CVUSD ready to take on debt to pay for new technology
Riverside County supervisors today authorized the saleof $21 million in bonds by the Coachella Valley Unified School District tosupport district-wide technology upgrades and supply every student, preschool through high school, with anApple iPad.
In a 5-0 vote, without comment, the Board of Supervisors cleared the wayfor the first part of a $41 million issuance that Coachella Valley residentsapproved last year to to go market.
Measure X won 66 percent of the vote on Nov. 6.
“One thing we saw was that only 16.5 percent of students we sent to college actually graduated from college. We’ve got to do something,” said CVUSD Superintendent Darryl Adams.
Adams says it’s time for a curriculum transformation and change begins with technology. Under the measure, the district will incur debt to buy 20,000 iPads for all18,000 students — at all grade levels — as well as purchase laptops for everyteacher in the school district.
“The cost will come out to $12 million. We’ll pay that in $3 million a year increments,” said Adams.
According to CVUSD officials, bond revenue willadditionally pay for technology enhancements that ensure wireless connectivityin every school and possibly students’ homes.
“He’s looking forward to the iPads and interacting,” said Mike Tapp about his son Evan, a ninth-grader at Coachella Valley High School.
The effort evolved from the CVUSD’s “Strategic Plan for 21st CenturyLearning.”
The school district’s IOUs will go to auction on the bond market in thenext few months.
School bonds are generally sold in $5,000 denominations, and interestrates are capped at 6 percent, with payments made to bond-holders on asemiannual basis until debt maturity.
According to CVUSD documents, the notes will be backed by propertytaxes. School district residents and business owners will pay an additional $30per every $100,000 of assessed value on their properties to underwrite thedebt.
“It’s a little bit of money, but it’s not a lot. It’s going to benefit our children,” said Tapp.
