With all 12 precincts reporting and only the by mail ballots remaining to count, Measure T appears to have passed with a majority vote of 64.2%. Upon approval of the measure, the Lakeport Unified School District will issue up to $17 million worth of general obligation bonds, funding that the state cannot take on, to improve the educational quality of the district.
The measure plans to use the funds to give students greater access to computers and new technology, improve outdated heating, cooling and lighting systems, update school facilities including restrooms and classrooms, build a new dining area, media center and library, and improve the Westside pool for both school and community use.
It”s an impressive list of projects.
The $17,000,000 will be issued at legal interest rates and overseen by an independent citizen”s committee. None of the money will go towards administrative salaries.
A general obligation bond is a type of municipal bond secured by the state or local government, who pledge to use legally available resources to pay the interest and principal fees. Available resources include property taxes, and in the case of Measure T, district officials estimate a property tax of $59.87 per $100,000 of assessed property value to pay these bonds.
A 55 percent supermajority vote is required for approval of Measure T.
