How did Foothill-De Anza arrive at the proposed bond amount?
The Districts Answer: The figure represents a detailed, long-term facilities plan for the districtone that would be built out over the next 15 years. The Real Answer: The district would have you believe it painstakingly determined the cost to address its most urgent and critical facility repairs outlined in its so called Facilities Master Plan. Wrong! According to the districts political consultant, the [maximum] tax rate [which can by law be] levied as a result of any single [bond] election must be less than…$25 per $100,000 of assessed property value! Armed with this knowledge, the district asked its bond underwriter, Morgan Stanley, to estimate the maximum amount of bonded indebtedness it could service at a tax rate of less than $25 per $100,000 of assessed property value? In response, on February 6, 2006, Morgan Stanley made its formal written Presentation to the [districts] Board of Trustees wherein it concluded: the district has the capacity to issue $490 million to $515 millio
