About
What are General Obligation (GO) Bonds?
GO bonds fund construction, reconstruction, rehabilitation, or replacement of school facilities; including the furnishing and equipping of school facilities. Similar to a home loan, G.O. bonds are repaid over time.
What is Measure K?
The measure K $45 million general obligation facilities bond was approved by Martinez voters on November 2, 2010:
"To qualify for State grants, install solar energy improvements, provide and upgrade classrooms, rehabilitate infrastructure, improve school grounds, enhance Alhambra's performing arts building, add culinary arts, career and technical education classrooms, and furnish computers and other electronic equipment, shall Martinez Unified School District be authorized to issue up to $45,000,000 in bonds at legal interest rates, with citizens' oversight, independent annual performance and financial audits and no increase in the estimated tax rate."
What is Measure R?
The Measure R $120 million general obligation facilities bond was approved by Martinez voters on November 8, 2016:
"To modernize, construct and/or renovate classrooms, restrooms and school facilities at elementary schools; improve student access to modern technology; upgrade inadequate electrical systems; replace deteriorating plumbing systems; construct career/technical education classrooms, including science labs; and replace leaky roofs, shall the Martinez Unified School District issue $120,000,000 of bonds, at legal interest rates, with annual audits, an independent citizens’ oversight committee, NO money for teacher or administrator salaries and all funds locally-controlled."
What will Measures K & R do for my school site?
Click on the "Projects" page from the menu above to see what's happening at your school site. If there's something you would like to see let us know!
How would a Measure be repaid?
The loan repayment comes from a tax on all property located within the District's boundaries: residential, commercial, and industrial. The tax rate for repayment is determined by the assessed valuation, not market value. Assessed valuation is the value placed on property by the County pursuant to Proposition 13 and is typically much lower than the market value for which a property may be sold.
What safeguards exist for taxpayers?
State law requires a detailed project list be presented to voters for all such bond measures. Only projects identified on the detailed project list may be funded from bond proceeds. In addition, State law requires that any such measure include a guaranteed annual audit and an independent oversight committee to ensure money is used only for voter approved school improvements and repairs and not used for salaries, administration, or overhead.
What about using other sources of funding, such as State Funds, the District's General Fund, and Lottery Funds?
The District is eligible for an additional $5 million in State funds; however, a local match is required. The General Fund is budgeted in large part on annual funds from the State to cover the ongoing costs of running a school district, including instruction and teacher salaries, and does not account for the needs including school repair and construction. State law prohibits the use of lottery funds for the repair or construction of school facilities.
If the state budget and school funding are in trouble, how are we able to fund construction and modernization projects?
Voters approved school facilities bonds in November 2010 and 2016. By law, a school bond may ONLY be spent on facilities and equipment - not for instructional salaries, textbooks or other operating expenses. We are using these funds to install energy efficient heating and cooling units, new electrical systems, etc. which will save the district money. Those savings can and will be used for instructional salaries and educational programs.
Have More Questions? Contact Us!
Lynette Aitken, Facilities Support Specialist - laitken@martinez.k12.ca.us