Argument Against the Jefferson Union High School District $133,000,000 Bond Issue: Measure J
Measure J will saddle taxpayers with huge new debt.
To service these loans and pay them back, Jefferson Union High School District must either divert existing revenues from education services, or force all property owners to pay additional taxes.
And servicing debt isn’t cheap. A 3% interest rate on $133,000,000 means paying $3,990,000 in annual interest for 25-30 years. The total cost of the bond measure in today's dollars? $232,750,000 – or more, if dragged out.
Jefferson Union High School District says they need $133,000,000 in loans, to acquire “up-to-date computers and technology.”
Would you take out a 25-year loan to buy a computer that will be obsolete in 3-5 years? No? Nuts, right? But, that’s their plan.
That’s the same rationale – technology -- they used in 2006, to convince us they needed loans of $136,900,000. After eight years, that technology, hopefully, has been recycled already, but we’re still paying for it -- and will continue to do so, for a decade or more.
In 2012, voters granted Jefferson Union High School District permission for a $41,900,000 bond to “continue renovating, equipping and constructing classrooms.”
Now, just 2 years later, they say they need to “repair and construct classrooms.” Again?
What happened to that $41,900,000? Was construction so faulty that all that work must be done over again? Did students destroy entire schools? Or was it just poor execution?
School bonds, like mortgages, must be paid back, in full -- plus interest. These interest payments are funds that don’t go to teachers, libraries, computers, or maintenance; they just service the debt.
Is this the best use of your tax dollars?
If your answer is “no,” please vote NO on Measure J.
At some point, enough is enough!
You can be for schools and for students -- and against Measure J.