School bond sale has residents talking
Much
of the talk around town the past week-and-a-half has focused on
reporter Melody Peterson's revealing story in the Feb. 17 Orange
County Register detailing the sale of a portion of $200 million in
voter-approved Placentia-Yorba Linda Unified School District bonds.
The
sale involved $22 million of the larger package, which, according to
Petersen's reporting, will cost $280 million, nearly 13 times the
original amount, with the non-callable payback period beginning in
2031 and running until 2049 at interest rates from 6.98 to 7.8
percent.
Interestingly,
while the $200 million bond bundle was approved by district-wide
voters in the February 2008 presidential primary, Yorba Linda voters
didn't give the bonds the 55 percent necessary for passage.
This
city's voters gave the bonds a 52.5 percent majority, 573 votes less
than the 55 percent needed. County Club and Fairlynn county island
voters were more generous, logging a 54.7 percent majority, just
three votes shy of the threshold.
The
measure passed, however, with a total 864 votes over 55 percent, due
to the “yes” count in Placentia at 60.2 percent and the
district's portions of Anaheim at 64.2 percent, Brea at 57 percent,
Fullerton at 66 percent and other unincorporated county territory at
57.5 percent.
One
reason for the higher “no” vote in Yorba Linda might have been
the fact that the new Yorba Linda High School was already funded from
other sources, including a portion of a $102 million measure approved
by 66 percent of voters in 2002 and redevelopment revenue.
No
organized opposition arose during the 2008 campaign, and, as I noted
in a 2009 column, $263,773 was raised to support the pro-Measure A
Campaign for Kids committee, mostly by nearly two dozen
architectural, banking, construction and landscaping firms.
One
of the emails I received from a resident about Petersen's
investigation asked me why the matter was not brought up in the
recent school board elections. Of course, Petersen's account came
long after November 2012, but another reason is that no election was
held.
Three
incumbent trustees were scheduled for the ballot, but nobody filed to
run against Judi Carmona, Carol Downey and Eric Padget, so the trio
were appointed to four-year terms and their names didn't appear on
the ballot, as state election law allows.
Of
course, mounting a campaign to challenge incumbents in a district
with 83,131 registered voters is expensive. My prior examinations of
trustee election financial reports shows that most of the campaign
cash comes from the Association of Placentia-Linda Educators, the
union representing the district's approximate 1,200 teachers.
A
non-union-supported candidate who slipped by was Rose Drive parent
Carrie Buck, who knocked off appointed incumbent Kim Palmer in 2010
by 218 votes. Her term is up in 2014, along with Karin Freeman, who
was named to the board in 1989 after the dissolution of the Yorba
Linda Elementary School District.