Las Virgenes May Try School Bond Measure in ’97

The Las Virgenes Unified School District may place a bond measure on the ballot in March to raise money to finance new school construction and repair existing facilities.

Details have not been completed, but the measure would probably be “in the $30-million range,” Supt. John Fitzpatrick said Wednesday. The Board of Education, which has final say, has been discussing the matter in study sessions, he said.

Officials estimate that the district eventually will need another elementary school and another middle school to keep pace with growing enrollment.

Voters rejected ballot measures in 1991 and 1993 that would have increased property taxes to raise money for new school construction. Fitzpatrick, however, said he believes this measure would stand a better chance.

“Those were parcel taxes, which are a lot different than a facilities bond measure,” he said. Because bond measure financing involves more years, he said, the bonds usually cost taxpayers less money per year.

Ernie Dynda, president and chief executive officer of United Organizations of Taxpayers, said while it’s true that bond measures cost taxpayers less money per year, over the long run they could cost more because interest rates on long-term bonds are often high. And there is risk, he said, because the bondholders depend on new construction to pay off the bonds. Should construction slump significantly, the district would have no way to repay the money.

“What they are doing is they are gambling with taxpayers’ money,” said Dynda, whose statewide organization led the campaign in favor of Proposition 13.