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Culver City Unified School District Bond Issue, Measure CC (June 2014)

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A Culver City Unified School District Bond Issue, Measure CC ballot question was on the June 3, 2014 election ballot for voters in Culver City Unified School District in Los Angeles County, California, where it was decisively approved.[1]

Measure CC authorized the district to increase its debt by $106,000,000 through issuing general obligation bonds in that amount. The measure's enactment called for taxpayers to pay $48 per $100,000 of assessed property valuation for the life of the bonds to pay off this debt. The interest to be paid on the $106 million was estimated at $111,486,023, bringing the total cost to taxpayers up to $217,486,023.[2]

Chart breaking down the bond money into the amount used for principal and the amount used for interest

A 55 percent supermajority vote was required for approval of Measure CC.

Election results

Measure CC
Approveda Yes 4,706 76.28%
Election results from County of Los Angeles Registrar-Recorder/County Clerk Election Results

Text of measure

Ballot question

The question on the ballot:

To upgrade and repair Culver City schools and support quality education with funding

that cannot be taken away by State government, shall Culver City Unified School District improve classrooms, science labs, computers/learning technology, repair leaking roofs, old plumbing, inadequate electrical systems, and aging school buildings/restrooms, improve school safety, remove hazardous asbestos, make needed seismic repairs, and upgrade, construct, and acquire classrooms, school facilities, sites/equipment, by issuing $106,000,000 in bonds, at legal rates, with independent oversight and audits?[3][4]

Principal vs Interest

The bonds were intended to be issued in four installments. The principal and interest of the loans breaks down as follows:[2]

  • Principal: $106,000,000
  • Interest: $111,486,023
  • Total cost to taxpayers: $217,486,023

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