Shared Fund Development – The Livermore Joint Library and School Bond Measure

Most joint-use projects cobble together financing from each of the partners. Livermore Valley Joint Unified School District, the Livermore Area Recreation and Park District, and City of Livermore decided to raise funds jointly. They entered into agreement to bring a single bond issue to the voters and won approval of a $150 million joint library and school bond measure with over 80% approval. The bond financed construction of a new city library, renovation of an existing city library, construction of a community center, and repair and maintenance of existing school facilities. The bond value will be divided, over 25 years, among the three jurisdictions according to the needs of each: the city will receive $20 million; recreation district will receive $20 million; and the school district will receive $110 million. This approach required legislation to allow school district general obligation bond revenue to be used for facilities not owned by the school district. Working with local legislators, the local governments were able to pass a special amendment to the State Education Code to allow them to proceed with a joint bond measure. This practice clearly has potential for other communities.