bond election may be held only on certain specified election dates, typically in June and November of even-numbered years, with the June election being the date when the Statewide Primary Election will occur in 2022. The Statewide election dates in 2022 are June 7, 2022, and Nov. 8, 2022.
Under the statutory requirements, a school district or community college district must act to call a Proposition 39 bond election and transmit the resolution calling that bond election to the applicable County Registrar of Voters at least 88 days prior to the scheduled election date. Also due at least 88 days prior to the election is a tax rate statement setting forth the estimates of tax rates per each $100 of assessed valuation within the jurisdiction which will vote on the bond measure.
For the June 2022 election, then, the tax rate statement and resolution calling a general obligation bond election by a school district or community college district would need to be received by the County Registrar of Voters on or before March 11, 2022. For the Nov. 8, 2022 election, the tax rate statement and resolution would need to be received by the County Registrar of Voters on or before August 12, 2022.
School districts and community college districts that may want to consider calling a general obligation bond election in 2022 should conduct preliminary reviews and preparation of documents to ensure timely compliance with the statutes. An election consultant can help a school district evaluate whether the other measures on the applicable local ballot might help or hurt their general obligation bond measure’s potential for success.
Read this full article online on ACSA’s Resource Hub: content.acsa.org/2022-general-obligation-bond-elections-and-election-dates/.
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