February 13, 2014 Glendale Unified School District€¦ · Glendale Unified School District Measure S Update - Impact of AB 182 on Measure S Program February 13, 2014 Keygent Advisors

Glendale Unified School District

Measure S Update - Impact of AB 182 on Measure S Program

February 13, 2014

Keygent Advisors

999 N. Sepulveda Blvd., Suite 500

El Segundo, CA 90245

(310) 322-4222

Table of Contents

Section

I. Original Measure S

II. Updated Measure S Variables

III. Measure S Scenarios 1-4

IV. Considerations

Appendix

A. Measure S Scenarios 1A-4A

Section I

Original Measure S

3

Measure S Overview

Measure S – April 5, 2011 Election

◆ Ballot statement: – To protect quality education at local schools, provide safe and modern school facilities, and

qualify for matching funds, shall the Glendale Unified School District upgrade classrooms, science labs and libraries; update computers/ technology; provide facilities/equipment for career training; improve campus safety and access for students with disabilities; increase energy efficiency; and make funding available for classroom instruction by issuing $270 million in bonds with legal interest rates, independent oversight, all funds staying local, and without increasing tax rates?

◆ The District was authorized by voters to issue $270 million of general obligation (“GO”) bonds with a 69.9% affirmative vote (55% required)

◆ In order to garner sufficient votes to pass, Measure S was structured as a “no tax increase” bond program which relied primarily on the use of CABs

– Under Measure S, the District estimated a maximum aggregate tax rate of $46.03 per $100,000 of assessed value (“AV”) including all other outstanding bonds

– Under Proposition 39, Measure S alone can carry a tax rate of up to $60.00 per $100,000 of AV

4

AV History as of 2010-11 (1)

(1) Source: Los Angeles County & California Municipal Statistics, Inc. Data from 1988 to 2011.

◆ 2010-11 AV of $25,570,616,706

◆ Annualized growth rates: – 1-Year: 1.25%

– 5-Year: 4.89%

– 10-Year: 5.97%

– 15-Year: 5.05%

– 20-Year: 4.82%

◆ Lowest rolling averages: – 3-Year: -0.84%

– 5-Year: 0.54%

– 10-Year: 3.12%

– 15-Year: 4.79%

– 20-Year: 4.89%

District Total Assessed Value

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5

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88

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11

Ass

ess

ed

Val

ue

($

Bil

lio

ns)

Fiscal Year

5

Estimated Tax Rates (2)

$-

$20

$40

$60

$80

$100

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Fiscal Year

Tax

Rat

e (P

er $

10

0,0

00

of

AV

)OutstandingBonds

2011 ElectionBonds

Original Measure S Sizing

Summary: Request voters to “extend” the 2009-10 tax rate of $46.03 per $100,000 of AV such that the Measure S bonds do not increase the aggregate tax rate above $46.03 per $100,000 of AV

(1) Issuance schedule for illustrative purposes only. Actual amounts and dates will be tailored to the District’s facility needs. (2) Tax rates in fiscal years 2011 through 2013 were significantly lowered as a result of the District’s 2009 Refunding Bonds.

◆ Assumptions: – Proposition 39 election in April 2011

– Interest rates: 5.5% - 7.0%

– AV growth:

• Annual rate for next 2 years: 0.0%

• Annual rate thereafter: 4.75%

Issue Issue Date Proceeds

Series A September 2011 54,000,000$

Series B September 2014 54,000,000

Series C September 2016 54,000,000

Series D September 2018 54,000,000

Series E September 2020 54,000,000

Total 270,000,000$

Prospective Issuance Schedule (1)

Section II

Updated Measure S Variables

7

AB 182 Overview

◆ Establishes a maximum debt service repayment ratio for each bond series of 4 to 1

◆ Allows the maximum financing term for current interest bonds (“CIBs”) to remain 40 years

◆ Limits the maximum financing term for capital appreciation bonds (“CABs”) to 25 years

◆ Limits the maximum interest rate for CABs to 8%

◆ Requires CABs be subject to redemption after 10 years

◆ Requires public analysis if the financing utilizes: – CABs:

• The resolution would be publicly noticed on two consecutive meeting agendas, first as an information item and second as an action item

• The following information would be included as an appendix to the resolution:

Financing term

Time of maturity

Repayment ratio

Estimated change in AV within the district over the term of the bonds

• The following information would be included in the agenda item going before the board:

Analysis containing the total overall cost of the CABs

A comparison of the cost of bonds issued as CABs vs. the cost of bonds if instead issued as CIBs

The reason for recommending CABs

– CIBs longer than 30 years

• The district must make a finding that the useful life of the project equals or exceeds the maturity date of the bonds

CIBs vs. CABs

8

Following is an illustration of current interest rates for CIBs and CABs Year

1 0.23 % 0.33 % 0.10 %2 0.37 0.92 0.553 0.66 1.36 0.704 0.96 1.76 0.805 1.39 2.24 0.856 1.73 2.65 0.927 2.00 3.00 1.008 2.33 3.38 1.059 2.57 3.62 1.05

10 2.79 3.84 1.0511 3.08 4.13 1.0512 3.54 4.60 1.0613 3.78 4.86 1.0814 3.99 5.15 1.1615 4.17 5.33 1.1616 4.30 5.51 1.2117 4.41 5.68 1.2718 4.48 5.78 1.3019 4.55 5.85 1.3020 4.65 5.95 1.3021 4.75 6.05 1.3022 4.81 6.11 1.3023 4.85 6.15 1.3024 4.89 6.19 1.3025 4.93 6.23 1.3026 4.96 6.26 1.3027 4.97 6.27 1.3028 4.99 6.29 1.3029 5.00 6.30 1.3030 5.01 6.31 1.3031 5.02 6.32 1.3032 5.03 6.33 1.3033 5.04 6.34 1.3034 5.05 6.35 1.3035 5.06 6.36 1.3036 5.07 6.37 1.3037 5.08 6.38 1.3038 5.09 6.39 1.3039 5.10 6.40 1.3040 5.11 6.41 1.30

DifferenceCIBs CABs

0%

1%

2%

3%

4%

5%

6%

7%

8%

1 2 3 4 5 6 7 8 91

01

11

21

31

41

51

61

71

81

92

02

12

22

32

42

52

62

72

82

93

03

13

23

33

43

53

63

73

83

94

0

Inte

rest

Rat

e

Year

Interest Rate Yield Curves

CIBs CABs

FY Total AV (1)

1988 7,148,732,753$ 1989 7,835,177,347 9.60 %1990 8,889,986,955 13.461991 9,967,049,060 12.121992 11,135,592,739 11.721993 11,857,328,496 6.481994 12,035,027,142 1.501995 12,484,306,542 3.731996 12,211,580,699 -2.181997 12,193,611,637 -0.151998 12,171,478,482 -0.181999 12,678,213,701 4.162000 13,503,161,426 6.512001 14,312,486,532 5.992002 15,331,739,309 7.122003 16,058,897,565 4.742004 17,309,155,224 7.792005 18,490,368,665 6.822006 20,144,376,985 8.952007 22,268,937,776 10.552008 23,907,398,879 7.362009 25,258,072,361 5.652010 25,253,710,452 -0.022011 25,570,616,706 1.252012 26,025,237,749 1.782013 26,286,351,301 1.002014 27,413,098,346 4.29

Annual

% Change

District AV as of 2013-14

(1) Source: Los Angeles County & California Municipal Statistics, Inc. Data from 1988 to 2014.

9

The District has experienced four consecutive years of AV growth after having experienced a slight decline in 2010

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5

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AV

($

Bill

ion

s)

Fiscal Year

District Total AV

Annualized Growth Rates: Lowest Rolling Averages:

1-year: 4.29 % 3-year: -0.84 %5-year: 1.65 5-year: 0.5210-year: 4.71 10-year: 3.0815-year: 5.28 15-year: 4.7320-year: 4.20 20-year: 4.0625-year: 5.14 25-year: 5.14

Growth Statistics

10

Measure S Update

◆ The District has so far issued $53,999,985.60 of Measure S in three series of bonds – Tax-Exempt GO Bonds, Series A on August 16, 2011 for $46,879,985.60

– Taxable Clean Renewable Energy GO Bonds, Series A-1 on August 16, 2011 for $4,300,000.00

– Federally Taxable GO Bonds, Series A-2 on August 16, 2011 for $2,820,000.00

◆ $216,000,014.40 of the Measure S authorization remains unissued

11

Measure S Repayment Ratios

(1) Assumes 8.7% federal subsidy sequester reduction applies through term of financing.

Date Principal Interest Total Principal Interest Subsidy (1) Total Principal Interest Total Total9/1/12 - 95,781 95,781 - 210,521 (148,619) 61,902 1,540,000 22,371 1,562,371 1,720,054 9/1/13 - 91,950 91,950 - 202,100 (130,261) 71,839 1,280,000 12,544 1,292,544 1,456,333 9/1/14 - 91,950 91,950 - 202,100 (130,261) 71,839 163,789 9/1/15 - 91,950 91,950 - 202,100 (130,261) 71,839 163,789 9/1/16 - 91,950 91,950 - 202,100 (130,261) 71,839 163,789 9/1/17 - 91,950 91,950 - 202,100 (130,261) 71,839 163,789 9/1/18 345,000 91,950 436,950 - 202,100 (130,261) 71,839 508,789 9/1/19 630,000 76,425 706,425 - 202,100 (130,261) 71,839 778,264 9/1/20 930,000 46,500 976,500 - 202,100 (130,261) 71,839 1,048,339 9/1/21 508,601 746,399 1,255,000 - 202,100 (130,261) 71,839 1,326,839 9/1/22 910,157 644,843 1,555,000 - 202,100 (130,261) 71,839 1,626,839 9/1/23 1,235,955 1,079,045 2,315,000 - 202,100 (130,261) 71,839 2,386,839 9/1/24 1,719,379 1,800,621 3,520,000 - 202,100 (130,261) 71,839 3,591,839 9/1/25 2,105,507 2,619,493 4,725,000 - 202,100 (130,261) 71,839 4,796,839 9/1/26 2,072,446 2,992,554 5,065,000 - 202,100 (130,261) 71,839 5,136,839 9/1/27 883,442 1,476,558 2,360,000 4,300,000 202,100 (130,261) 4,371,839 6,731,839 9/1/28 2,724,900 5,130,101 7,855,000 7,855,000 9/1/29 2,851,285 6,033,715 8,885,000 8,885,000 9/1/30 3,039,172 7,215,828 10,255,000 10,255,000 9/1/31 2,930,177 7,794,823 10,725,000 10,725,000 9/1/32 2,812,245 8,372,755 11,185,000 11,185,000 9/1/33 2,705,930 8,959,070 11,665,000 11,665,000 9/1/34 2,600,025 9,564,975 12,165,000 12,165,000 9/1/35 2,501,453 10,188,547 12,690,000 12,690,000 9/1/36 2,403,344 10,831,656 13,235,000 13,235,000 9/1/37 2,329,164 11,470,836 13,800,000 13,800,000 9/1/38 2,256,496 12,133,504 14,390,000 14,390,000 9/1/39 2,191,910 12,818,090 15,010,000 15,010,000 9/1/40 2,127,774 13,522,226 15,650,000 15,650,000 9/1/41 2,065,622 14,254,378 16,320,000 16,320,000

Total 46,879,986 150,420,421 197,300,406 4,300,000 3,242,021 (2,102,539) 5,439,482 2,820,000 34,915 2,854,915 205,594,803

$ of CABs 44,974,986$ -$ -$ 44,974,986$

% of CABs 95.94% 0.00% 0.00% 83.29%

Repayment Ratio 4.21 to 1 1.26 to 1 1.01 to 1 3.81 to 1

Series A Series A-2 Series A-1

Section III

Measure S Scenarios 1-4

13

Scenario 1-4 Assumptions

Following are scenarios for the remaining Measure S authorization based on the below assumptions:

◆ Interest rates (1): 3.90% - 5.90%

◆ Annual AV growth rate: 4.75% – Note: does not reflect potential loss of Sagebrush area AV

◆ Financings with maximum terms of up to 25 years

◆ Changes to any of the above assumptions would have an impact on the amount of proceeds that can be accessed and/or the timing of the receipt of proceeds

(1) Interest rates as of October 23, 2013. Subject to market fluctuation until bonds are sold.


Series A August 2011 46,879,986$ (2)

Series A-1 August 2011 4,300,000 (2)

Series A-2 August 2011 2,820,000 (2)





Total 269,997,352$

Illustrative Issuance Schedule (1)

14

Scenario 1

◆ Utilize CIBs and CABs

◆ Maintain the tax rate estimate of $46.03 per $100,000 of AV

◆ Note: original Measure S schedule is delayed

(1) Issuance schedule for illustrative purposes only. Actual amounts and dates will be tailored to the District’s facility needs. (2) Previously issued financings. (3) Assumes AV growth rate of 4.75% annually and Los Angeles County’s assumed 6% delinquency rate on secured AV.

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$60

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$120

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60Ta

x R

ate

(Per

$1

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,00

0 o

f A

V)

Fiscal Year

Projected Tax Rates (3)

Measure KBonds

IssuedMeasure S

RemainingMeasure S

Voter Est.Max ($46.03)

Prop 39Max ($60)

$-

$30

$60

$90

$120

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60Ta

x R

ate

(Per

$1

00

,00

0 o

f A

V)

Fiscal Year


Measure KBonds

IssuedMeasure S

RemainingMeasure S


Prop 39Max ($60)


Series A August 2011 46,879,986$ (2)

Series A-1 August 2011 4,300,000 (2)

Series A-2 August 2011 2,820,000 (2)





Total 269,998,193$


15

Scenario 2


◆ Increase aggregate tax rate estimate to approximately $50 per $100,000 of AV

◆ Maintain original Measure S schedule


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$30

$60

$90

$120

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60Ta

x R

ate

(Per

$1

00

,00

0 o

f A

V)

Fiscal Year


Measure KBonds

IssuedMeasure S

RemainingMeasure S


Prop 39Max ($60)


Series A August 2011 46,879,986$ (2)

Series A-1 August 2011 4,300,000 (2)

Series A-2 August 2011 2,820,000 (2)





Total 269,997,473$


16

Scenario 3



◆ Access more Measure S proceeds sooner


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$30

$60

$90

$120

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58

20

60Ta

x R

ate

(Per

$1

00

,00

0 o

f A

V)

Fiscal Year


Measure KBonds

IssuedMeasure S

RemainingMeasure S


Prop 39Max ($60)


Series A August 2011 46,879,986$ (2)

Series A-1 August 2011 4,300,000 (2)

Series A-2 August 2011 2,820,000 (2)





Total 269,999,467$


17

Scenario 4

◆ Utilize more CIBs and less CABs




18

Scenarios 1–4 Comparison

Issuance Issuance Issuance Projected Repayment Final Year Highest Tax Rate

Scenario Name Date Amount Debt Service (1) Ratio CIBs % CABs % of New Tax Per $100,000 AV

1 Series A, A-1, A-2 Aug 2011 53,999,986$ 205,594,803$ 3.81 to 1 16.7% 83.3% 2047 $46.03

Series B Sep 2014 53,999,572 126,926,200 2.35 to 1 45.5% 54.5%

Series C Sep 2017 53,999,509 136,137,963 2.52 to 1 44.5% 55.5%

Series D Sep 2020 53,999,260 164,450,588 3.05 to 1 27.3% 72.7%

Series E Sep 2023 53,999,026 176,916,538 3.28 to 1 20.8% 79.2%

269,997,352$ 810,026,090$ 3.00 to 1 31.0% 69.0%

2 Series A, A-1, A-2 Aug 2011 53,999,986$ 205,594,803$ 3.81 to 1 16.7% 83.3% 2045 $50.00

Series B Sep 2014 53,999,636 120,886,813 2.24 to 1 58.2% 41.8%

Series C Sep 2016 53,999,684 124,356,438 2.30 to 1 53.6% 46.4%

Series D Sep 2018 53,999,575 145,944,338 2.70 to 1 44.2% 55.8%

Series E Sep 2020 53,999,312 176,135,100 3.26 to 1 26.9% 73.1%

269,998,193$ 772,917,490$ 2.86 to 1 39.9% 60.1%

3 Series A, A-1, A-2 Aug 2011 53,999,986$ 205,594,803$ 3.81 to 1 16.7% 83.3% 2045 $51.00

Series B Sep 2014 69,999,424 157,407,313 2.25 to 1 57.9% 42.1%

Series C Sep 2016 69,999,401 165,906,513 2.37 to 1 51.8% 48.2%

Series D Sep 2018 37,999,549 118,556,875 3.12 to 1 34.0% 66.0%

Series E Sep 2020 37,999,114 143,830,000 3.79 to 1 14.4% 85.6%

269,997,473$ 791,295,503$ 2.93 to 1 38.6% 61.4%

4 Series A, A-1, A-2 Aug 2011 53,999,986$ 205,594,803$ 3.81 to 1 16.7% 83.3% 2037 $60.00

Series B Sep 2014 69,999,725 132,911,150 1.90 to 1 76.0% 24.0%

Series C Sep 2016 69,999,883 123,466,325 1.76 to 1 77.7% 22.3%

Series D Sep 2018 37,999,922 60,781,913 1.60 to 1 85.6% 14.4%

Series E Sep 2020 37,999,952 56,315,150 1.48 to 1 85.4% 14.6%

269,999,467$ 579,069,340$ 2.14 to 1 67.3% 32.7%

Section IV

Considerations

Considerations

◆ Tax rate structure/options for remaining authorization – $46.03 per $100,000 of AV or higher amount

◆ Future AV growth assumption – 4.75% vs. 4.00%

◆ Cost of construction in current vs. future environment – Size and timing of next issuance ($54 million vs. higher amount)

◆ Cost of bond repayment to current vs. future taxpayers – Use of CIBs vs. CABs

◆ Proposed State regulation changes to Overcrowding Relief Grant (ORG)

20

Validation Proceedings Timeline

1. Adopt Resolution. Cause of action arises ◆ Date bonds authorized. CCP 864

2. File Complaint. File validation complaint in superior court of county in which the principal office of public agency is located.

◆ Must be filed within 60 days after cause of action arises (adoption of resolution). CCP 860

3. Order to Publish. Receive signed Summons and Order to publish from court.

◆ Avg. 14 days

after filing Request

4. If applicable, AG and Treasurer. [Provide Complaint to CA AG and CA Treasurer for Article 4 JPA validations GC 6599]

◆ Prior to first publication of Summons

5. Contact Paper to Arrange Publication. ◆ Various publication lead-times apply. ◆ 2-5 days

21

Average duration of active validation, including appeal period: 75-120 days

Validation Proceedings Timeline (Cont.)

6. Publication Period. Publish summons in a newspaper of general circulation designated by the court, published in the county where the action is pending and whenever possible within boundaries of the public agency, and in such other counties as may be ordered by the court. CCP 861.

◆ After receiving Order of Publication from court, publish once a week for three successive weeks. Three publications in a newspaper regularly published once a week or oftener, with at least five days intervening between the respective publication dates not counting such publication dates. Period of notice commences upon first day of publication and terminates at end of twenty-first day, including therein the first day. GC 6063.

◆ 21 days

7. Answer Period. Deadline to appear and answer complaint; date jurisdiction complete. CCP 861.1; 862.

◆ Date specified in summons, but at a minimum 10 days after completion of publication of the summons. CCP 861.1.

◆ 10 days

8. Court Filing. File Request for Judgment with Court.

◆ Immediately after answer period expires.

9. Judgment ◆ To obtain final, signed judgment, file Request for Judgment and Form of Judgment. Must get on hearing calendar and appear before judge OR request judgment w/o a hearing via mail.

◆ Avg. 14 days after filing

10. Appeal period. If there was no answering party, only issues related to the jurisdiction of the court to enter a judgment in the action may be raised on appeal. CCP 870)

◆ 30 days after entry of judgment. CCP 870. ◆ 30 days

22

Appendix A

Measure S Scenarios 1A-4A

24

Scenario 1A-4A Assumptions

Following are scenarios for the remaining Measure S authorization based on the below assumptions:

◆ Interest rates (1): 4.75% - 6.10%

◆ Annual AV growth rate: 4.00% – Note: does not reflect potential loss of Sagebrush area AV

◆ Financings with maximum terms of up to 25 years

◆ Changes to any of the above assumptions would have an impact on the amount of proceeds that can be accessed and/or the timing of the receipt of proceeds

(1) Interest rates as of October 23, 2013. Subject to market fluctuation until bonds are sold.

$-

$30

$60

$90

$120

20

10

20

12

20

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20

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52

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54

20

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20

58

20

60Ta

x R

ate

(Per

$1

00

,00

0 o

f A

V)

Fiscal Year


Measure KBonds

IssuedMeasure S

RemainingMeasure S


Prop 39Max ($60)


Series A August 2011 46,879,986$ (2)

Series A-1 August 2011 4,300,000 (2)

Series A-2 August 2011 2,820,000 (2)





Total 269,996,237$


25

Scenario 1A


◆ Maintain the tax rate estimate of $46.03 per $100,000 of AV

◆ Note: original Measure S schedule is delayed



Series A August 2011 46,879,986$ (2)

Series A-1 August 2011 4,300,000 (2)

Series A-2 August 2011 2,820,000 (2)





Total 269,998,022$


$-

$30

$60

$90

$120

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60Ta

x R

ate

(Per

$1

00

,00

0 o

f A

V)

Fiscal Year


Measure KBonds

IssuedMeasure S

RemainingMeasure S


Prop 39Max ($60)

26

Scenario 2A



◆ Maintain original Measure S schedule


$-

$30

$60

$90

$120

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16

20

18

20

20

20

22

20

24

20

26

20

28

20

30

20

32

20

34

20

36

20

38

20

40

20

42

20

44

20

46

20

48

20

50

20

52

20

54

20

56

20

58

20

60Ta

x R

ate

(Per

$1

00

,00

0 o

f A

V)

Fiscal Year


Measure KBonds

IssuedMeasure S

RemainingMeasure S


Prop 39Max ($60)

$-

$30

$60

$90

$120

20

10

20

12

20

14

20

16

20

18

20

20

20

22

20

24

20

26

20

28

20

30

20

32

20

34

20

36

20

38

20

40

20

42

20

44

20

46

20

48

20

50

20

52

20

54

20

56

20

58

20

60Ta

x R

ate

(Per

$1

00

,00

0 o

f A

V)

Fiscal Year


Measure KBonds

IssuedMeasure S

RemainingMeasure S


Prop 39Max ($60)


Series A August 2011 46,879,986$ (2)

Series A-1 August 2011 4,300,000 (2)

Series A-2 August 2011 2,820,000 (2)





Total 269,998,650$


27

Scenario 3A





$-

$30

$60

$90

$120

20

10

20

12

20

14

20

16

20

18

20

20

20

22

20

24

20

26

20

28

20

30

20

32

20

34

20

36

20

38

20

40

20

42

20

44

20

46

20

48

20

50

20

52

20

54

20

56

20

58

20

60Ta

x R

ate

(Per

$1

00

,00

0 o

f A

V)

Fiscal Year


Measure KBonds

IssuedMeasure S

RemainingMeasure S


Prop 39Max ($60)


Series A August 2011 46,879,986$ (2)

Series A-1 August 2011 4,300,000 (2)

Series A-2 August 2011 2,820,000 (2)





Total 269,998,974$


28

Scenario 4A

◆ Utilize more CIBs and less CABs




29

Scenarios 1A–4A Comparison

Issuance Issuance Issuance Projected Repayment Final Year Highest Tax Rate

Scenario Name Date Amount Debt Service (1) Ratio CIBs % CABs % of New Tax Per $100,000 AV

1A Series A, A-1, A-2 Aug 2011 53,999,986$ 205,594,803$ 3.81 to 1 16.7% 83.3% 2051 $46.03

Series B Sep 2014 53,999,607 124,998,250 2.31 to 1 50.8% 49.2%

Series C Sep 2018 53,999,325 147,214,825 2.73 to 1 37.0% 63.0%

Series D Sep 2022 53,998,800 188,451,488 3.49 to 1 17.4% 82.6%

Series E Sep 2027 53,998,520 200,084,100 3.71 to 1 2.9% 97.1%

269,996,237$ 866,343,466$ 3.21 to 1 25.0% 75.0%


Series B Sep 2014 53,999,805 111,114,150 2.06 to 1 68.1% 31.9%

Series C Sep 2016 53,999,656 115,518,825 2.14 to 1 59.4% 40.6%

Series D Sep 2018 53,999,438 134,338,913 2.49 to 1 53.7% 46.3%

Series E Sep 2020 53,999,138 148,080,388 2.74 to 1 41.7% 58.3%

269,998,022$ 714,647,078$ 2.65 to 1 47.9% 52.1%


Series B Sep 2014 69,999,608 145,135,300 2.07 to 1 71.2% 28.8%

Series C Sep 2016 69,999,668 153,444,163 2.19 to 1 64.8% 35.2%

Series D Sep 2018 37,999,624 105,827,050 2.78 to 1 48.2% 51.8%

Series E Sep 2020 37,999,764 117,554,213 3.09 to 1 31.4% 68.6%

269,998,650$ 727,555,528$ 2.69 to 1 49.8% 50.2%


Series B Sep 2014 69,999,767 141,811,275 2.03 to 1 72.5% 27.5%

Series C Sep 2016 69,999,627 148,930,525 2.13 to 1 66.7% 33.3%

Series D Sep 2018 37,999,746 85,177,763 2.24 to 1 62.9% 37.1%

Series E Sep 2020 37,999,849 71,538,300 1.88 to 1 66.4% 33.6%

269,998,974$ 653,052,666$ 2.42 to 1 57.6% 42.4%

Documents

February 13, 2014 Glendale Unified School District€¦ · Glendale Unified School District Measure S Update - Impact of AB 182 on Measure S Program February 13, 2014 Keygent Advisors