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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 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]
A 55 percent supermajority vote was required for approval of Measure CC.
Election results
| Measure CC | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
 Yes | 4,706 | 76.28% | ||
| No | 1,463 | 23.72% | ||
- 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
See also
- School bond elections in California
- Local school bonds on the ballot
- Los Angeles County, California ballot measures
- June 3, 2014 ballot measures in California
External links
Additional reading
Footnotes
- ↑ County of Los Angeles Registrar-Recorder/County Clerk, "Election Results," accessed June 3, 2014
- ↑ 2.0 2.1 Culver City Unified School District website, "Questions and Answers on Measures CC," accessed March 25, 2014
- ↑ Los Angeles County Registrar website, "June 3, 2014, ballot measures," archived March 25, 2014
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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