Malibu Foundation Will Bridge Malibu Schools Financial Abyss Breach – Taxpayers Will Get Break As District Refinances
Written by 991KBU on August 7, 2020
KBUU NEWSWIRE AIRED FRI MORNING
POSTED 4:32PM FRI AUG 7
The Malibu Foundation will step forward to fund 12 instructional aids and special science technology engineering and math classes at Malibu’s two elementary schools.
Those programs had been in grave danger of elimination … as Santa Monica parents groups have decided to no longer fund extra programs out in Malibu.
The science and math program is called Planet Bravo.
And instructional aids assist teachers grade papers and handle other tasks … a workload that increases with electronic distance learning.
State funds no longer pay for those … and the Santa Monica Malibu school board has decided to cut off funding as it faces a huge budget deficit.
It was an eleventh hour decision … says a spokeswoman for the Malibu Foundation … with the programs facign ekimination unless Malibu could raise money for them by a deadline today.
The Malibu Foundation was created after the Woolsey Fire … with the express goals of easing burdens on fire victims … and working towards solutions to fight global warming.
Major funding came from then-Malibu resident Miley Cyrus, her then-husband Liam Hemsworth, and other rock and roll stars.
Educational grants were outside the original purview… but a board member tells KBUU News that these grants were considered emergency and one time grants to support our local school community in the time of dire need.
“We saw no choice but to help the kids who have been through a lot the last few years.’
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Some good news and some bad news from the local school district.
The Santa Monica-Malibu Unified School District has refinanced its debt … and that means property owners will see a reduced property tax rate.
The district refinanced nearly $75 million in general obligation bonds at dramatically lower interest rates.
The district took advantage of very low interest rates in July … due to the coronavirus pandemic and overall economic uncertainty to refinance prior bonds
More than $6.2 million will not be spent on the loans … which will be spread around the Santa Monica and Malibu property tax base.
Approximately $74.6 million of old bonds were refinanced …. Rates on the new bonds range from 0.301% to 2.314%,
And the bad news … not unexpected.
Because of the COVID pandemic … and delays getting deliveries … the completion date for the new building on Mornign View Drive has been pushed back to the end of this year.
It was supposed to open this fall.
Students will not be on campus … anyway…
