• Schools Measure G Offers Voters a New Type of Bond

    by Marge Ann Jameson

    Imagine a school technology bond which does not outlive the equipment it’s meant to purchase. Voters will be asked on Nov. 5, 2013 to approve an assessment  to issue a series of short-term bonds with a finance term of three to five years, meaning that the term of each financing will match the expected useful life of the technology. At the current breakneck speed of technological innovation, it’s an important distinction.

    Short-term financing will significantly reduce borrowing costs in that more than 90 percent of each tax dollar will go toward technology improvements for Pacific Grove Unified School District students. Only as much as will be needed will, in turn, be borrowed. The district will be able to decide when to issue to bonds, based on what the technology needs of the schools are at the time.

    The bond funds may only be used for technology equipment and software, technology testing and learning requirements, classroom security, and data center wiring. More than $500 per student will be allotted without cutting into other classroom programs, whereas the current budget only allows $12.50 per student for technology. No bond money can be used for teacher or administrative salaries, though there is a provision for upgrading teachers’ training for the technology portion of the curriculum. A citizens’ oversight committee will be set up to ensure that the funds are properly spent, similar to the committee which oversees Measure D (facilities) spending.

    The tax rate per property is estimated at $40 per $100,000 of assessed valuation, or about $2.50 per month per property. A simple majority is required to enact the measure.

    posted to Cedar Street Times on September 19, 2013

    Topics: Front PG News, Schools

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