At the same meeting Thursday night in which it finalized stemming from the closure of Moiola K-8 School, the Fountain Valley School District's Board of Trustees took the first steps toward putting a potential bond measure on the November ballot that would bring much-needed funding to the district.
The board heard a lengthy presentation by investment banking firm George K. Baum outlining the process for issuing general oblibation bonds, how the funds could be used, and the process and strategy for holding an election to decide whether the bonds are issued.
Based on Fountain Valley's tax rate and an estimated average single-family home value of $300,000, the bonds could bring about $20 million in intial money to the district and an additional $10 million in interest. The money could be used to make capital improvements to school buildings or be placed in a technology fund, which would allow the money to gain another $1 million each year in interest until 2039.
Should the board decide to move forward with the potential bond issue, George K. Baum would begin conducting a phone survey as early as next month to gauge public support. By June, the board could pass a resolution calling for the election, and a campaign in support of the measure would start in August and run until election day in November.
The board also heard a report on the district's efforts to save money on energy costs, which revealed that between September 2008 and January of this year, the district has saved more than $816,000. The district was rated as a top performer by Energy Star standards, with its buildings averaging an efficiency score of 97 out of 100.
In other business, the board finalized the aforementioned layoffs of non-classified positions made unnecessary by the Moiola closure. Also included in the layoffs were two bus driver positions, eliminated as a result of transportation cuts at the state level that forced the district to end home-to-school busing starting next school year.