On July 17, 2018, the ABC School Board passed Resolution 18-03 to
place another school bond measure on the November ballot. It is now officially referred to as Measure BB. If approved by 55% or more voters, ABC School District will be able to
borrow $258 million for the improvement of school facilities. Property owners in ABC School District will be
responsible for paying off this debt, including interest and service fees.
Measure BB has many serious flaws. First and foremost, it is really expensive. The $258 million ABC School
District wishes to collect through Measure BB is just the principal. Property owners in this District are on the
hook to pay the interest as well. A school bond is like a mortgage loan. A $258 million 30-year school bond will
cost taxpayers at least twice as much, or $516 million, with interest and service fees.
In 1997, ABC School District issued a bond for $59 million. They said
it would cost $90 million but it actually costs $165 million. At that ratio, Measure BB could cost up to $720
million! And we have no control over that.
After 20 years of continual payments, we managed to pay off $60 million of the 1997 bond. As of August, 2018, we
still owe $105 million, according to LA County Auditor-Controller’s office.
If Measure BB passes, our total debt to ABC School District will be at least $621 million. To pay off this debt
in 30 years, your annual property tax to “unified schools” under “voted indebtedness” will grow 7-fold.
If you are paying $236.80 now, you’ll be paying $1,657.60 each year for the next 30 years!
Please don’t let this happen to you and your family! Please vote NO on Measure BB on November 6, 2018!
Four years ago, we fought fearlessly on your behalf against the equally bad Measure AA. We defeated it with your
support. This time we are fighting again on your behalf. We need to send out mailers and put up yard signs. ABC
School District has been paid tens of thousands of dollars by bankers, lawyers, unions, construction companies,
etc. to fight against us. We can only rely on you our fellow taxpayers. Please help us by sending a check to the
address on the left. Thank you for your support.
United Homeowners Alliance
A Community Organization