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CAPITAL APPRECIATION BONDS

5 Point Plan Goals

My goal is to work with the California State Legislature and pursue legislation that would adjust the current school bond financing structure where CAB's are concerned. There are 5 key elements in our reform proposal:

  1. Limit the maturity of a bond issued under the Government code from 40 years to 25 years (To align with the California Education Code)
  2. Reduce the maximum allowable interest rate from 12% to 8% (To align with the California Education Code)
  3. Include a callable feature in all debt issuances
  4. Require one of three government entities to sign off on bond documents for school districts. (To align with the California Education Code)
    1. The County Board of Supervisors
    2. The County Superintendent of Schools
    3. The Governing board of a community college district
  5. Establish a prudent debt service coverage ratio not to exceed 4 to 1
    1. IF greater than 4 to 1, a waiver will by required by the County Superintendent of schools