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Prop P Bond Measure Program

Prop P

About Prop P Bond Program

Prop P, approved by the voters in November 2007, issued four bonds in the total amount of $197,996,000.00. The four different bonds comprised of traditional current interest bonds, capital appreciation bonds (“CAB”), convertible capital appreciation bonds and QSCB federally subsidized bonds. Using the different bond types allowed the debt service payments to be more evenly distributed over the life of the bonds. This also enabled the district to have access to the full bonding amounts sooner so construction and modernization projects could proceed quickly. 

Final Prop P Projects 2007 FMP List:

  • Valley Middle School PE Locker Rooms and Science Lab: Warranty period ending August 2018
  • The Performing Arts Center at Sage Creek High School: Substantial completion June 2018, final punchlist phase
  • Carlsbad High School's Lancer Arena Re-roof
  • Carlsbad Cultural Arts Center Modernization
  • Security Fencing at Buena Vista ES, Kelly ES and Magnolia ES

Project Descriptions

Carlsbad High School's Lancer Arena Re-roof

  • Remove and replace the roof on the Lancer Arena.

Carlsbad Cultural Arts Center Modernization

  • Address code complaint issues such as fire, life, safety, access items only.

If additional Prop P funds are available:

Security Fencing at Buena Vista ES, Kelly ES and Magnolia ES

  • Install an 8' permeter fence to enhance security of the campus.

Audit Performed by Third Party

Carlsbad Unified School District employs Wilkinson Hadley King & Company to conduct the Financial and Performance Audits

 

Performance Audits meet SDCTA Standards - yes

Prop 39 Required Audit Findings - None to report

Performance Audits

Most Recent Audits

Financial Audits

Most Recent Audits

The Financial and Performance Audit yielded no Findings or Recommendations for correction or improvement to the management of the Proposition P Bond Program.

Basic Financial Information

Proposition P is a General Obligation Bond Measure approved in November 2006 for $198 million for renovations, modernization and new construction for CUSD. The Program spending began in 2007 and will conclude with the final phases of modernization and new construction, which have been defined in the approved Facilities Master Plan.

Up to date Financial information is available upon request of the District Office. Previous Financial information is provided in the previous year's audit. Prop P Bond dollars are expected to be depleated by the fall/winter of 2019.

Budget Overview

  • On August 29, 2007 the District issued $40,000,000, Series A General Obligation Bonds that mature on August 1, 2032.
  • On May 29, 2009 the District issued $79,998,017, Series B General Bonds that mature on May 1, 2034.
  • On June 7, 2011 the District issued $52,998,238 in Tax-Exempt General Obligation Bonds, 2011 Series C, and $25,000,000 in Taxable General Obligation Bonds, 2011 Series D that mature on August 1, 2035.
  • On June 26,2014, the District issued $16,495,000, as an advance refund, at a lower interest rate, of Series A 2014 General Obligation Bonds that mature on August 1, 2027. This advanced refund saved the community’s tax bill approximately $1,132,000 over the following 13 years.
  • The maximum projected tax rate for the repayment period is $60 per $100,000 of assessed property valuation.

The Performing Arts Center at Sage Creek High School: Substantial completion June 2018, final punchlist phase

FGMP: $14,986,456.00
Change Orders: $588,344.00 (portion of CO are funded out of CFDs)
New GMP: $15,574,800.00
Paid to date: $14,778,048.95

Carlsbad High School's Lancer Arena Re-roof

PGMP $1,615,362.00

Carlsbad Cultural Arts Center Modernization

PGMP $3,565,034.00

Security Fencing at Buena Vista ES, Kelly ES and Magnolia ES

Budget $1.6M

prop p chart
 

Program Status Updates

Prop P Bond dollars are expected to be depleted by the fall/winter of 2019.

Prop p construction commitments
 

Detailed Discussion of Projects

Carlsbad High School's Lancer Arena Re-roof

The roof has surpassed its life expectancy and has given way to leaks. In an effort to create a safer roof for future maintenance, Bemco produced onsite approximately 16" x 240' lengths of metal roofing to be placed on the curved gym roof. In addition the Coach's office and exterior elevator roofs will be replaced. This project holds a hard cost PGMP of $1,615,362.00

Carlsbad Cultural Arts Center Modernization

The Carlsbad Cultural Arts Center is as aged facility in need of code complaint upgrades. The fire and life warning systems and stage curtains will be upgraded to meet current codes. Access upgrades will include a new interior lobby elevations, expanded ticket booth, lobby restrooms, upstairs dressing rooms, theater access and theater seating as well as the addition of an elevator to access the 2nd floor. Other upgrades include improved access to the catwalk systems, new office downstairs, a new green room upstairs and expanded HVAC to the new areas. This project holds a hard cost PGMP of $3,565,034.00

Security Fencing at Buena Vista ES, Kelly ES and Magnolia ES

Security of our campuses is a priority. The District has a phased plan to enhance security each campus. The scope will included an 8' perimeter fence of either wrought iron or a combination of wrought iron and CMU. This project is still in the design phase and has been submitted to DSA for their review. Anticipated bid date will be later summer 2018 with construction completion by fall/winter of 2019. Additional phases will follow with other funding sources. This project is expected to spend the remaining dollars of Prop P funding.

Expenditures Itemized by Project/Site

Valley Middle School PE Locker Rooms and Science Lab: Final cost $4,411,761.00
The Performing Arts Center at Sage Creek High School: Paid to date $14,778,048.95
Carlsbad High School's Lancer Arena Re-roof: Starting mid -June 2018
Carlsbad Cultural Arts Center Modernization: Starting late August 2018
Security Fencing at Buena Vista ES, Kelly ES and Magnolia ES: Starting mid -September 2018

SCHS Performing Arts Center

SCHS Performing arts center

SCHS PAC Renderings

SCHS Rendering

SCHS Rendering 2