[I. OPEN SESSION]
          [II. ROLL CALL/PLEDGE OF ALLEGIANCE (Part 1 of 2)]
          [00:00:14]
          >>> I WOULD LIKE TO CALL THE SPECIAL BOARD MEETING TO ORDER AT 5:30 P.M. WOULD YOU PLEASE CALL THE ROLE? FOUR WOULD YOU 
          LEAD US IN THE SALUTE? >> I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE REPUBLIC FOR WHICH IT STANDS, WHEN NATION, UNDER GOD, INDIVISIBLE WITH 
          [III. APPROVAL OF THE AGENDA]
          LIBERTY AND JUSTICE FOR ALL. >> I AM ASKING FOR A MOTION IN A SECOND TO APPROVE THE AGENDA. 
          >> MOVED. >> SECOND. 
          >> WOULD YOU CALL THE ROLE? CARRIES. 4-NUMBER ZERO. THE BOARD MEETINGS ARE LIFESTREAM AND RECORDED AT THE DIRECTION OF THE BOARD IN THE LIFESTREAM IS AVAILABLE FOR VIEWING ON OUR WEBSITE AND THE RECORDINGS WILL BE AVAILABLE FOR VIEWING THE DAY AFTER THE BOARD MEETING AND THOSE IN ATTENDANCE SHOULD EXPECT WE WILL CAPTURE ALL ACTIVITY AND DISCUSSIONS BEFORE, DURING AND AFTER MEETINGS. PLEASE NOTE THAT THE PUBLIC COMMENT WILL ONLY BE ACCEPTED IN REGARD TO THE ITEM ON THE AGENDA, SINCE THIS IS A SPECIAL BOARD MEETING IN ACCORDANCE TO THE BOARD MEETING CONDUCT, INDIVIDUAL SPEAKERS WILL BE ALLOWED TWO MINUTES TO ADDRESS THE BOARD AND THE BOARD MAY LIMIT THE TOTAL TIME FOR 
          [II. ROLL CALL/PLEDGE OF ALLEGIANCE (Part 2 of 2)]
PUBLIC INPUT ON EACH ITEM TO 20 MINUTES. 
          >> TRUSTEE, POINT OF ORDER , COULD WE ESTABLISH A ROLL CALL? 
          >> I WAS JUST GOING TO DO THAT. 
          >> SORRY. >> COULD YOU CALL THE ROLE AGAIN, PLEASE? 
          [IV.a. Facilities Financing]
ARE HERE. AT THIS POINT THE ITEM IS ON FACILITIES AND FINANCING. AND FOR THOSE OF YOU WATCHING AT HOME, THE STUDY SESSION WILL BE LED BY WILL YOUNG. I'M GOING TO TURN THIS 
          OVER. >> THANK YOU. EVENING, TRUSTEES. PRESENTED FOR YOU TONIGHT IS A DISCUSSION AROUND FACILITIES FINANCING. AT THE LAST BOARD MEETING, WE TALKED ABOUT OUR FACILITIES MASTER PLAN, WHICH IS TRUSTEE APPROVED AND WE ARE GOING TO SHARE INFORMATION ABOUT FACILITIES, FINANCING IN A COUPLE REMINDERS IS ABOUT WHERE WE ARE AT WITH FACILITIES IN THE FUTURE NEEDS AND THIS IS A STUDY SESSION AND OPEN FOR YOUR CONVERSATION AND QUESTIONS THROUGHOUT THIS PRESENTATION. PLEASE FEEL FREE TO ASK CLARIFYING QUESTIONS, SHARE ANY COMMENTS AND THIS IS A DISCUSSION FOR THE BOARD OF TRUSTEES TO CONSIDER HOW WE FIND THAT FACILITY MASTER PLAN AND A PORTION OF IT AS WE MOVE FORWARD IN THE FUTURE. DOUG WILL BE JOINING ME IN THIS PRESENTATION. IN A FEW MOMENTS, KEITH WEAVER WILL BE JOINING US FROM GOVERNMENT FINANCIAL SERVICES TO GIVE US AN UPDATE ABOUT THE BOTTOM REACH FINANCING, BUT IN HIS ABSENCE, I'M GOING TO START TO KEEP US MOVING FORWARD. LOTS OF INFORMATION COMING AT YOU. 
          PLEASE FEEL FREE TO ASK QUESTIONS AND THERE ARE NO QUESTION SIDES IN THIS PARTICULAR PRESENTATION. ASK AWAY. I WILL PAUSE AND SAY, ASK QUESTIONS. TONIGHT'S OBJECTIVES, WE ARE GOING TO SHARE RESULTS ON THE RECENT COMMODITY FINANCING AND, AGAIN, THANK YOU TO OUR PREVIOUS ACTIONS ON THAT. THERE IS A SIGNIFICANT TAXPAYER SAVINGS WITH THIS REFINANCING WE WILL GIVE YOU REMINDERS ABOUT THE REVIEW AND WE WILL EXPLAINED TO FACILITY FINANCE OPTIONS FOR SCHOOL DISTRICTS AND CONSIDERATIONS AND SOME OF THOSE YOU ARE FAMILIAR WITH OR MAY BE NEW TO YOU WE WILL GIVE YOU UPDATES AND S&P ON THE HORIZON, WHAT'S THE CURRENT CLIMATE FOR SCHOOL BONDS IN YOUR HEARING LOTS OF DIFFERENT THINGS AND WE WISH YOU REMINDERS AND WHAT MAY BE CURRENT CLIMATE AND TRUSTEE DIRECTION . WE WILL BE SEEKING TRUSTEE DIRECTION ON THE POSSIBILITY OF A SCHOOL BOND, 
          [00:05:03]
WHETHER IT'S 4024 OR INTO THE FUTURE, BUT WE NEED SOME DIRECTION FROM TRUSTEES IN ORDER FOR US TO MOVE FORWARD, WHETHER IT IS THIS YEAR OR IN THE FUTURE YEARS. I'M GOING TO HAND THIS OVER TO KEITH AND BOTH KEITH AND I WILL BE COMMENTING ON THIS. THIS IS A FOLLOW-UP TO A RESOLUTION THAT THE BOARD AND ACTED, GIVEN STAFF DIRECTION TO REFINANCE 
          PRIOR BONDS. >> GREAT. I HAVE REALLY GOOD NEWS TO SHARE WITH YOU TONIGHT. YOU RECALL IN FEBRUARY WE WERE IN FRONT OF THE BOARD TURN ABOUT THE POSSIBILITY OF REFINANCING, SO NOW I'M BACK HERE TO SHARE THE RESULTS TONIGHT. WE UTILIZE A NUMBER OF BEST PRACTICES AND YOU CAN SEE SEVERAL LISTED HERE, BUT THEY ARE PROVIDER AND USING COMPETITION TO TRY AND REDUCE COSTS AND OVERALL MAKING EFFORTS TO MANAGE AND CONTROL OF THE COSTS ASSOCIATED WITH THIS REFINANCING. THE DISTRICT TOOK A REVIEW OF ITS CREDIT RATING AS PART OF THIS PROCESS AND THAT WAS EVALUATED BY THE INVESTOR SERVICE AND I WOULD LIKE TO SHOW YOU HOW WE RECEIVED A CREDIT RATING OF AA THREE, WHICH IS AN EXCELLENT WRITING AND IT'S YOUR TOP OF THE LIST AND MOST R-RATED IN THE LETTER A CATEGORY AND WE ARE ABOUT THAT AND AA AND THAT IS A REALLY NICE OUTCOME AND IN ADDITION, OUR OUTLOOK WAS UPGRADED FROM STABLE TO POSITIVE. ANOTHER NICE MENTION AND THE REASONS THAT WERE CITED WAS INCLUDED THE ECONOMIC EXPANSION THAT IS OCCURRING WITHIN THE SCHOOL DISTRICT AND THE DISTRICT'S STRONG FINANCIAL PERFORMANCE AND MUCH OF THAT WAS ATTRIBUTED TO THE DISTRICT'S CONSERVATIVE BUDGETING PRACTICES AND REALLY WELL DONE. THIS IS AN OUTSTANDING CREDIT RATING FOR A SCHOOL DISTRICT. IN TERMS OF PROCESS, WE HAD A COMPETITIVE PROCESS ON APRIL 23RD. WE ENJOYED HAVING THEM AND WE USE A INTERNET PLATFORM TO GET THE WORD OUT AND NOTIFY BANKS AND UNDERWRITERS AND PROVIDED IN 
          THE BANK OR UNDERWRITING FIRM >> CAN YOU TOUCH ON IN ALTERNATIVE COMPETITIVE BUILDING. 
          >> THE OTHER OPTIONS, IF WE DIDN'T DO A COMPETITIVE PROCESS, WE COULD SELECT A BANK AND WE COULD SELECT ANY BANK AND THEN WE COULD NEGOTIATE COSTS AND THE INTEREST RATE WITH THEM AND TRY TO REACH A NEGOTIATED AGREEMENT. YOU CAN SEE THAT WE HAVE 13 FIRMS BID FROM ACROSS THE UNITED STATES AND THEY ARE SHOWN HERE AND REALLY GREAT RESULT AND YOU CAN SEE THERE IS SOME REALLY WELL-KNOWN NAMES ON HERE, LIKE WELLS FARGO AND BANK OF AMERICA, BUT ALSO A FEW NAMES YOU HAVEN'T SEEN BEFORE THAT ARE MORE SMALLER IN REGIONAL BANKS AROUND THE NATION. REALLY GOOD OUT, WE ALSO HAVE FIVE FIRMS BID THAT HAD NOT BID ON THE DISTRICT PREVIOUSLY, SO WE HAD SOME NEW ENTRANTS AND PARTICIPANTS INTO THIS BID PROCESS, WHICH IS GREAT AND IT JUSTIFIES THE OUTCOMES THAT WE WOULD HAVE NO. IF WE WERE TRYING TO SELECT A BANK, WE WOULDN'T HAVE KNOWN WHO WOULD HAVE BEEN INTERESTED. AND THEN HERE'S PUTTING THAT 13 BIDS IN CONTEXT. WE HAVE WORKED ON OVER 400 BID PROCESSES, GOING BACK TO 2003 AND LESS THAN 2% HAVE RECEIVED 13 OR MORE BIDS AND MOST SCHOOL DISTRICTS GET SOMEWHERE BETWEEN 4 TO 6 BIDS AND WE GOT 13, SO REALLY OUTSTANDING RESULT AND IT SHOWS THE INTEREST LEVEL THAT THE SCHOOL DISTRICT WAS GENERATED. THE REASON WHY WE THINK IT IS SO HIGH, THERE WASN'T A LOT OF BONDS COMING TO MARKET, SO OUR TIMING WAS NICE. THE SIZE OF THE BONDS WAS $76 MILLION REFINANCING AN APPEAL TO A WIDE RANGE OF BANKS AND THE PLAYERS COULD JOIN, AS WELL AS THE BIG FIRMS WERE INTERESTED IN IT ALSO PLAYED A BIG ROLE. HERE IS THE LISTING OF CALIFORNIA COMPETITIVE OFFERINGS AND THERE IS ONLY WHEN OTHER BONDS LISTED ON HERE, WHICH WAS A STATE AGENCY CALLED THE CALIFORNIA MUNICIPAL STATE AUTHORITY AND THAT WAS NEGOTIATED IN A COMPETITIVE AND WE LEARNED THAT THE LETTER L UNIFIED WAS COMING OUT LATER IN THE WEEK AND WE GOT AHEAD OF IT, WHICH IS GREAT BECAUSE THEY WERE DOING $3 BILLION AND YOU COULD IMAGINE THAT WAS GOING TO FLOOD THE MARKET WITH BONDS AND THERE WOULD HAVE BEEN A LOT OF ROOM FOR US. WE ARE GLAD THAT WE BEAT THAT SALE AND WE THINK THAT HELPED DRIVE RESULTS. HERE ARE THE RESULTS. YOU CAN SEE, OF THE 13 BIDS, THE WINNING FIRM WAS CALLED METRO AND A NOT A HUGE PLAYER AND IT WOULDN'T HAVE BEEN A BANK THAT WE WOULD HAVE THOUGHT OF TO NEGOTIATE WITH, SO WE ARE GLAD THAT WE HAD THIS COMPETITION AND THE 
          [00:10:01]
INTEREST RATE, WE HAD TO GO UP FOUR DECIMAL PLACES BECAUSE THE COMPETITION WAS SO STRONG AND IT WAS 2.6769% AND YOU CAN SEE THAT WELLS FARGO IS A VERY CLOSE SECOND PLACE WITH $344 MORE EXPENSIVE COMPARED IT TO THE WINNING BIDDER IN THE LAST-PLACE BIDDER WAS WELL OVER $1 MILLION MORE EXPENSIVE AND YOU CAN SEE THE RANGE OF OUTCOMES HEARING THE BID PROCESS AND I THINK THIS SHOWS US THAT WE GOT A GREAT RESULT. 
          IN TERMS OF SAVINGS, THE DISTRICT ENDED UP SAVING $15 MILLION ON THE REFINANCING, WHICH IS GREAT. WE WERE ALSO ABLE TO SHORTEN THE TERMS OF THE BONDS BY SIX YEARS AND ACCELERATE REPAYMENT. THE INTEREST RATE PREVIOUSLY WAS A 4.0 RATE PERCENT AND WHEN WE WERE WITH YOU IN FEBRUARY, WE WERE ESTIMATING 2.91% AND THE ACTUAL RESULT CAME IN ABOUT 2.60% A REALLY NICE REDUCTION IN OUR INTEREST COSTS. 
          >> SIGNIFICANT SAVINGS. >> $15 MILLION IS A BIG NUMBER. 
          ABSOLUTELY. WE LOOK AT A BEST PRACTICE METRIC PUBLISHED BY THE GOVERNMENT FINANCE OFFICERS ASSOCIATION AND BASED ON THOSE BEST PRACTICES, WE HAD RECOMMENDED PROCEEDING IF WE HAD ACHIEVED MINIMAL SAVINGS OF 3% OF THE REFINANCE BONDS AND WE ARE ESTIMATED BACK IN FEBRUARY WE WOULD GET AROUND 10% AND IT CAME IN AT ABOUT 13%, WHICH IS OUTSTANDING. 
          AGAIN, BY THIS METRIC, BEST PRACTICES, REALLY, REALLY NICE RESULT ACHIEVED THERE. AND THEN WE'VE HAD A COUPLE ADDITIONAL BONDS THAT WE HAVE PAKISTAN WITH THIS BECAUSE WE WERE GOING AFTER MARKET AND THESE ARE MUCH SMALLER BONDS AND YOU CAN SEE THE SAVINGS IS RELATIVELY SMALL AND WE DID ACROSS THE BOARD, BEAT THE ESTIMATES OF SAVINGS AND YOU CAN SEE THE SAVINGS ON THESE OTHER BONDS RANGE FROM ABOUT $100,000-$400,000 AND THE TERM WAS SHORTENED ON THESE BONDS AS WELL TO HELP ACCELERATE THE REPAYMENT ON THESE BONDS. AND HERE IS OUR TAX LEVIES. YOU CAN SEE THE DASH LINE ALONG THE TOP IS OUR MAXIMUM TAX LEVY THAT WAS COMMUNICATED TO VOTERS AT THE TIME OF EACH OF OUR BOND MEASURES AND THAT GOES UP OVER TIME AS MORE BONDS ARE PUT ON THE BALLOT AND YOU CAN SEE WHERE WE ARE CURRENTLY AND WE ARE ESTIMATING $204.24, SO REALLY NICE REDUCTIONS COMPARED TO THE ORIGINAL COMMUNICATIONS AT THE OUTSET OF THESE MEASURES AND THERE IS ROOM, BEGINNING IN THE FOLLOWING FISCAL YEAR IF WE WERE TO CHOOSE TO MOVE FORWARD WITH THE NEW BOND MEASURE. THERE IS ROOM THERE TO EXTENT THE TAX LEVY AND KEEP IT AT ITS EXISTING LEVEL AND THAT WOULD HELP LESSEN THE IMPACT OF A TAX LEVY INCREASE AND LOOKING OVER AT OUR FINANCES, WE RECEIVED OVER $15 MILLION AND THIS ADDS TO THEIR REFINANCING THAT THE DISTRICT HAS DONE PREVIOUSLY AS PART OF ITS STEWARDSHIP AND YOU CAN SEE GOING BACK TO 2008 HOW THE DISTRICT HAS TAKEN A NUMBER OF STEPS TO REFINANCE BONDS AND ACHIEVE SAVINGS AND IT IS OVER $49 MILLION IN TAXPAYER SAVINGS, SO REALLY OUTSTANDING. SO IN TERMS OF NEXT STEPS, THE I FIRST WANT TO START BY CONGRATULATING YOU AND THIS IS AN EXCELLENT RESULT IN AT THIS POINT THE MONEY HAS BEEN RECEIVED FROM THE WINNING FIRM AND FIRMS ARE HELD IN ESCROW AND THEY WILL BE PLACED THERE UNTIL THE REFINANCING OCCURS AND IS WILL BE PROVIDED AND THEN ON AUGUST 5TH WILL BE THE OFFICIAL REDEMPTION DATE WHERE BONDS ARE REDEEMED FROM THE INVESTORS AND THEN JUST LOOKING OUT FURTHER AHEAD, THIS IS THE LAST REFINANCING IN THE NEAR TERM AND IN THE FISCAL YEAR OF 26 AND 27, THERE ARE SEVERAL MORE BONDS, WHICH WILL GIVE US AN OPPORTUNITY TO THINK ABOUT REFINANCING AGAIN AND THAT WILL BE SOMETHING FOR CONSIDERATION IN THE FUTURE. HAPPY TO TAKE 
          ANY QUESTIONS. >> NO REAL QUESTIONS, HOW ARE WE GOING TO GO ABOUT GETTING WORD OUT SO OTHERS KNOW THE PRODUCTION AND WHAT ALL WE HAVE DONE TO GO THROUGH THIS? 
          >> YES, I WILL BE WORKING WITH DEIDRE TO CONSIDER IF THERE IS A COMMUNICATION THAT GOES OUT RELATED TO THAT PARTICULAR REFINANCING AND WHAT OF THE OTHER PIECES AND I WILL WORK WITH THE TEAM TO DETERMINE IF AND WHEN MEDICATION GOES OUT, 
          [00:15:01]
SO DEFINITELY SOMETHING TO CELEBRATE. ASCII SHARED, CONGRATULATIONS ON A SUCCESSFUL REFINANCE. WITH EVERY REFINANCING, YOU INCREASE AN OPPORTUNITY FOR LARGER BOND SALE BY ACCELERATING THE PAYOFF OF EXISTING BONDS AND CREATING THE ADDITIONAL OPPORTUNITY FOR FUTURE BONDS, AS YOU CAN SEE THE NEGATIVE SPACE IS , AS CURRENT BONDS TAPER OFF AND PAYMENT OVERTIME, 2048, IF WE WERE NOT TO TAKE OUT ANY FUTURE BONDS, ALL BONDS WOULD BE PAID OFF RIGHT AROUND 2048 AND 2049 , BUT IN THE SPACE HERE, THERE IS AN OPPORTUNITY FOR FUTURE BONDS TO HELP FUND THE FACILITY MASTER PLAN AND THE PLAN FOR FUTURE GROWTH. THANK YOU, KEITH. REALLY APPRECIATE IT. 
          >> THANK YOU. >> THANK YOU. 
          >> JUST A QUICK REMINDER, LAST MONTH WE SHARED THE FMP AND IT'S POSTED ONLINE AND IT INCLUDES MULTIPLE ELEMENTS . 
          >> WE JUST WANTED TO TOUCH ON THIS JUST FOR A QUICK SECOND AND WE HAVE BEEN TALKING ABOUT THIS FOR A WHILE. A LOT OF ACTION AND A LOT OF PEOPLE ACTUALLY TALKING ABOUT IT, WHICH IS GREAT. AS WE SAID, THE FMP IS IS ESTIMATED TO COST APPROXIMATELY 1.13 BILLION IN TODAY'S DOLLARS AND OUT OF THE FIVE-YEAR BUILDOUT, SO I CALLED AT TODAY'S DOLLARS BECAUSE YOU CAN'T BUILD A SCHOOL BY TOMORROW, SO IT'S AT LEAST THREE YEARS AND THEN IF YOU LOOK AT THE BREAKDOWN, $745 MILLION OF THAT IS FOR NON-CHARTER SCHOOL PROJECTS AT ABOUT 384 FOR THE CHARTER SCHOOL PROJECTS THAT ARE CALLED 
          OUT. >> WHAT ARE THE OTHER ELEMENTS IN THAT? WE INCLUDE ELEMENTS OF THE UPPER WEST SIDE AND RECOGNIZING THAT IS A FUTURE DEVELOPMENT. WE ARE EARLY IN THE CONVERSATIONS, SO THE COST OF THOSE FOUR SCHOOLS, AT LEAST THE IDEA OR THE CONCEPT OF THOSE FOUR SCHOOLS TO SUPPORT IS NOT INCLUDED IN THE FACILITY PLAN, MASTER PLAN AT THIS TIME. 
          AS THAT DEVELOPMENT MOVES FORWARD , BECAUSE WE HAVE A WEB-BASED FACILITY MASTER PLAN, WE MAY NEED AN ADJUSTMENT BASED ON CONTINUED CONVERSATIONS ABOUT THE UPPER WEST SIDE AND WHAT DOES THAT LOOK LIKE AND WHAT DOES THAT LOOK LIKE FOR THE SCHOOL DISTRICT. RIGHT NOW IT'S INDICATING 3K8 SCHOOLS AND ONE CONFERENCE HIGH SCHOOL. ADDITIONAL AND ALSO, THE 
          COLLEGE SCHOOL AS WELL. >> CAN ASK A QUESTION? ANNEX, MORE OF THE EXISTING PROPERTY. ARE THEY MOVING IT TO THE WEST 
          SIDE? >> ADDITIONAL. 
          >> THERE IS A PERSON OUT THERE FOR A COMMUNITY COLLEGE. 
          >> OKAY.. >> THIS CHART HERE IN THIS SHOWS THE AGE OF OUR FACILITIES AND WHERE THEY WILL BE IN 10 YEARS AND WITHIN 10 YEARS, OVER 75% OF OUR SCHOOLS WILL BE OVER 20 YEARS OLD ENOUGH I TALKED ABOUT AT THE LAST MEETING, WHEN YOU TURN 20 YEARS OLD, AS A FACILITY, THAT IS WHEN BILL START COMING. THAT IS WHEN HVAC SYSTEMS START TO AGE OUT AND THAT'S THE LIFE AND LOTS OF THOSE EXPENSIVE ITEMS AS A HOMEOWNER THAT YOU HOPE THAT YOU CAN GET THROUGH ONE MORE YEAR BEFORE YOU HAVE TO PAY IT AND A LOT OF THOSE WILL BE DEALT AND WE ARE WORKING ON THAT WITH OUR DEFERRED MAINTENANCE, BUT I JUST WANTED TO POINT OUT THAT THAT IS IN THERE. ONE OF THE THINGS TO BE CONSIDERED AS WE MOVE FORWARD, BESIDES JUST NEW CONSTRUCTION PROJECTS, MAINTAINING THE PROJECTS WE PARTY INVESTED IN AS A GOOD INVESTMENT. 
          >> THE NEXT SECTION IS REALLY GOING TO TALK ABOUT WHAT ARE SOME FUNDING SOURCES FOR SCHOOL DISTRICTS IN CALIFORNIA AS WE LOOK TO FINANCE OR FIND A FACILITY MASTER PLAN AND ADDRESS THE GROWTH AND THE MODERNIZATION NEEDS, RENOVATION NEEDS, SAFETY SECURITY NEEDS AND THINGS OF THAT NATURE, SO DEVELOPER FEES IS ONE SOURCE OF FUNDING FOR FACILITIES. A BRIEF DESCRIPTION AND IS OVER WHAT OUR DEVELOPER FEES AS SIMPLICITY IS FEES PAID BY DEVELOPERS FOR NEW CONSTRUCTION, BUT WE COLLECT FEES FROM BOTH COMMERCIAL AND RESIDENTIAL DEVELOPMENT AND SO THOSE ARE PAID TO THE PRIVATE CONSTRUCTION PERMITS BEING ISSUED PROVIDED BY THE COUNTY OR CITY AND THERE ARE THREE VARIOUS LEVELS OF DEVELOPER FEES AND WE ARE CURRENTLY AT LEVEL ONE AND THERE WAS A RECENT BOARD ACTION RELATED TO THAT AND THOSE ARE STATES THAT FEES AND OR REESTABLISH EVERY OTHER YEAR AND AS YOU CAN SEE, 
          [00:20:04]
RESIDENTIAL IS THAT 517 PER SQUARE FOOT AND COMMERCIAL IS AT 80 FOOT PER SQUARE FOOT. LEVEL TWO IS EXPANSION OF LEVEL ONE BUT IT HAS TO MEET ADDITIONAL CRITERIA AND IT DOES HAVE A DIFFERENT LEVEL OF FEES ASSOCIATED WITH IT AND THOSE ARE CALCULATED BASED ON STATE REQUIREMENTS, BUT TO MEET LEVEL TWO, YOU HAVE 22 OF THE FOLLOWING FULL REQUIREMENTS. 
          30% OF THE STUDENTS MUST BE ON A MULTI TRACK YEAR-ROUND SCHOOL, OF WHICH WE ARE NOT. CAPITAL FACILITIES THAT HAVE 50% BONDING CAPACITY AND THE DISTRICT MUST WITHHOLD AN ELECTION FOR THE LAST FOUR YEARS WITH IT WAS A 50% +1 YES BOAT AND NOT A FULLY AUTHORIZED BOND, BUT 50+ WOULD MEET THIS CRITERIA AND THE 20% OF THE DISTRICT QUESTIONS ARE NOT PORTABLES, SO WE FELL OUT AT LEVEL TWO MATERIA BECAUSE THE BOND AT 15% BONDING COMPRESSED THEY ARE NOT ONLY MULTI YOUR TRACK AND WE'VE DONE A GREAT JOB OF REPLACING THE AGING PORTABLES WITH OUR LAST TWO BONDS, SO WE DON'T MEET THAT FOURTH CRITERIA. WHILE WAS DOING DO HAVE PORTABLES ON OUR CAMPUSES, IT'S MUCH LESS THAN 10 YEARS AGO. AND THEN LEVEL THREE IS EVERYTHING OF LEVEL ONE AND TWO, PLUS A LACK OF STATE BOND FUNDS AVAILABLE FOR NEW PROJECTS, MEANING THERE IS NO STATE BOND THAT COULD HELP OFFSET FUTURE FACILITY MODERNIZATION. RIGHT NOW WE CURRENTLY HAVE ABOUT $14 MILLION A DEVELOPER FEES ACCOUNT AND WE WILL BRING IN A BRIGHTER FUTURE AND RECOMMENDATIONS ABOUT HOW WE USE THAT AND WE WILL TALK WITH SOME OF THOSE PROJECTS HERE IN THE NEXT WEEK SITES. THE NEXT POSSIBLE SOURCE FOR FUNDING SCHOOL FACILITIES IS A STATE BOND. THEY CALL IT MATCHING FUNDS BUT IT'S NEVER 50/50. USUALLY AROUND 3040, BUT SCHOOL DISTRICTS AND WE WILL TAKE WHAT WE CAN GET AND MODERNIZATIONS, IT'S CONTINGENT UPON AVAILABILITY OF FUNDS WITHIN THE STATE BOND PROGRAM AND THERE IS AN APPLICATION PROCESS AND WE ARE CURRENTLY HAVING SOME APPLICATIONS IN THE WORKS, SO WE HAVE ABOUT $26 MILLION THAT WE ARE WAITING FOR AND IT SUBJECT TO THE STATE ALLOCATION BOARD. WHILE IT'S NOT MONEY HERE IN THE DISTRICT, IT'S PENDING MONEY THAT WE ARE MAKING, DEPENDING ON THE AVAILABILITY AND THEN THERE IS A POTENTIAL FOR A STATEWIDE BOND IN THIS ELECTION, BUT IT 
          MAY BE AROUND $10 BILLION. >> IS THAT LEGISLATIVE OR A 
          GRASSROOTS INITIATIVE? >> A LITTLE BIT OF BOTH. 
          >> THEY ARE IN NEGOTIATION WITH THE LEGISLATURE? 
          >> YES. >> GRASSROOTS MEANING INTERESTS. IS THERE INTEREST IN THE FIELD OF THE STATEWIDE BOND FROM SCHOOL DISTRICTS AND OTHER AGENCIES AND LEGISLATIVE IS THE DEBATE BACK AND FORTH UP WITH THE AMOUNT AND WHAT ARE THE TERMS AND WILL THAT BE A SUCCESSFUL BOND TO SUPPORT THE 
          PROGRAM. >> IS THERE ANY INDICATOR FOR THE LIKELIHOOD OF THESE POTENTIAL STATEWIDE BOND 
          QUALIFYING? >> I THINK WE HAVE HEARD A LITTLE BIT, BUT FOR A LOWER AMOUNT. IT IS NOT SOLID, BUT MAY BE MOVING IN THAT DIRECTION. 
          >> THANK YOU. >> AS WE GET MORE INFORMATION, WE WILL SHARE MORE COMMUNICATION. 
          >> A LITTLE CLOUDY HERE >> I THINK WE MAY HAVE MORE INFORMATION AS THE STATE BUDGET GETS APPROVED TO SEE WHERE THINGS STAND AND HOW THAT PLAYS OUT AND THAT WILL AFFECT WHERE 
          CONSTRUCTION GOES. >> DID WE HAVE A QUESTION IN OUR POLLING SURVEY FOR HOW POTENTIAL STATEWIDE BOND MIGHT AFFECT OUR BOND? IS THERE A POTENTIAL FOR WANTING TO AFFECT ANOTHER? IF VOTERS HAVE A STATEWIDE BOND AND A SCHOOL DISTRICT BOND, DO WE HAVE ANY DATA OR ANYTHING PREVIOUS OF 
          [00:25:03]
          WHERE THAT'S HAPPENED? >> I WOULD HAVE TO GET BACK TO ON THAT QUESTION BECAUSE THERE HAS BEEN A PATTERN AND THIS YEAR THE PATTERNS ARE SHIFTING AND HISTORICALLY IF A STATE BOND AND ANYTHING RELATED TO EDUCATION IS TYPICALLY POSITIVE AN ELECTION YEAR REGARDING STATE BOND FUNDING AND NEW SCHOOL CONSTRUCTION AND USUALLY PAIRS WELL WITH A LOCAL SCHOOL BONDING RELATED TO SCHOOL FACILITIES, BUT IT IS INTERESTING TIMES AS FAR AS TRYING TO PREDICT WHAT THE POLLS ARE SAYING IN THE FUTURE. THERE HAS BEEN A HISTORICAL 
          PATTERN. >> I WOULD SAY, SOMETIMES, AND I AGREE WITH EVERYTHING. SOMETIMES BECAUSE OF MATCHING FUNDS, THAT IS WHY COULD BE A POSITIVE, EVEN THOUGH IT'S A ADDITION BECAUSE IT CAN SUPPORT. 
          >> WHEN THERE WAS A BIGGER ENTITY, SO THAT WAS THE LAST ONE I THINK. IT WAS VERY COMPETITION. 
          >> I THINK IN THE SCENARIO WHERE BIRTH ARE ON THE BALLOT AND THE STATEWIDE BALLOT MEASURE BENEFITS OR HAS A COMPLEMENT BENEFIT OR IS RELATED TO OUR BOND MEASURE, THEN THAT WOULD BE CRUCIAL. THAT IS WHAT I WOULD WANT TO 
          KNOW IF OUR VOTING. >> I THINK WE ARE GETTING THE 
          CART THEY SHOULD >> THAT'S ON THE RECORD. 
          >> WE ARE GETTING THE CART AHEAD OF THE HORSE RIGHT NOW, BUT IF THERE IS A STATE BOND AND IF THERE IS A NATOMAS BOND, TALK ABOUT THE SYNERGY AND THINKING BACK AND TRY TO GET TO THE FMP AND WE HAVE OVER $1 BILLION IN FACILITY BONDS AND NEEDS AND NOT COUNTING EVERYTHING THAT'S COMING IN THE UPPER WEST SIDE AND YOU ARE ABOUT TO GIVE US A SIDE WERE WE COULD POTENTIALLY GO OUT FOR AND IT COULD BE RELATIVE TO COMPARED TO THE $1 BILLION THAT WE NEED AND IF THE NATOMAS BOND AND STATE BOND WERE TO PASS, WE COULD GET A LOT FURTHER ON THE LIST. AND JUST COMMUNICATING THAT WAY. 
          >> BACK TO YOU. >> ANOTHER SOURCES IN ADDITION TO A STATE BOND IS A GENERAL LOCAL OBLIGATION BOND AND YOU SEE THE DEFINITION FOR MED SOURCE IN THIS PARTICULAR DEFINITION ACTUALLY COMMENTS ON BOTH OF WHAT WE WERE JUST TALKING ABOUT. WE WERE JUST TALKING ABOUT STATE BOND IS A GEO-BOND, IT'S JUST A STATEWIDE LEVEL AND A LOCAL JAIL BOND IS WHAT IT IS, A LOCAL LEVEL BOND. IT'S A 55% VOTER APPROVAL. IT'S JUST A REMINDER. IT'S EITHER TWO THIRDS OR 55% AND IF IT'S 55%, WE HAVE A CITIZENS BOND OVERSIGHT COMMITTEE AND EVEN PRIOR TO THAT, A CITIZENS BOND OVERSIGHT COMMITTEE AND OUR TWO RECENT EXAMPLES WAS PRESENT 2014 FOR $129 MILLION AND IN 2018, A MEASURE FOR $172,000. 
          ANOTHER OPTION TO CONSIDER FOR THE FUTURE IS WHAT'S CALLED A SCHOOL FACILITIES IMPROVEMENT DISTRICT AND THIS IS ONLY -- THIS IS A GEO-BOND, BUT IS IT IS GEOGRAPHICALLY RELATED AND IT'S A PORTION OF A SCHOOL DISTRICT THAT IS CARVED OUT FULLY FOR THE SPECIFIC AMOUNT FOR A SPECIFIC AREA AND, AGAIN, SPECIFIC PURPOSE AND PREVIOUSLY AT THE BOARD INITIATION, I SHARED WITH THE LOCAL EXAMPLES IN THE SCHOOL DISTRICT HAVE SEVERAL CARVED OUT LOCATIONS IN THEIR DISTRICT AND THE HOMEOWNERS IN THE COMMERCIAL DEVELOPMENT WITHIN THAT REGION, EXCUSE ME. IT IS THE HOMEOWNERS WHO VOTE ON THAT PARTICULAR BOND AND IT IS A TARGETED ELECTION FOR A SPECIFIC AREA IN 
          [00:30:03]
          THE DISTRICT. >> JUST TO CLARIFY, WHEN WE SAY HOMEOWNERS, IN THE UPPER WEST SIDE RIGHT NOW, THERE ARE NO HOMES. THERE ARE NO HOMEOWNERS BUT IS IT HOMEOWNERS OR PROPERTY OWNERS? I WANT TO MAKE SURE. 
          >> I WILL REFACE. IT IS VOTERS WITHIN THAT REGION. VOTERS 
          WITHIN THAT REGION. >> REGISTERED? 
          >> I GUESS THERE IS FARM HOUSING. 
          >> I WILL REPHRASE, IN REGARDS TO HOME OWNERSHIP. THANK YOU FOR CALLING IT OUT. IT IS VOTERS WITHIN THAT REGION. 
          WHILE UPPER WEST SIDE, THE DEVELOPMENT HASN'T OCCURRED YET, THERE ARE VOTERS WITHIN THAT REGION THAT CAN STILL 
          VOTE. >> DEPENDING ON THE TIMING WHEN 
          THE BOARD AUTHORIZES IT. >> I'M ASSUMING AS FAR AS THE CALCULATION, WHEN WE LOOK AT THE $88 MILLION POSSIBLE, IS BASED, IN PART, ON THE CURRENT TAXABLE VALUE WITHIN THE AREA. 
          IT'S THE MORE DEVELOPMENT THAT TAKES PLACE IN THE BIGGER THE 
          I.D. CAN BE. >> THIS WHEN WE ACTUALLY FORECASTED OUT FOR WHAT DEVELOPMENT WILL LOOK LIKE AND GENERATE AND THEN INVOLVES KEITH WEAVER AND A TEAM OF STAFF WORKING WITH THE UPPER WEST SIDE FINANCIAL EXPERTS IN THEIR TEAM. DO YOU SEE WITH THIS COULD LOOK LIKE AS THAT MOVES FORWARD AS A POTENTIAL DEVELOPMENT? 
          >> THAT $88 MILLION WOULD ONLY BE FOR THAT PARTICULAR DISTRICT 
          IN TERMS OF HOW WE CAN SPEND. >> CORRECT. JUST A QUICK REMINDER, $88 MILLION WOULD PROBABLY BE CLOSE TO BUILDING 
          ONE KA TODAY. >> OTHER PROVIDING SOURCES INCLUDE PARTIAL TAX AND THIS INCLUDES A DIFFERENT KIND OF PROPERTY TAX AND ITS PARCEL BASED AND IT REQUIRES A 66.67 TWO THIRDS FOR APPROVAL AND IT CAN BE USED FOR MORE THAN JUST FACILITIES. THEY CAN BE USED FOR EDUCATIONAL PROGRAMS, TECHNOLOGY. IT CAN BE USED FOR SALARIES AND MORE. SOME OF THE CONCERN WITH THE PARCEL TAX ARE GEO-BOND AND IT IS AN ELEMENT OF GOING AFTER STATE BOND WHERE PARTIAL TAXES AND NECESSARILY APPLES FOR APPLES. IMPACTS THE ABILITY OF OTHER FUNDING SOURCES. THIS IS BASICALLY A LOAN OR A LONG-TERM LOAN AND IT COULD BE 15 TO 30 YEARS AND WE HAVE USED THIS AS A BRIDGE LOAN, KNOWING THAT WE WERE GOING TO HAVE A BOND SO FOR THE NEXT SERIES OF BOND AND WE COULD START CONSTRUCTION EARLIER AND SAVE MONEY FROM RAISING CONSTRUCTION COSTS OR EXCAVATION. AN EXAMPLE WOULD BE PASSOVER A SCHOOL AND WE USE A COP TO HELP EXPEDITE THE CONSTRUCTION AND AVOID RISING EXCLAMATION COST AND THE INTEREST RATE WAS MUCH LOWER THAN THE ESCALATION THAT WAS OCCURRING AND THE COST OF GOODS AND SERVICES TO BUILD IT ON THE CAMPUS. AND THEN WE HAVE A FACILITY GRANT. ANYTHING FROM PG& E TO HELP US WITH CONSTRUCTION. WE TRY TO LEVERAGE THOSE AS WE MOVE FORWARD. WE WORK CLOSELY WITH SMITE TO LEVERAGE THE CONSTRUCTION AND COST-EFFECTIVENESS THROUGH UTILITIES AND THERE ARE FEDERAL FUNDS THAT ALSO COME INTO PLAY. 
          EXAMPLES INCLUDE PANDEMIC FUNDS AND IT COULD BE USED FOR FACILIIES, AS LONG AS IT MEETS THE PROFILE AND THEY ARE SUPPORTING THE INFRASTRUCTURE. THAT'S A FEDERAL PROGRAM THAT CAN BE LEVERAGED . ALL THE OTHER STATE FACILITY PROGRAM GRANTS, CHARTER FACILITY GRANT AND THERE IS TK CONSTRUCTION GRANTS, BEEN IN THIS YEAR'S MOST RECENT GOVERNOR'S PROPOSAL, THERE HAS BEEN PUT ON HOLD AND THAT WON'T BE COMING FORWARD. CTE, WE VIEW CTE GRANTS TO HELP CONSTRUCT OUR SAFETY PATHWAYS AND COSMETOLOGY BUILDING. THERE ARE OTHER GRANTS AND FUNDING SOURCES AVAILABLE AND WE WILL LEVERAGE THOSE AS WE MOVE FORWARD. THERE'S ALWAYS PRIVATE CONTRIBUTIONS. THIS IS A PRIVATE CONTRIBUTION AND, LAST, THERE IS GENERAL FUND CONTRIBUTIONS, WHICH WE HAVE BEEN MAKING STEPS TO MAKE SURE THAT WE HAVE FUNDING AVAILABLE TO REPLACE TRACK AND FOOD SERVICES IN THE OUT YEARS BECAUSE WE KNOW IT'S GOING TO BE REPLACED OVER TIME AND THEN THE GEOTHERMAL FACILITIES PROJECT. THAT SCHOOL AT 20 
          [00:35:03]
YEARS OLD OVER THE NEXT FIVE YEARS IN THE GEOTHERMAL SYSTEM WILL NEED TO BE ADDRESSED. THE ROOFING, ET CETERA. BUT GENERALLY GENERAL FUNDS IS ONE OF THE LAST SOURCES TO FUND FACILITIES BECAUSE AS YOU SAW, THERE ARE SO MANY OTHER OPTIONS 
          AVAILABLE. >> THE STATE BOND OR RATHER IT'S 14 BILLION OR 10 MILLION OR WHATEVER, WHAT PERCENTAGE DO 
          THEY USUALLY SEE OF ANY? >> WHEN WE APPLY FOR THEM AND AWARDED AROUND 30% AND WE WILL GET ABOUT 3 MILLION OR 4 
          MILLION. >> THANK YOU. 
          >> A QUICK UPDATE ON MEASURE J. MEASURE L. AS YOU KNOW MEASURE J PASSED IN NOVEMBER OF 2014 WITH 72% PASSAGE RATE AND IT WAS $129 MILLION BOND AND YOU CAN SEE THE THREE DIFFERENT ISSUANCES THAT THE MONEY WAS PROVIDED TO US WITH AND THEN THE ENDING FUND BALANCE. RIGHT NOW IS $4.1 MILLION AND WE HAVE JUST OVER $3 MILLION SITTING WITH THE COUNTY TREASURY AND I WILL TALK ABOUT WHY THAT SITTING WITH THEM IN A MOMENT, BUT IF YOU LOOK AT SOME OF THE MAJOR COMPLETED PROJECTS, THIS IS A EVERYTHING THAT YOU CAN SEE WHEN MEASURE J CAME, THERE WAS A LOT TO DO IN THE STAR ACADEMY WAS BUILT WITH THAT AND WE WENT INTO WESTLAKE STARTER KA AND THAT WAS THE LEADOFF TO DO THE CONVERSIONS AND WE GOT TO WORK RIGHT AWAY BUILDING THINGS BECAUSE IT GAVE US A MORE BANG FOR OUR BUCK AND WE DID THE PART TWO STORY BUILDING AND ALSO WE DID SOME SMALLER PROJECTS, LIKE YOU SEE HERE, LIKE THE WEIGHT ROOM SO WE CONTRIBUTED TO THE AQUATIC CENTER AND MONTHS OF TRACK AND FIELD, SO IF YOU LOOK AT MEASURE L, IN 2018 AND AGAIN IN NOVEMBER, WE HAD 68 PERCENT PACKAGE AND 172 MILLION AND YOU CAN SEE THE THREE ISSUANCES THERE AND WHEN THING TO KNOW IS THAT ORIGINALLY IT WAS GOING TO BE MORE ISSUANCES , BUT WE RECEIVED THE ABILITY TO MOVE UP THE ISSUANCES AND GET THE MONEY SOONER, WHICH HELPED US GET THINGS DONE QUICKER AND WE WERE ABLE TO GET MORE BANG FOR OUR BUCK AND WE HAVE A ENDING FUND BALANCE RIGHT NOW $10 MILLION AND THERE'S THE OTHER 2 MILLION SITTING WITH THE COUNTY TREASURY AND THE REASON FOR THE $3 MILLION FOR MEASURE J NEED TO MILLION DOLLARS SITTING HERE WITH THE COUNTY TREASURY, THE ARENA PARCEL, WE HAVE COSTS WE HAVE TO SET ASIDE AND THEY HAVE TO START PUTTING IN INNOVATION PARK FOR OUR COST FOR HELPING WITH THE ROADS AND INFRASTRUCTURE THAT'S GOING TO GO IN, SO THAT MONEY IS THERE BECAUSE HE GETS CALLED AND WE HAVE TO CONTRIBUTE IT. 
          >> JUST A REMINDER, AS YOU SEE ON BOTH MEASURE J AND NOW, WE'RE DEFINITELY A SUCCESSFUL BOND PASSAGE RATE AND $172 MILLION AND HUNDRED AND $29 MILLION BUT FOR THE VIEWERS AT HOME, WE DON'T GET THE MONEY AT ONCE, IT SOLD OVER A PERIOD OF TIME AND OVER THREE ISSUANCES OR MORE, DEPENDING ON OUR BONDING CAPACITY AND THESE OLD HOLDERS BOAT AND ALL THAT MONEY DOES NOT COME TO US AT ONE-TIME. 
          >> THE MAJOR COMPLETED PROJECTS, YOU CAN SEE HERE AND YOU WILL NOTICE AT THE BOTTOM, THE COP REPAYMENT, WE USE THE MONEY FOR MEASURE L AND WE COULD GET GOING EARLIER AND SAVE OURSELVES ESCALATION COSTS AND GET KIDS IN SEATS FASTER, RATHER THAN WAITING FOR THE MONEY AND GOING ALONG WITH THE LINES OF THE MATCHING FUNDS IN SOME DISTRICTS WILL WAIT AND SUBMIT A PROJECT AND WAIT FOR THE MATCHING FUNDS TO COME BEFORE THEY BUILD. IF YOU CAN AFFORD NOT TO DO THAT, LIKE WE HAVE, IT SAVES YOU TREMENDOUSLY BECAUSE IF YOU HAVE TO WAIT TWO OR THREE YEARS, THE COST OF ESCALATION COULD BE HALF OR MORE OF THE MATCHING FUND YOU ARE GETTING. WE HAVE BEEN FORTUNATE TO MOVE FORWARD WITHOUT THE MATCHING FUNDS AND USE MATCHING FUNDS FOR THE NEXT PROJECTS. 
          >> IS A WAY TO AVOID PLACING MORE PORTABLES ON EXISTING SCHOOLS AND THE MORE THAT WE CAN STAY IN FRONT OF THIS WITH OUR PROJECTIONS, WE ARE IN A GOOD SPOT WHERE WE ARE IN A GROWING DISTRICTS, SO ANOTHER WAY TO LEVERAGE FOR THE GROWTH. 
          >> WHAT ARE THE PROJECTS ON THE HORIZON? WE ARE WORKING WITH ARCHITECTS RIGHT NOW TO DRAW DEVELOPED PLANS FOR THE 
          [00:40:05]
EXPANSION AND THAT IS ESTIMATED TO COST BETWEEN $40 MILLION AND $50 MILLION AND WE JUST TALKED ABOUT THE GEOTHERMAL TO INCLUDE REPLACEMENT SELLER REPAIR AND REPLACEMENT PROJECT AND WE ARE ESTIMATING AROUND $15 MILLION-$18 MILLION AND TK CLASSROOMS, DEPENDING ON HOW WE GROW THIS YEAR WITH OUR TK PROGRAMS, WE ARE GOING TO NEED TO MONITOR THAT AND THEN IT'S A BROAD RANGE FROM $90 MILLION-$20 MILLION BECAUSE IT'S PLACING PORTABLES, WHICH IS LOWER COSTS OR IS IT FULLY CONSTRUCTING NEW CLASSROOMS, WHICH IS THE HIGHER COST UP TO $20 MILLION AND ON THE HORIZON IS THE ARENA SCHOOL AS WE CONTINUE TO GROW AND WE KEEP THAT IS A CONSIDERATION AND WE WILL BE STARTING TO RUN OUT OF CLASSROOMS BASED ON GROWTH PATTERNS AND WE ARE DOING MORE ANALYSIS ON THAT, BUT THAT IS A CONSIDERATION AS WE MOVE FORWARD AND ADDING ANOTHER SCHOOL SITE MAY HELP ALLEVIATE THE IMPACTS AND IT'S AN EXAMPLE AND ALMOST 900 STUDENTS. WE ARE DEFINITELY MANAGING AND MONITORING AVAILABLE CLASSROOM SPACE AT THIS TIME AND THEN UPPER WEST SIDE SCHOOLS. 
          >> I WANT TO MAKE SURE I HAD INFORMATION IN MY MIND THAT'S ABOUT A DECADE OLD AND I WANTED TO MAKE SURE TO SEE IF IT STILL RELEVANT BECAUSE TECHNOLOGY CHANGES BUT BACK IN THE DAY, PORTABLES, CHEAPER, BUT MORE EXPENSIVE AND A BIGGER HIT ON THE GENERAL FUND BECAUSE OF THE OPERATIONAL COST , ESPECIALLY LETTER HVAC SINCE EACH PORTAL HAS ITS OWN LETTER HVAC UNIT, AS OPPOSED TO CENTRAL AIR AND HEAT. IS THAT STILL HOLDS TRUE 
          TODAY? >> TO SOME EXTENT, THE TECHNOLOGIES HAVE CHANGED OVER TIME AND HVAC EFFICIENCIES HAVE IMPROVED. IT'S ON THE MOST ENERGY-EFFICIENT BUILDING, BUT THERE HAS BEEN SOME DEVELOPMENTS OVER THE LAST 10 
          YEARS. >> IT'S SOMETHING TO KEEP IN MIND. SOMETIME SAVINGS ON THE BONSAI TO HAVE A BIGGER HIT ON THE GENERAL FUND, SO THE BIGGER QUESTION MARK AND IT'S WHAT IT CAN LOOK LIKE OVER THE NEXT FEW YEARS. 
          >> THE UPPER WEST SIDE SCHOOLS , AS THAT DEVELOPMENT TAKES FORM AND SHAPE AND IT BECOMES INTO FRUITION, THERE IS A $750 MILLION-$1 MILLION COST RELATED TO SCHOOLS AND THAT IS ARE CONTINGENT UPON WHEN THAT DEVELOPMENT HAPPENS, WHATEVER SCHOOLS AND HOW MANY SCHOOLS WILL BE IN THAT DEVELOPMENT. 
          AND THEN A QUICK RECAP, THESE ARE PREVIOUS LIGHTS FROM EARLIER BOARD PRESENTATIONS ABOUT A YEAR AND A HALF AGO AND YOU CAN SEE WHERE THE EXPANSION WILL TAKE PLACE IN ITS AUGUST THE CLASSROOM BUILDINGS, BUT IT WILL BE THE ATHLETIC FIELDS AND THE EXPENDED PARKING LOT AND THEN RELATED, THE PROJECTED EXPANSION OVER THE YEARS, WE GOT A LITTLE BIT OF TIME, BUT WE HAVE TO STAY IN FRONT OF THIS AS WELL AND YOU CAN SEE IN 24 AND 25, WE ARE HERE AND WE HAD THE ARCHITECTS IN PLACE AND THEY ARE ACTUALLY DESIGNING THE PHASE IMPLEMENTATION AND THE PLAN AND SCOPE OF THAT PROJECT AND IF YOU RECALL, IN ORDER TO STAY IN FRONT FOR THE EXPANSION, WE WOULD NEED TO START CONSTRUCTION IN 2027 AND THAT WILL BE HERE BEFORE WE KNOW IT AND YOU CAN SEE THE EXPANSION OVER TIME. AND THEN FOR THE HIGH SCHOOL PROJECT, AS I MENTIONED , THE SCHOOL CAMPUS ITSELF IS 20 YEARS OLD AND WE HAVE BEEN DOING BAND-AID REPAIRS THIS YEAR IN THE PREVIOUS YEAR FOR THIS GEOTHERMAL SYSTEM AND WE HAVE A MAINTENANCE IN PLACE AND THE SYSTEM HASN'T BEEN PERFECT AND DOUG AND HIS TEAM HAVE ADDRESSED THAT AND WE'VE DONE SOME BAND-AID REPAIRS AND WE'VE ADDED ADDITIONAL EQUIPMENT TO HELP MAINTAIN THIS FOR THE FUTURE BUT THAT'S A CONSIDERATION AS WE MOVE FORWARD DOWN THE ROAD. WE WILL PIPING SYSTEM IS WORKING OUT FUNCTIONAL AND WE WILL LOOK AT A PHASED APPROACH FOR ROOFING IN THE SOLAR SYSTEM IS 20 YEARS OLD, SO THERE ARE UPGRADED TECHNOLOGICAL ADVANCES IN THE SOLAR SYSTEMS AND IS AN OPPORTUNITY TO PLACE THE ENTIRE SYSTEM. 
          >> LOOKING AT TK EXPANSION, THIS YEAR WE BATTED 4 TO 5 TK CLASSES AND THAT'S FLUCTUATING RIGHT NOW AND WE ARE STARTING A CAMPAIGN TO GET MORE WORD OUT TO PARENTS THAT EVERY YEAR IT 
          [00:45:10]
IS CONTINUING TO EXPAND AND WE ARE ADDING TWO MORE MONTHS OF ELIGIBILITY FOR NEXT YEAR AND THE FOLLOWING YEAR OF 25 AND 26, WE WILL OFFER A THREE MONTH ELIGIBILITY AND AT THAT POINT THE ELIGIBILITY IS ALL THERE FOR A YEAR AND WE EXPECT AN ADDITIONAL FIVE DAY CLASSROOM WILL TALK ABOUT EARLIER, PORTABLES IN THE REAON THESE PROJECTS COST A LOT MORE THAN BUILDING , YOU CAN DO THE SAME AMOUNT OF QUESTIONS ON WHAT SCHOOL FOR MUCH LESS THAN IT'S BECAUSE YOU HAVE TO HAVE A PROJECT ON EACH CAMPUS AND TYPICALLY WHEN YOU BUILD A TK, THE CLASSROOMS SHIFT AND YOUNGER KIDS, BIGGER CLASSROOMS, CLOSER BATHROOMS. SO THERE'S MULTIPLE WAYS THIS CAN PLAY OUT. WE WILL HAVE TO SEE. IT COULD BE THAT NOT EVERY PARENT IS GOING TO SEND THEIR KIDS TO SCHOOL BECAUSE THERE ARE STILL PRESCHOOL OPTIONS, SO IT'S SOMETHING WE ARE WATCHING CLOSE, BUT WE DON'T HAVE THE EARLY LEARNING SPACE, SO IF YOU WANT TO CONTINUE TO HAVE TOP-NOTCH PROGRAMS AND FACILITIES, IT'S SOMETHING WE ARE LOOKING AT AND THEN WE HAVE APPLIED FOR SOME GRANTS BUT THE ELIGIBILITY ENDED UP NOT GOING THROUGH IN THE STATE HAS PUT THE FUNDING ON HOLD, SO WE WILL SEE WHAT HAPPENS WITH THAT, SO . 
          >> ON THE HORIZON, THE ARENA SCHOOL, WE DO HAVE THE PARCEL PURCHASED UNDER DISTRICT OWNERSHIP, SO KEEPING THAT ON THE HORIZON FOR FUTURE GROWTH AND MITIGATING HOW WE ARE UNIFIED IN MAKING SURE WE HAVE ENOUGH QUESTIONS FOR THE CONSTRUCTION TO TAKE PLACE AND RIGHT NOW WE ARE ESTIMATING ABOUT $90 MILLION AND THEN WE ALSO HAVE $5 MILLION SET ASIDE RIGHT NOW FOR THE INFRASTRUCTURE AND PART OF THAT AGREEMENT OF OWNING THAT PARCEL IS IF AN ADJACENT PARCEL IS DEVELOPED AND THEY NEED ROAD ACCESS AND WE HAVE TO BUILD ON THE PORTION OF THE ROAD AND FOR ANY OF THE SEWER UPGRADES OR WATER UPGRADES. JUST A QUICK OVERVIEW, THE PLAN DEVELOPMENT IN THE WESTSIDE IS STILL IN CONVERSATION OF DEVELOPMENT. 
          THE TEAM HAS BEEN WORKING COLLABORATIVELY WITH NICK ADDRESS REGARDING WITH UPPER WESTSIDE DEVELOPMENT AND I'M TRYING TO STAY IN FRONT OF THIS AND RECOGNIZING THAT THIS PARTNERSHIP MOVING FORWARD IN THE COMMUNICATION NEEDS TO HAPPEN FOR BOTH THE DEVELOPMENT AND DEFINITELY FOR THE DEVELOPMENT OF SCHOOLS AND SO RIGHT NOW, IT IS ABOUT 9300 HOUSING UNITS AND YOU COULD SEE THAT WOULD GENERATE 4000 STUDENTS IN THE NEED FOR FOUR SCHOOL SITES IN ANY BUILDOUT, 7 TO 10 YEARS. THAT WOULD BE PHASED AND CONSTRUCTION IN CONJUNCTION WITH HOW THAT DEVELOPMENT MOVES FORWARD. THE GOOD NEWS IS, WE TOOK ACTION YEARS AGO TO PURCHASE THE PARCEL, SO THE PARCEL FOR THE HIGH SCHOOL DEVELOPMENT FOR THAT AREA IS ALREADY DISTRICT OWNED. THEN, JUST REALLY QUICK UPDATE AROUND CURRENT CLIMATE FOR BONDS AND IF TRUSTEES ARE HEARING ANYTHING ELSE, I THINK IT WOULD BE GREAT TO SHARE AS WELL. IN MARCH, THERE WAS A MARCH 2024 PRIMARY ELECTION AND THERE WERE 130 LOCAL MEASURES, AS YOU CAN SEE ON THIS SIDE OF 51 OF THEM WERE SCHOOL BONDS AND YOU CAN SEE THE BREAKDOWN OF THE DIFFERENT TYPES OF BONDS AND 37 GEO-ONDS AND THREE SF I.D. BONDS AND 11 PARCEL TAXES AND THEN YOU CAN SEE THE PASS RATE VERSUS THE FILL RATE. 60% PASSAGE RATE FOR THE GEO-BONDS AND NONE OF THE PARCEL BONDS PAST AND PARCEL TAXES PASSED AT 72% AND 73%. WHAT WAS LEARNED FROM THAT MARCH 2024 PRIMARY ELECTION BASED UPON OUR ANALYSIS, THE PASSAGE RATE FOR THE SELECTION WAS LOWER THAN IN THE PAST. MOST LIKELY, VOTER PERCEPTION AND GOVERNMENT ANY MOMENT AND MANY VOTERS DID NOT SHOW UP TO VOTE AS THERE WAS NO COMPETITIVE DEMOCRATIC RESIDENTIAL ELECTION ON THE BALLOT AND THERE ARE 2 MILLION PRESIDENTIAL CANDIDATES ON THE BALLOT IN MARCH, SO THE TURNOUT MAY HAVE BEEN THE AND TRADITIONALLY THE MARCH PRIMARY, WHILE IT IS AN OPPORTUNITY TO CONSIDER A BOND, 
          [00:50:04]
TRADITIONALLY A PRESIDENTIAL ELECTION, YOU WILL SEE A HIGHER TURNOUT. THAT REMINDER SIDE ON THE BOND MEASURE LIABILITY. 
          THIS IS A SIDE FROM THE POLE PRESENTATION PRESENTED EARLIER THIS YEAR TO TRUSTEES AS JUST A REMINDER. BASED ON THE POLE, BOND MEASURES CAN POTENTIALLY BE VIABLE IN NOVEMBER BUT THERE ARE FACTORS TO CONSIDER AND DISCUSS AS WE MOVE FORWARD. AS WE MOVE FORWARD, TONIGHT, THERE ARE NO ACTION ITEMS TONIGHT. WE ARE SEEKING DIRECTION FROM THE BOARD ON WHAT ARE OUR NEXT STEPS AS WE MOVE FORWARD. HERE ARE SOME CONSIDERATIONS AS STAFF SEEKING TRUSTEE DIRECTION REGARDING THE GEO-BOND. REALLY THREE AREAS IS TRUSTEES CONSIDER A SCHOOL BOND AND WHAT ARE THE DISTRICT NEEDS AND TIMELINE AND WHAT IS THE DATA SHOW US YOUR SHARE WITH US AND WHAT IS ELECTION READINESS? THIS IS THE THREE AREAS AND SOME GENERAL QUESTIONS AROUND THIS PARTICULAR AREA. DISTRICT TIMELINES, DO WE NEED FACILITY FUNDING NOW? CAN IT WAIT TWO MORE YEARS OR INTO THE FUTURE, DEPENDING ON WHAT'S THE ISSUANCE OF A BOND AND IS THERE AN EMERGENCY TO BUILD NEW CLASSROOMS AND SCHOOLS AND REGARDING DATA, THE BONDING CAPACITY CALCULATES AT THIS TIME AND WE ARE ESTIMATING THAT IF A BOUNDARY 2024 BOND IS PURSUED, IT IS AROUND $276 MILLION AND DOES WAITING FOR FUTURE BONDS GOING TO COST MORE MONEY TO BUILD LATER? BASED ON EXHALATION RIGHTS, WE ARE SEEING GET DROP A LITTLE, THE COST OF CONSTRUCTION AND THE COST OF GOODS AND SERVICES, BUT THE INFLATION IS HIGH RIGHT NOW AND THERE IS SOME MOVEMENT, BUT SAME QUESTION. WHAT WILL IT BE IN TWO YEARS OR FOUR YEARS? AND THEN INTEREST RATES. IS AN IDEAL PLACE TO GO AFTER SCHOOL BONDS AND ALSO, WE CAN ALWAYS REFINANCE THESE BONDS IN THE FUTURE AND THEN ARE WE IN A GOOD POSITION FOR A NEW BOND? BASED ON OUR CREDIT RATING AND BASED ON THE RESULTS OF THE REFINANCE, I WOULD SAY, YES, WE ARE IN A GOOD POSITION AND ELECTION READINESS. LOTS OF THINGS HAPPENING LOCALLY, STATE AND NATIONALLY AND WE ARE IN POLITICS AND WILL THAT IMPACT A SUCCESSFUL BOND CAMPAIGN IN 2024 AND FUTURE YEARS? DO LOCAL VOTERS SUPPORT A SCHOOL BOND? A UPON OUR POLLING RESULTS, IS THAT 60% AND VOTER PASSAGE REQUIREMENTS, 55%. THERE APPEARS TO BE AN APPETITE FOR A BOND. WE HAVE A POSITIVE STORY ABOUT THE GROWTH OF THE RESPONSE ABILITY? SOME OF THAT YOU SAW TONIGHT AND SOME OF THE SAW AND HOW WE USED MEASURE J AND MEASURE L AND ALSO ADDRESS AND WILL THERE BE ENOUGH TIME, MONEY AND PEOPLE TO SUPPORT A NEW BOND. THOSE ARE ALL FACTORS AND CONSIDERATIONS AND DISCUSSION POINTS TO CONSIDER AS WE SEE DIRECTION REGARDING A POTENTIAL FOR THE FUTURE BOND. 
          AND IF WE GET A LOOK AT 2024, WE WOULD NEED SOME DIRECTION. 
          IDEALLY TONIGHT FOR A FUTURE RESOLUTION AND ACTION FOR BOARD TO TAKE FORMALLY DO A FORMAL BOARD MEETING AT THE END OF JUNE TO MEET THE STATUTORY DEADLINES TO GET A BALLOT ITEM ON AND THAT DEADLINE IS JULY 15TH. OF THIS YEAR. 
          >> WHAT OTHER CONSIDERATION THAT WE HAD TALKED ABOUT, BUT YOU MENTIONED EARLIER ABOUT THE STATE BOND BEING ON AT THE SAME TIME AND WANTING TO NOTE ABOUT THE STATE BONDS, WHETHER IT IS 10 BILLION THAT THEY GO FOR OR 14 BILLION, BASICALLY WHAT HAPPENS IS, THEY HAVE THAT MONEY AND SCHOOL DISTRICTS HAVE PROJECTS READY TO GO AND THEY SUBMIT FOR THAT MONEY AND A ALLOCATING MONEY AGAINST THE 10 TO 14 BILLION. IF YOU DON'T HAVE PROJECTS READY TO GO BECAUSE YOU DON'T HAVE THE MONEY FOR THE MATCH, YOU JUST GET FURTHER AND FURTHER BACK IN MIND, SO THAT IS SOMETHING TO CONSIDER AS YOU CONSIDER THAT PIECE. THE LONGER YOU WAIT, THE LESS CHANCE YOU GET. THEY ARE GOING TO RUN OUT OF BONDING AUTHORITY AT SOME POINT TOO. 
          >> WE WANTED TO ENSURE THAT TRUSTEES HAVE THE INFORMATION THAT YOU NEED TO DO AND ALSO TIME TO DISCUSS THE DIFFERENT ELEMENTS THAT BILL BROUGHT UP THIS EVENING. IF YOU HAVE QUESTIONS OR WANT US TO GO BACK TO ANY OF THE SIDES, BUT WE WANTED YOU TO HAVE THE OPPORTUNITY TO DISCUSS AND SEE 
          [00:55:02]
WHERE YOU ARE FILLING, IN TERMS OF DIRECTION. I WANT TO, BEFORE I FORGET, TO REALLY THINK BILL FOR THE WORK HE HAS DONE WITH THIS, ALONG WITH DOUG. HE'S BEEN VERY COMPREHENSIVE AND DONE A LOT OF RESEARCH AND HE REALLY HELPED US MOVE FORWARD WITH THE REFINANCE, WHICH WAS A HUGE SAVINGS AND I REALLY APPRECIATE HIS PHYSICAL RESPONSE ABILITY AND EVERYTHING THAT HE HAS DONE TO SUPPORT OUR DISTRICT GOING IN A POSITIVE 
          DIRECTION. >> A COUPLE DIFFERENT QUESTIONS IN A COUPLE DIFFERENT AREAS. TO THE POINT YOU WERE JUST TALKING ABOUT, IF THE STATE WERE TO PASS A BOND AND IN ORDER FOR US TO ACCESS IT, WE WOULD HAVE TO HAVE, NOT JUST A PROJECT IN PLACE, BUT MATCHING FUNDS FOR THIS PROJECT. FRANKLY WE WOULD HAVE TO HAVE OUR 60% TO GET THERE 30% TO 40%. IS THAT 
          CORRECT? >> THERE IS A REQUIREMENT AS PART OF RECEIVING THE FUNDS THAT YOU HAVE TO SMELL YOUR DOCUMENTS TO SHOW THAT YOU HAVE THE MATCH OR WE BUILD AND GIVE 
          THEM THE RECEIPTS. >> WE'RE GOING BASKETBALL THE CRYSTAL BALL AGAIN. DO WE HAVE A FEELING FROM THE PEOPLE THAT THE STATE IS ACTIVELY, REALLY THINKING ABOUT DOING THIS, KNOWING THAT IT WILL HAVE A FISCAL IMPACT ON THE STATE AND TRYING TO FIND EVERY PENNY IT CAN? HE KEEPS NODDING HIS HEAD, WHICH MEANS HE THINKS IT'S LIKELY. WE HAVE TO PUT A BOND 
          ON THE BALLOT. >> I WOULD SAY YES THROUGH THE CALIFORNIA ADEQUATE HOUSING AUTHORITY. ARTICLES INDICATING THAT THERE IS THE LIKELIHOOD OF A SCHOOL BOND AND IT IS HIGH IN THIS MOMENT AND THEN, KEEP, IF YOU WOULD LIKE TO SHARE. 
          >> THE LEGISLATURE IS TALKING ABOUT AND THAT THERE IS TWO BILLS WORTH MAKING THEIR WAY THROUGH THE LEGISLATURE EARLIER IN THE YEAR AND THERE ARE DIFFERENT AMOUNTS AND SOME DIFFERENT ASPECTS TO EACH ONE AND SO THERE IS AN ATTEMPT NOW TO NEGOTIATE A COMPROMISE BETWEEN THE TWO BILLS AND THERE IS ALSO, AS YOU POINTED OUT, THE COST CONSCIOUSNESS AMONG THE STATE AND I THINK THE STATE, INCLUDING THE GOVERNOR, IS TRYING TO DECIDE. THERE'S PROBABLY THREE, FOUR, FIVE DIFFERENT PRIORITIES THE GOVERNOR HAS AND WHICH OF THOSE ARE GOING TO RISE TO THE LIST AFTER MAKING THE BALLOT. 
          SCHOOLS, IN GENERAL, ARE AMONG THE MOST FAVORED TYPES OF BOND MEASURES BY VOTERS, SO WE ARE OPTIMISTIC AND THE STATE WILL PUT A BOND ON THE BALLOT BUT THERE IS A CONCERN AROUND IT BECAUSE THERE IS STILL A NEGOTIATION. 
          >> A COUPLE OTHER QUESTIONS. TRANSIT FOR ME. I KNOW WE HAD THE CHART UP THERE, BUT BASED ON OUR REFINANCE, WHAT IS THE CURRENT APPROXIMATE COST PER $100,000 OF VALUE FOR 
          HOMEOWNERS CURRENTLY? >> WE ARE ESTIMATING THAT THE TOTAL TAX LEVY FOR BOND MEASURES COMBINED IS $204 AND THAT IS PER $100,000. THE ACTUAL AMOUNT WILL VARY BASED ON THE EVALUATION THE PROPERTY THAT PEOPLE OWN. 
          >> IN OTHER WORDS, IF YOU HAVE -- THAT IS PER $100,000. 
          >> IF YOU HAVE A $300,000 HOUSE, THAT WOULD BE ABOUT $600 
          A YEAR. >> SINCE MOST HOMES ARE GOING FOR WELL OVER 5000 RIGHT NOW, ADDING $1000. 
          >> OKAY. IF WE WERE TO DO IT FOR A $76 MILLION BOND, THE TAX IMPACT WOULD BE IMMEDIATE TO THE VOTERS BECAUSE IT'S AS 
          THEY ARE ISSUED. >> WE ESTIMATE THAT THE PROPERTY TAX BILLS IS A SPONSORED ISSUE BUT WE ARE ESTIMATING, THE WAY WE PLAN FOR IT, IS THAT TAXES SIMPLY CARRY-ON, SO WE ARE ESTIMATING $204 AND UPCOMING YEAR AND THE SUCCESS OF A BOND MEASURE AND THAT TEXT WILL CONTINUEGOING 
          FORWARD. >> NO ADDITIONAL NEW TAXES, JUST STATES THAT AT ITS CURRENT RATE. 
          >> PERHAPS. THE LAST FOR NOW, I JUST WANT TO MAKE SURE I HAVE 
          [01:00:04]
IT RIGHT IN MY HEAD. THE ARGUMENT IN FAVOR OF MOVING FORWARD WITH THE BOND THIS YEAR'S POTENTIAL COST ESCALATIONS AND HAVING AVAILABILITY WITH THE FUNDS IF A STATE BOND PASSES AND NOT DEBATING THE FACILITY NEEDS BUT WE CAN KEEP INDENTING IF WE NEED TO FOR A COUPLE MORE YEARS AND WE HAVE A LITTLE MEASURE LEFT, BUT IT WOULD BE NICE TO HAVE THE FUNDING AND BE ABLE TO START MOVING ON THOSE THINGS. 
          THE OPTION IS DO IT IN 24. IF WE DON'T DO IT IN 24, WE HAVE TO DO IT IN 26 OR IF THINGS START REALLY DROPPING OFF, LIKE THE 68 CONVERSION, THEN THE POTENTIAL IMPACTS OF WAVING, WE KNOW THERE IS I DO A LOT OF DEVELOPING HAPPEN, SO WE DON'T KNOW WHAT'S HAPPENING WITH CONSTRUCTION COSTS, THEY COULD REMAIN FLAT AND THEY COULD GO UP AND THEY COULD COME DOWN A LITTLE BIT AND THEY WEREALL OF THAT STUFF AND GENERALLY IT GOES UP OVER TIME, BUT WITH MORE DEVELOPMENT, MEANS MORE BONDING CAPACITY, WHICH MEANS THAT -- I ASKED THIS QUESTION WHEN WE HAD THE FIRST BOND WORKSHOP MANY MONTHS AGO . IF WE WERE TO PASS A BOND AND THEN THERE IS A MASSIVE AMOUNT OF PERMIT SUPPORT FOR NEW DEVELOPMENT, THAT SPREADS THE TAX LIABILITY FURTHER, BUT DOES NOT INCREASE OUR BONDING CAPACITY, SO TWO YEARS FROM NOW, THAT 276 COULD POTENTIALLY BE MORE. I WAS LOOKING FOR A NUMBER, BUT YEAH. MORE THAN 276. THE QUESTION IS, WILL THAT MORE BE GREATER THAN OR EQUAL TO WHATEVER THE COST MIGHT BE FOR THE OPPORTUNITY COST OF NOT BEING ABLE TO ACCESS THE STATE BOND IF THE LEGISLATURE PUTS IT ON A BALLOT AND IF THE VOTERS APPROVED IT. I'M DONE. 
          >> YEAH. I THINK YOUR OTHER VARIABLE IS WHEN A BOND IS PASSED, YOU DON'T GET ALL THE MONEY AT ONCE, SO IT PUSHES THE PROJECT DOWN THE ROAD. NOT WANTING GROWTH TO GET AHEAD OF US IS A CONSIDERATION. 24, 26 DEFINITELY BEYOND AND WOULD 
          PROBABLY BE A LITTLE PAINFUL. >> THAT QUESTION IN TERMS OF, WE COULD BE MISSING A BIGGER SLICE OF THE PIE. IS THERE ANY ESTIMATE ON HOW MUCH WE WOULD GAIN IN THAT SITUATION? 
          >> IT DEPENDS ON HOW WE GROW. RIGHT NOW, A LOT OF RESIDENTIAL UNITS ARE MULTI FAMILY RESIDENTIAL UNITS AND THE LARGE DEVELOPMENT THAT WE SEE, IF YOU LOOK AROUND THE COMMUNITY, ARE WE SEEING A LOT OF FAMILY HOMES? WHAT WE ARE SEEING IS A LOT OF MULTI FAMILY APARTMENT STYLE COMPLEXES, CONDOS, ET CETERA, SO IT'S A DIFFERENT TAX BASE, WHICH IMPACTS CAPACITY IN THE OUT YEARS. IT IS COMPLEX, TO SAY THE LEAST ON WHAT THAT NUMBER WILL BE. IT WILL BE MORE TWO YEARS OUT, BUT AGAIN, IT IS CONTINGENT ON HOW WE GROW AND WHAT DEVELOPMENT 
          EXISTS. >> MULTI FAMILY AT THE FIVE DOLLAR PER SQUARE FOOT OR IS IT THE 80 FOOT COMMERCIAL OR 
          SOMETHING ELSE? >> IS A RESIDENTIAL UNIT. 
          >> IF APARTMENT HIGH-RISES IN THOSE THREE-STORY JOBS. 
          >> AVAILABLE FEES WILL BE COLLECTED FOR ANY NEW DEVELOPMENT FOR THOSE RESIDENTIAL. 
          >> YOU MENTIONED EARLIER IN THIS MEETING, THE BILLION-DOLLAR, SO IT'S NOT GOING TO BE A ONE AND DONE AND WE ARE GOING TO HAVE TO THINK ABOUT GOING DOWN MULTIPLE TIMES AND AS DOUG MENTIONED, THERE'S ANOTHER DROP OFF IN THE FISCAL YEAR 2034 AND 2033 AND AROUND THAT TIME SPAN AND SO THAT COULD BE AN OPPORTUNITY FOR SECOND MEASURE TO TACKLE THE NEEDS AT THAT TIME AND THEN I WILL POINT OUT THAT EVEN THOUGH OUR NEXT OPPORTUNITY IS IN 2026, BILL MENTIONED EARLIER THAT WE SEE THE HIGHEST VOTER TURNOUT IN PRESIDENTIAL ELECTIONS AND A LOT OF PEOPLE TO SHOW UP TO THE POLLS. IF WE WAIT UNTIL 2026, WE ARE GOING TO HAVE TO ENCOURAGE MORE PEOPLE TO SHOW UP AND VOTE BECAUSE HIGHER VOTER TURNOUT CORRELATES WITH HIGHER SUCCESS AND IT WILL BE MORE ACCURATE TO 
          [01:05:04]
TRY TO GET MORE PEOPLE TO THE POLLS AS COMPARED TO 
          PRESIDENTIAL. >> AGAIN, THE CRYSTAL BALL. IT WILL BE VERY INTERESTING TO SEE WHAT VOTER TURNOUT LOOKS LIKE THIS NOVEMBER SINCE IT IS ROCKY VERSUS ON DRAGO AGAIN AND WE JUST DON'T KNOW WHAT THE VOTER FATIGUE IS LOOKING LIKE AND THERE'S NOT A LOT ELSE OR ANY OTHER REALLY BIG TICKET CONTROVERSIAL RACES OUT THERE, IN TWO YEARS FROM NOW, YOU HAVE THE GOVERNOR MOST OF THE COMPS TO SHOW OPPOSITES AND WE COULD BE FLIPPING THINGS ON ITS HEAD AND WHO SHOWS UP TO VOTE AND I GET WHAT YOU'RE SAYING. GENERALLY SPEAKING, THE MORE PEOPLE, THE MORE LIKELY TO GET TO THE PAST. 
          >> OUR MEASURE J AND OUR MR. L, THEY WERE NOT ON THE BALLOT FOR PRESIDENTIAL. RIGHT? THEY WERE 2014 AND 2018. THEY WERE OFF CYCLE RIGHT ON THAT BECAUSE OUR MEMBER THAT SPECIFICALLY WORKING ON THAT. WHAT OF MY CONCERNS IS, IS THAT WE REALLY DON'T KNOW, AND I'M THINKING IF YOU GO OUT FOR MONEY TOO SOON, I'M NOT COMFORTABLE COMING OUT IN 2024. AND I STILL THINK THERE IS A LOT OF ENVIRONMENTAL IMPORTANT STUDIES THAT HAVE TO BE DONE ON ALL OF THAT PROPERTY AND THE PROPERTY THAT REGISTERED ON BUILDING ALL THE TRAFFIC, THE SEWERS AND ON THE LIGHTS AND ALL OF THAT. IT NEEDS TO BE IN PLACE BEFORE WE CAN EVEN GO IN THERE BECAUSE WE ARE PAYING FOR -- WE ARE NOT PAYING FOR THOSE UTILITIES. WE ARE PAYING FOR THE ACCESS. FOR EXAMPLE, FOR THE ARENA SCHOOL. WE PAY FOR THE ROAD ACCESS BY THE INFRASTRUCTURE. SO IF THE CITY HAS EVEN MOVED ON THOSE PROPERTIES. THEY HAVEN'T DONE EVERYTHING THAT THEY ARE REQUIRED TO DO AND THEN I WOULD HATE TO GO TO THE VOTERS TWICE, IN 2026 AND THEN IN 2024. I KNOW WE GET MORE VOTERS DURING THE PRESIDENTIAL YEARS, BUT I THINK THERE IS GOING TO BE A LOT OF VOTER FATIGUE IN THE SELECTION ON A NUMBER OF ISSUES AND I THINK THEY'RE GOING TO BE MORE FOCUS ON OTHER THINGS THAT THEY THINK ARE GOING TO IMPACT THEIR LIVES NOW TODAY THAN SCHOOLS, BUT THE RESIDENTS HAVE ALWAYS BEEN VERY GENEROUS, BUT I DO WANT TO REMIND US AND THOSE WOULD BE MY CONCERNS. THE PROCESS OF THE CITY DOING WHAT THEY NEED TO DO TO ENSURE THE INFO STRUCTURE IS IN PLACE AND WE GO IN AND WE DID A PRETTY GOOD JOB. WE WORKED HARD ON THOSE. 
          >> JUST HIM, TERRY, I'M NOT OPPOSED. THE THINGS THAT I DON'T THINK IS ENTIRELY ON THE SCHOOL DISTRICT TO ENTER, BUT I'M CONCERNED, IS HOMEOWNERSHIP ACCESSIBLE AND PEOPLE WERE PRIVILEGED. WE ARE LOOKING AT TAXES AND THE BARRIER TO ENTRY FOR PEOPLE WHO WANT TO BE HOMEOWNER. THEY HAVE A LOT OF THINGS GOING ON AND I JUST CAN'T AFFORD THAT TAX PAYMENT. WE ARE WHAT OF THE MOST DIVERSE DISTRICTS IN THE NATION FOR A REASON. ACCESSIBILITY IS WHEN OF THOSE REASONS. I DON'T ENVISION PEOPLE OF COLOR JUST BEING IN APARTMENT COMPLEXES THE ENTIRE DURATION I THINK THAT HOMEOWNERSHIP IS GENERATIONALLY A SOURCE OF WEALTH AND EVEN SOMETHING AS SIMPLE AS DEVELOPMENT AND SOME IS UNSUPPORTED IN SOME YEARS I HAVE MET AND I WAS COGNIZANT OF WE PLAY A ROLE IN THE LOCAL ECONOMY ALREADY, SO I JUST WANT TO THROW IT OUT THERE IN THE OPTIONS HERE AND I'M NOT A BIG 
          [01:10:02]
FAN OF PARCEL TAXES. THIS IS OUR DESTINY HERE AND PASSING JUDGMENTS ON TAXES. I CAN GO EITHER WAY. I WOULD LIKE TO SEE WHAT THE LEGISLATURE IS DOING AND UNDERSTAND A LITTLE BIT MORE ABOUT OUR PREPAREDNESS TO ASK ESTATE BOND MONIES. IF I HAD THAT PEACE, IN TERMS OF OUR PREPAREDNESS, I THINK I WOULD BE A LITTLE BIT MORE COMFORTABLE, BUT I DON'T 
          EXACTLY HAVE THAT PIECE. >> YOU PROMPTED A QUESTION. I THINK THIS IS A KEY QUESTION. IS OUR TAXING AUTHORITY OUR BONDING AUTHORITY? TO CONVERT EXISTING VERSUS FUTURE 
          HOMEOWNERS. >> YES, SO IN TERMS OF EXISTING VERSUS FUTURES HOMEOWNERS, BECAUSE OUR TAX FROM LEVEES, THE CAPTIONING THE EVALUATION OVERTIME INTO SOMEONE WHO HASN'T IN THEIR HOUSE FOR A REALLY LONG TIME, GENERALLY HAVE A LOWER ACCESS VALUE IN THE MARKET VALUE OF HOMES TENDS TO GO FAST YOU MENTIONED 300,000. 
          >> THE PERSON THAT BOUGHT THAT 25 YEARS AGO FOR 300,000 IT IS WORTH 600 OR 700,000 IS BEING ASSESSED ON WHATEVER 300,000 +2% A YEAR IS, AS OPPOSED TO THAT. NUMBER CLOSE. OKAY. I'M SAYING THAT WITH A LOT OF CAVEATS. THE COMPLEX THING. I HAVE A DAUGHTER IN THE SCHOOLS AND IT'S HARDER FOR EVERYONE, I THINK. JUST A LITTLE MORE INFORMATION. NOT NECESSARILY OPPOSED, BUT I MAY VOTER AND I FEEL FATIGUED AND IS A LOT TO CONSIDER. I WOULD HATE TO RUSH A CAMPAIGN BECAUSE I'M LOOKING AT THE TIMELINE HERE AND IT'S LIKE WE HAVE TO GET A CAMPAIGN MANAGER AND EVERYTHING IN A MONTHS TIME AND IT'S DOABLE. 
          I'M NOT SAYING IT'S NOT DOABLE. CAMPAIGNS CAN BE INTERESTING BUT JUST A LITTLE MORE INFO FOR ME. THANK YOU. 
          >> NOT ONLY THAT INFORMATION, BUT JUST THE TIMELINE THAT THE CITY PROPOSED FOR THEMSELVES, IN TERMS OF DEVELOPING THE AREAS THAT WE HAVE A GREAT INTEREST IN. I THINK THEY ARE 
          STILL ON THE PLANNING STAGES. >> DEFINITELY THE PLANNING STAGES FOR THE INNOVATION DEVELOPMENT AND THE UPPER WEST SIDE AND IS PROBABLY BEYOND 26 FOR BREAKING GROUND AND THAT SOME OF THE INFORMATION THAT WAS SHARED AND THE INNOVATION IS STILL EARLY CONVERSATIONS IN THE UNIVERSITY IS STILL WORKING OUT WHAT THAT LOOKS LIKE IN THE DEVELOPMENT. 
          >> UPPER WEST SIDE IS THE COUNTY. CORRECTLY IN BOTH CITY 
          AND COUNTY. >> THERE IS A LOT TO WAY AND I THINK THAT IS AN UNDERSTATEMENT FOR WHAT DIRECTION THE BOARD WANTS TO GO IN. I HAVE A QUESTION ABOUT SOME OF THE INFORMATION THAT HAS BEEN DISCUSSED RIGHT NOW ABOUT WHO ARE OUR HOMEOWNERS AND AM I REMEMBERING CORRECTLY THAT WE HAD SOME INFORMATION ABOUT PEOPLE WHO HAVE BEEN IN THEIR HOMES FOR A LONG TIME, WHICH WOULD HAVE -- ACCOUNT NUMBER ON THE TERMINOLOGY, BUT WOULD HAVE LOWER ACCESS VALUE AND WE ARE EXPECTED FOR THAT TURNOVER IN HOMEOWNERSHIP TO CHANGE AND IT HASN'T YET AND MOST LIKELY BECAUSE OF THE PANDEMIC AND I REMEMBER HEARING ANOTHER MEETING THAT WE WERE WAITING FOR PEOPLE TO SELL THEIR HOMES AND MOVE TO A SMALLER HOME OR SOMETHING ALONG THOSE LINES OR MOVE WITH FAMILY AND HAVE YOUNGER AND THAT WAS THE WAY THAT IT WAS PRESENTED. NEW 
          [01:15:02]
HOMEOWNERS AND PURCHASE HOMES ACROSS ALL OF OUR NEIGHBORHOODS BUT PARTICULARLY IN OUR OLDER NEIGHBORHOODS AND THEY WOULD ASSESS THE VALUE. WE ARE STILL WAITING FOR THAT TO HAPPEN. 
          >> POSSIBLE. WITH THE INTEREST RATE, BASED ON THE INFORMATION THAT WE HAVE BEEN SEEING, THE MOVEMENT HAS SLOWED DOWN A BIT IN THE MORTGAGE RATES ARE HIGHER THAN WHAT WE ARE SAYING 10 YEARS AGO AND FIVE YEARS AGO. THAT'S AN IMPACT TO THE MOVEMENT SEEKING A NEW HOUSE AND THE NEW HOUSE WILL COST MORE IN THE INTEREST RATES ARE HIGHER. THAT IS A FACTOR FOR HOMEOWNERS. PLUS ASSESSED VALUE ON THE CURRENT HOME IS CHEAP. 
          >> WE HAVE LOOKED AT THAT AT JEFFERSON AND BENDING CREEK AND WE HAVE WAITED AND WAITED THINKING, AT SOME POINT, FAMILIES ARE GOING TO MOVE, LIKE YOU SAID AND FAMILIES AND KIDS ARE GOING TO MOVE IN AND IT ALLOWED US TO OPEN ON THE CAMPUS BECAUSE IT WAS GETTING SMALLER AND SMALLER AND THAT HASN'T FLIPPED YET, AT LEAST NOT THERE, BUT IT COULD. 
          TICKETS ARE HAPPENING BUT THE RATES, THE INTEREST RATES FOR MORTGAGES AND THINGS ARE NOT SPEEDING THAT UP AT ALL. 
          >> ALL RIGHT. >> SOME OLDER NEIGHBORHOODS REALLY DON'T SELL. THEY JUST KEEP THEIR PROPERTIES AND MAKE SURE THEY LEAVE THEM FOR FAMILY MEMBERS. YOU DON'T SEE A HIGH TURNOVER. ONCE THEY ARE THERE, THEY ARE THERE. I DON'T FORESEE THAT. BEING ABLE TO MOVE ON THIS AND YOU'VE DONE A PHENOMENAL JOB, BUT THERE'S SO MUCH TO DO AND IT'S UNFAIR TO THE VOTERS TO TRY TO HAVE EVERYTHING PREPARED AND I 
          DON'T MIND. >> WANTED TO STOP THAT I WANTED TO HIGHLIGHT WAS, AT THE END OF THE DAY, I IMAGINE THE SUCCESSFUL BOND MEASURE INVOLVES A LOT OF EFFORT AND A LOT OF MEMBERS FROM THE STIES AND STAFF AND PEOPLE WHO ARE WORKING THE SCHOOL DISTRICT AND VOLUNTEER WHEN THEY ARE NOT ON THE CLOCK BUT IT'S A TREMENDOUS AMOUNT OF EFFORT AND A VALID QUESTION AT THE TOP OF THE LIST IS WHY THIS CAPACITY OF ALL LOCAL LEADERS WHO WOULD BE INVESTING THAT EFFORT INTO THE CAMPAIGN. IT'S WHAT OF THE BIGGEST CONSIDERATIONS, IN MY MIND AND WOULD I DO THAT? WOULD I VOTE FOR THAT?, WHICH FOR ANYBODY WHO RELIES ON DATA AND QUANTITATIVE RESEARCH, IT'S THE BEST THING TO HEAR BUT IT REALLY SEEMS HESITANCY 
          >> ANY MORE COMMENTS? SO HOW DOES THIS BOARD FILLED IN ABOUT THERE IS NO ACTION TAKEN TONIGHT, SO IT SEEMS LIKE YOU HAVE HEARD FROM US ABOUT THE KIND OF INFORMATION THAT THE BOARD STILL NEEDS. ALSO ERICA POINTED OUT, YOU HAVE TO LOOK AT THE TIME CONSIDERATION OF 2024 AND MOVING QUICKLY AND WE UNDERSTAND THE ESCALATION OF COSTS AND STEEL AND CEMENT AND WE HAVE SEEN THAT OVER THE YEARS. I HAVEN'T LOST THAT IDEA. I NEEDED WITH THE OTHER ARE DOING, LIKE THE CITY IN THE COUNTY AND THEY CAN SAY, GUESS WHAT, WE ARE NOT GOING TO DO ANYTHING UNTIL 2028 OR SOMETHING. WE DON'T ALWAYS 
          KNOW THEIR ROADBLOCKS. >> AND I HAD ON TO YOUR POINT? 
          [01:20:06]
WE KEEP TALKING ABOUT VOTER FATIGUE AND WE ARE SENSING A TRUSTEE FATIGUE, ELECTION TRUSTEE FATIGUE AS WELL IN THE ROOM, BUT THE OTHER THING IS, THIS IS ANOTHER QUESTION THAT WE GOT WITH ME MEASURE L. AND FOR THOSE TWO BONDS, IT WAS WE NEED THIS AND THAT WAS THE MESSAGE FOR BOTH OF THOSE FUNDS AND I THINK WE ARE FILLING THE SENSE OF URGENCY. I DON'T WANT TO SPEAK FOR EVERYONE, BUT WE ARE FEELING THAT SENSE OF NEED A CLEARLY THERE IS A NEED FOR THE BONDING AND THIS IS NOT A COMMENTARY, AT LEAST ON MY PART, ABOUT THE WORK THAT HAS GONE INTO THIS IN THE REFINANCING AND EVERYTHING ELSE, BUT A LOT OF CONCERN AND THIS COULD BE AND EVERYONE AT THE TABLE AND 100 OTHER PEOPLE FOR SOMETHING AND IS VERY WEIRD POLITICAL AND ECONOMIC CLIMATE GREAT ANOTHER PERHAPS WE MIGHT HAVE GREATER, I DON'T WANT IS A CERTAINTY, BUT THINGS WILL BE LESS FLUID TWO YEARS FROM NOW BUT ALSO UNDERSTANDING, BUT WE HAVE TO START PLANNING FOR A 26 BOND AND START PLANNING THAT 
          AND WHAT THAT LOOKS LIKE. >> I GUESS THAT'S A QUESTION OF HAVING TO DISCUSS THIS IS A BOARD IN TERMS OF WE WOULD HAVE TO COME BAK AND HAVE ANOTHER STUDY SESSION BASED ON YOUR RECOMMENDATION , SO IS IT THE SENTIMENT OF THE BOARD TO WAIT. 
          I MEAN, 2024 IS NEXT MONTH. ARE WE READY TO GO? 
          >> IS 2024 THIS MONTH. >> I KNOW. HOW DO PEOPLE FEEL 
          ABOUT THAT? >> I WOULD LIKE TO GET MORE 
          INFORMATION FOR A RESOLUTION. >> OKAY. OKAY. 
          >> WE CERTAINLY CAN TRY TO SEE THE INFORMATION THAT WE GET. I DON'T KNOW ABOUT CITY AND COUNTY ARE GOING TO HAVE ANY DEFINITIVE TIMELINES WHEN I HAVE HAD CONVERSATIONS WITH SOME OF OUR ELECTED OFFICIALS. IT IS IN THE FUTURE AND JUST LIKE THIS, THERE IS A LITTLE BIT OF UNCERTAINTY, BUT WE WILL CERTAINLY AFFECT QUESTION AND SEE THE INFORMATION. THE PIECES GOING TO BE DIFFICULT IS, I DON'T THINK WE WOULD KNOW THE ANSWER TO THAT INTO THE BUDGET IS APPROVED, WHICH WOULD ACTUALLY BE AFTER THE BOARD MEETING, UNLESS YOU HAVE ANY 
          OTHER THINGS. >> THE DEADLINE THAT LAWMAKERS 
          HAVE TO PUT IT ON THE BALLOT. >> OUR BOARD MEETING. 
          >> ESPECIALLY THE NEXT DAY. YOU ARE CLEARLY NOT ABUSE. 
          >> WELL, AND I WOULD SAY IN RESPONSE TO THE TRUSTEE COMMENT. I THINK, YOU KNOW, THERE HAS BEEN GREAT GROWTH AND THAT IS FOR THE LAST TWO MEASURES WERE. THEY DIDN'T HAPPEN IMMEDIATELY, THE GROWTH WAS GOING TO GET PAST THE DISTRICT AND SO IT WAS, THIS NEEDS TO BE DONE IMMEDIATELY. I THINK WE HAVE A WINDOW OF TIME WHERE I THINK IF WE GET TO 26, WE ARE GOING TO NEED TO PROBABLY ACT AT THAT TIME, WOULD BE THE RECOMMENDATION, FROM WHAT I KNOW TODAY, BECAUSE AGAIN, WE DON'T WANT TO GET BEHIND THE GROWTH BECAUSE WE KNOW WE CAN'T JUST BUILD A SCHOOL TOMORROW, THAT IT IS A LONG PROCESS AND I THINK THAT EVERYONE IN HERE IS NOT AFRAID OF HARD WORK, BUT I THINK WHAT IS ALSO DIFFERENT AND WHY WE WANTED TO HAVE THIS CONVERSATION IS THERE ARE SOME VARIABLES UNIQUE TO THIS POINT IN TIME THAT HAS BEEN BROUGHT UP TODAY, SO WE WILL CERTAINLY SEEK THAT INFORMATION AND GIVE YOU THE BEST ANSWERS THAT WE CAN GET. OBVIOUSLY WE WON'T KNOW THE BOND ONE WITH THE STATE, BUT WE MAY HEAR MORE INFORMATION ABOUT WHICH WAY IT'S LEANING AND WHAT DOLLAR AMOUNT IT'S LOOKING LIKE AND THEN WE WILL REACH OUT TO BOTH THE CITY AND COUNTY TO SEE WHAT WE CAN GET, BUT I THINK WITH 
          [01:25:01]
TRUSTEE'S, IF YOU ARE NOT FEELING COMFORTABLE WITH 24, WE WOULD DEFINITELY ASK YOU TO CONSIDER MOVING AT THE 26 AND WE WANT DECIDE THAT RIGHT NOW BUT I THINK THAT WOULD BE WHAT WOULD BE NEEDED SO WE DIDN'T GET BEHIND. THAT IS WHY WE WENT IN TO OFFER THE DISCUSSION AND SHARE THE INFORMATION BECAUSE I THINK WE HAVE A VERITABLE TIME, WHERE THIS WAS AN IMMEDIATE 
          NEED. >> IN OTHER WORDS, IF THE BOARD VOTES TO DETERMINE THAT THEY WANT TO WAIT UNTIL 2026, THEN THE WORK BEHIND THE SCENES WOULD BE IN PROGRESS. WE START IT AND WE GIVE IT TIME TO WORK IT OUT AND GIVE YOU TWO YEARS 
          AS OPPOSED TO THREE WEEKS. >> WE CONTINUE THE RESEARCH CONVERSATION WITH THE CITY COUNCIL AND FOR US TO STAY IN FRONT OF IT AND BEFORE 2014, THAT MEASURE J BOND BUT AT THE GROWTH IN THE CONVERSATION AT THE CITY AND COUNTY WAS THERE BUT WE WERE GOING AT SUCH A FAST PACE AND WE ARE NOT SEEING THIS EXPLOSION, BUT THE CONVERSATIONS MUST CONTINUE TO HAPPEN AND THAT RELATION MUST CONTINUE TO HAVE BEEN ANYTHING GROWING REGION IS A GOOD PROBLEM TO HAVE IN MANY DISTRICTS ARE FACING ENROLLMENT AND IT'S THE OPPOSITE DIRECTION AND I'M TALKING ABOUT SELLING PROPERTIES IN DEALING WITH THOSE TYPES OF FACILITY CONCERNS. WE WILL CONTINUE TO PROVIDE THAT INFORMATION TO YOU AS WE MOVE FORWARD AND KEEP YOU INFORMED AS WE LEARN THIS INFORMATION. 
          >> NO OTHER QUESTIONS, AND THERE ARE NO PUBLIC COMMENT CARDS. ALL RIGHT. THANK YOU, GENTLEMEN. THANK YOU FOR COMING OUT. ALSO TELL LORI THAT WE MISS HER AND HER FAVORITE ANIMAL WITH HER, WHICHEVER WHEN IT IS. THANK YOU FOR ALL YOUR TIME AND HARD WORK IN HELPING US MOVE FORWARD ON THIS ISSUE AND THANK YOU TO EVERYBODY ELSE. WE WORKED REALLY HARD ON THIS. ALL RIGHT. BECAUSE THERE ARE NO
* This transcript was compiled from uncorrected Closed Captioning.