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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:

  • Security Fencing at Buena Vista ES, Kelly ES, and Magnolia ES, Valley MS, Calavera Hills ES, Calavera Hills MS, Poinsettia ES, Pacific Rim ES, and Carlsbad HS.

Project Descriptions

Security Fencing at Buena Vista ES, Kelly ES, and Magnolia ES, Valley MS, Calavera Hills ES, Calavera Hills MS, Poinsettia ES, Pacific Rim ES, and Carlsbad HS.

  • Install an 8' perimeter fence to enhance security of the campus:  completed June 2019

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.
  • November 2017 the District selected the right time to refinance the Bonds and was able to reduce the average interest rate on the prior Bonds from 5.8% down to 2.3%, reducing the communities tax bill by $10,219,308 over the period between 2019 and 2034. This brings the repayment ratio down from 1.31 to 1 for these bonds.  

Security Fencing at Buena Vista ES, Kelly ES, and Magnolia ES, same list as above

Budget $5M

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

Security Fencing at Buena Vista ES, Kelly ES, and Magnolia ES, Valley MS, Calavera Hills ES, Calavera Hills MS, Poinsettia ES, Pacific Rim ES, and Carlsbad HS

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. Phase 1 includes Buena Vista ES, Kelly ES and Magnolia ES. Phase 2 includes Valley MS, Calavera ES, Calavera MS, Poinsettia ES, Pacific Rim ES, and Carlsbad HS. Phase 1 is under construction with completion by summer 2019. Phase 2 project is still in the design phase and has been submitted to DSA for their review. Anticipated bid date will be late summer/early fall 2019 with construction completion by spring 2020. Additional phases will follow with other funding sources. This project is expected to spend the remaining dollars of Prop P funding. 

Basic Financial Information

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

Expenditures Itemized by Project/Site


Phase 1 Security fencing at Buena Vista ES, Kelly ES and Magnolia ES: $1.7M
Phase 2 Security Fencing at Poinsettia ES, Pacific Rim ES, Calavera Hills ES/MS, Valley MS and Carlsbad HS: Starting fall 2019

SCHS Performing arts center

SCHS PAC Renderings

SCHS Rendering

SCHS Rendering 2