Citizens’ Bond Oversight Committee
The Culver City Unified School District is grateful that the citizens of Culver City have authorized the issuance of up to $106,000,000 in aggregate principal amount of general obligation bonds by passing Bond Measure CC by over 76% on June 3, 2014. The election was conducted in accordance with the requirements of Proposition 39, being chaptered as the Strict Accountability in Local School Construction Bonds Act of 2000, at Section 15264 et seq. of the Education Code of the State (“Prop 39”).
Pursuant to Section 15278 of the Education Code, the District is obligated to establish an Independent Citizens’ Bond Oversight Committee (CBOC) in order to satisfy the accountability requirements of Prop 39. As such, the Culver City Board of Education has established the Independent Citizens’ Bond Oversight Committee which shall have the duties and rights as set forth in the CBOC Bylaws. The CBOC does not have legal capacity independent from the District.
The purposes of the CBOC are set forth in Prop 39, and the CBOC Bylaws are specifically made subject to the applicable provisions of Prop 39 concerning the duties and rights of the Committee. The CBOC is also subject to the Ralph M. Brown Public Meetings Act of the State of California and shall conduct its meetings in accordance with the provisions thereof. The District shall provide necessary administrative support to the Committee as consistent with the CBOC’s purposes, as set forth in Prop 39.
The proceeds of general obligation bonds issued pursuant to the election are referred to as “bond proceeds”. The Committee shall confine itself specifically to bond proceeds generated under Measure CC. Regular and deferred maintenance projects and all monies generated under other sources shall fall outside the scope of the CBOC’s review.
N. John Hasegawa