los angeles unified school district los angeles, california comprehensive annual financial report

510 Pages·2014·3.87 MB·English

NEW ISSUES – BOOK-ENTRY ONLY Ratings:
Moody’s: “Aa2”
S&P: “AA-”
®
See “Miscellaneous – Ratings” herein.
In the opinion of Sidley Austin LLP, San Francisco, California, Bond Counsel, under current law and assuming continuing
compliance with certain covenants and with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”),
as described herein, and subject to conditions described in “TAX MATTERS” herein, interest on the Measure R Series J Bonds
and the Measure Y Series K Bonds (collectively, the “Tax-Exempt Bonds”) will not be included in the gross income of the
owners thereof for federal income tax purposes. Interest on the Measure R Series K Bonds and the Measure Y Series L Bonds
(collectively, the “Taxable Bonds”) will be includable in the gross income of the owners thereof for federal income tax purposes.
In the opinion of Bond Counsel, under current law, interest on the Bonds is exempt from personal income taxes imposed by
the State of California. See “TAX MATTERS” herein for further information.
$135,830,000
LOS ANGELES UNIFIED SCHOOL DISTRICT
SO ANGELES UNIFIED SCHOOL DISTRIC $68,170,00(0C ounty of Los Angeles, California$)35,465,000
L T General Obligation Bonds, General Obligation Bonds,
BOARD OF EDUCATION Election of 2004, Series J (2014) Election of 2005, Series K (2014)
$7,045,000 $25,150,000
General Obligation Bonds, General Obligation Bonds,
Election of 2004, Series K (2014) Election of 2005, Series L (2014)
(Federally Taxable) (Federally Taxable)
Dated: Date of Delivery Due: As shown on inside cover
The Los Angeles Unified School District (the “District”) is issuing its $68,170,000 General Obligation Bonds, Election of
2004, Series J (2014) (the “Measure R Series J Bonds”), its $7,045,000 Election of 2004, Series K (2014)(Federally Taxable) (the
“Measure R Series K Bonds”), its $35,465,000 General Obligation Bonds, Election of 2005, Series K (2014) (the “Measure Y Series K
Bonds”), and its $25,150,000 General Obligation Bonds, Election of 2005, Series L (2014) (Federally Taxable) (the “Measure Y
Series L Bonds” and, together with the Measure R Series J Bonds, the Measure R Series K Bonds and the Measure Y Series K Bonds,
the “Bonds”). The Bonds are general obligation bonds of the District approved by voters within the District and are payable from
ad valorem property taxes levied by the County of Los Angeles on property within the District which the Board of Supervisors
of the County of Los Angeles is empowered and obligated to levy upon all property within the District subject to taxation by the
District without limitation of rate or amount (except as to certain personal property which is taxable at limited rates) for the
payment of the principal of and interest on the Bonds, all as more fully described herein. The Bonds are being issued pursuant to
the laws of the State of California (the “State”), a resolution adopted by the Board of Education of the District on April 8, 2014, and
a resolution adopted by the Board of Supervisors of the County on July 1, 2014.
The Bonds are being issued to finance school facilities projects, as more fully described herein. A portion of the proceeds
of the Bonds will be used to pay the costs of issuance incurred in connection with the issuance of the Bonds. See “Estimated
Sources and Uses of Funds” and “Plan of Finance” herein. Interest on the Bonds is payable on January 1 and July 1 of each year,
commencing on January 1, 2015.
The Bonds will be initially issued in book-entry form only, in denominations of $5,000 principal amount, or integral multiples
thereof, and will be initially issued and registered in the name of Cede & Co., as nominee for The Depository Trust Company
(“DTC”). DTC will act as securities depository for the Bonds. Owners will not receive certificates representing their interests in the
Bonds. Payments of principal, premium, if any, and interest on the Bonds will be made by U.S. Bank National Association, as agent
to the Treasurer and Tax Collector of the County of Los Angeles, California, as the initial paying agent, to DTC, which is obligated
to remit such payments to its DTC Participants for subsequent disbursement to the beneficial owners of the Bonds. See Appendix
C – “Book-Entry Only System” attached hereto.
The Bonds are not subject to redemption prior to maturity. See “The Bonds – No Redemption” herein.
THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR GENERAL REFERENCE ONLY. IT IS NOT INTENDED
TO BE A SUMMARY OF THE SECURITY OR TERMS OF THIS ISSUE. INVESTORS ARE ADVISED TO READ THE ENTIRE
OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT
DECISION.
The Bonds will be offered when, as and if issued by the District, and received by the Underwriters, subject to the approval
as to their legality by Sidley Austin LLP, San Francisco, California, Bond Counsel to the District, and certain other conditions.
Certain legal matters will also be passed upon for the District by the General Counsel to the District and by its Disclosure
Counsel, Hawkins Delafield & Wood LLP, Los Angeles, California and for the Underwriters by their counsel, Schiff Hardin
LLP, San Francisco, California. Tamalpais Advisors-KNN Public Finance, a Joint Venture, Sausalito, California and Oakland
California are serving as Financial Advisor to the District in connection with the issuance of the Bonds. The Bonds, in book-
entry form, will be available for delivery through the facilities of DTC on or about August 19, 2014.
Raymond James
Edward Jones Academy Securities, Inc. Ramirez & Co., Inc.
Date of the Official Statement: August 5, 2014
MATURITY DATES, PRINCIPAL AMOUNTS, INTEREST RATES,
INITIAL PUBLIC OFFERING YIELDS, PRICES AND CUSIP NUMBERS
$68,170,000
LOS ANGELES UNIFIED SCHOOL DISTRICT
(County of Los Angeles, California)
General Obligation Bonds, Election of 2004, Series J (2014)
Base CUSIP Number: 544646
Principal Initial Public CUSIP
Maturity Date Amount Interest Rate Offering Yield Price Suffix
July 1, 2015 $20,040,000 1.000% 0.120% 100.762% Y89
January 1, 2016 11,775,000 4.000 0.250 105.112 2H4
July 1, 2016 11,780,000 4.000 0.350 106.784 Y97
January 1, 2017 12,290,000 5.000 0.460 110.673 2J0
July 1, 2017 12,285,000 5.000 0.590 112.516 Z21
$7,045,000
LOS ANGELES UNIFIED SCHOOL DISTRICT
(County of Los Angeles, California)
General Obligation Bonds, Election of 2004, Series K (2014)
(Federally Taxable)
Base CUSIP Number: 544646
Principal Initial Public CUSIP
Maturity Date Amount Interest Rate Offering Yield Price Suffix
July 1, 2015 $2,120,000 0.274% 0.274% 100.000% Z96
January 1, 2016 1,230,000 0.486 0.486 100.000 2F8
July 1, 2016 1,225,000 0.680 0.680 100.000 2A9
January 1, 2017 1,235,000 0.948 0.948 100.000 2G6
July 1, 2017 1,235,000 1.104 1.104 100.000 2B7
$35,465,000
LOS ANGELES UNIFIED SCHOOL DISTRICT
(County of Los Angeles, California)
General Obligation Bonds, Election of 2005, Series K (2014)
Base CUSIP Number: 544646
Principal Initial Public CUSIP
Maturity Date Amount Interest Rate Offering Yield Price Suffix
July 1, 2015 $8,615,000 0.500% 0.130% 100.320% Z47
January 1, 2016 3,860,000 4.000 0.250 105.112 Z39
July 1, 2016 4,650,000 1.000 0.350 101.208 Z54
January 1, 2017 3,860,000 4.000 0.460 108.322 2K7
July 1, 2017 4,695,000 1.000 0.620 101.077 Z62
January 1, 2018 1,750,000 5.000 0.780 113.994 2L5
July 1, 2018 725,000 1.000 0.950 100.189 Z70
July 1, 2018 1,755,000 4.000 0.910 111.713 2M3
January 1, 2019 1,830,000 5.000 1.110 116.535 2N1
July 1, 2019 1,835,000 4.000 1.250 112.943 Z88
January 1, 2020 1,890,000 4.000 1.390 113.450 2P6
$25,150,000
LOS ANGELES UNIFIED SCHOOL DISTRICT
(County of Los Angeles, California)
General Obligation Bonds, Election of 2005, Series L (2014)
(Federally Taxable)
Base CUSIP Number: 544646
Principal Initial Public CUSIP
Maturity Date Amount Interest Rate Offering Yield Price Suffix
July 1, 2015 $7,565,000 0.274% 0.274% 100.000% 2C5
January 1, 2016 4,380,000 0.486 0.486 100.000 2Q4
July 1, 2016 4,380,000 0.680 0.680 100.000 2D3
January 1, 2017 4,415,000 0.948 0.948 100.000 2R2
July 1, 2017 4,410,000 1.104 1.104 100.000 2E1
RNANDO
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No dealer, broker, salesperson or other person has been authorized by the District to give any
information or to make any representations, other than those contained in this Official Statement, and if
given or made, such information or representation must not be relied upon as having been authorized by
the District.
The information contained herein has been obtained from sources that are believed to be reliable.
The information and expressions of opinion herein are subject to change without notice, and neither the
delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, give rise
to any implication that there has been no change in the affairs of the District since the date hereof.
The Underwriters have provided the following sentence for inclusion in this Official Statement:
The Underwriters have reviewed the information in this Official Statement in accordance with, and as part
of, their responsibilities to investors under the federal securities laws as applied to the facts and
circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of
such information.
IN CONNECTION WITH THE OFFERING OF THE BONDS THE UNDERWRITERS MAY
OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET
PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN
THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT
ANY TIME. THE UNDERWRITERS MAY OFFER AND SELL THE BONDS TO CERTAIN
DEALERS AND BANKS AT YIELDS HIGHER THAN THE INITIAL PUBLIC OFFERING YIELDS
STATED ON THE INSIDE FRONT COVER PAGE HEREOF AND SAID INITIAL PUBLIC
OFFERING YIELDS MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITERS.
THE BONDS HAVE NOT BEEN REGISTERED WITH THE U.S. SECURITIES AND
EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR
HAVE THE RESOLUTIONS BEEN QUALIFIED UNDER THE TRUST INDENTURE ACT OF
1939, AS AMENDED, IN RELIANCE UPON EXEMPTIONS CONTAINED IN SUCH ACTS.
When used in this Official Statement or in any continuing disclosure by the District, in any press
release by the District or in any oral statement made with the approval of an authorized officer of the
District, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,”
“estimate,” “project,” “forecast,” “expect,” “intend” and similar expressions identify “forward-looking
statements.” Such statements are subject to risks and uncertainties that could cause actual results to differ
materially from those contemplated in such forward-looking statements. Any forecast is subject to such
uncertainties. Inevitably, some assumptions used to develop the forecasts will not be realized and
unanticipated events and circumstances may occur. Therefore, there are likely to be differences between
forecasts and actual results, and those differences may be material.
The District maintains a website at www.lausd.net. However, the information presented there is
not part of this Official Statement, is not incorporated by reference herein and should not be relied upon
in making an investment decision with respect to the Bonds.
CUSIP is a registered trademark of American Bankers Association. CUSIP data in this Official
Statement is provided by CUSIP Global Services, managed by Standard & Poor’s Financial Services LLC
on behalf of The American Bankers Association. CUSIP data herein is set forth for convenience of
reference only. The District and the Underwriters assume no responsibility for the selection or uses of the
CUSIP data or for the accuracy or correctness of such data. The CUSIP numbers for the Bonds are subject
to being changed after the delivery of the Bonds as a result of various subsequent actions.
LOS ANGELES UNIFIED SCHOOL DISTRICT

BOARD OF EDUCATION
District Member Term Ending
7 Richard Vladovic, President June 30, 2015
∗
1 [Vacant] June 30, 2015
2 Mónica García June 30, 2017
3 Tamar Galatzan June 30, 2015
4 Steve Zimmer June 30, 2017
5 Bennet Kayser June 30, 2015
6 Mónica Ratliff June 30, 2017
DISTRICT OFFICIALS
John Deasy, Ed.D Superintendent
David Holmquist, General Counsel
Michelle King, Senior Deputy Superintendent, School Operations
Megan K. Reilly, Chief Financial Officer
Luis Buendia, Controller
John Walsh, Director of Finance Policy
Timothy S. Rosnick, Deputy Controller
BOND COUNSEL
Sidley Austin LLP
San Francisco, California
DISCLOSURE COUNSEL
Hawkins Delafield & Wood LLP
Los Angeles, California
FINANCIAL ADVISOR
Tamalpais Advisors, Inc. – KNN Public Finance, A Joint Venture
Sausalito, California and Oakland, California
PAYING AGENT
U. S. Bank National Association,
as agent of the Treasurer and Tax Collector
of the County of Los Angeles
Los Angeles, California

∗ A special run-off election to fill this vacancy was held on August 12, 2014. The Office of the City Clerk of the City of Los
Angeles must certify the results of the election and designate the District 1 Boardmember on or before September 2, 2014.
TABLE OF CONTENTS
Page
INTRODUCTION ........................................................................................................................................ 1(cid:2)
General ..................................................................................................................................................... 1(cid:2)
The District ............................................................................................................................................... 1(cid:2)
The District’s General Obligation Bond Program .................................................................................... 2(cid:2)
Authority and Purpose for Issuance of the Bonds .................................................................................... 3(cid:2)
Security and Sources of Payment for the Bonds ...................................................................................... 3(cid:2)
Continuing Disclosure .............................................................................................................................. 3(cid:2)
Tax Matters ............................................................................................................................................... 4(cid:2)
Other Information ..................................................................................................................................... 4(cid:2)
PLAN OF FINANCE .................................................................................................................................... 5(cid:2)
Measure R Authorization .......................................................................................................................... 5(cid:2)
Measure Y Authorization ......................................................................................................................... 6(cid:2)
ESTIMATED SOURCES AND USES OF FUNDS .................................................................................... 7(cid:2)
THE BONDS ................................................................................................................................................ 7(cid:2)
General Provisions .................................................................................................................................... 7(cid:2)
No Redemption ......................................................................................................................................... 7(cid:2)
Defeasance ................................................................................................................................................ 8(cid:2)
SECURITY AND SOURCES OF PAYMENT FOR THE BONDS ............................................................ 8(cid:2)
General Description .................................................................................................................................. 8(cid:2)
California Constitutional and Statutory Provisions Relating to Ad Valorem Property Taxes .................. 8(cid:2)
Assessed Valuation of Property within the District ................................................................................ 10(cid:2)
Fiscal Year Debt Service ........................................................................................................................ 17(cid:2)
The District’s General Obligation Bond Program and Bonding Capacity ............................................. 19(cid:2)
Measure K, Measure R, Measure Y and Measure Q Projects ................................................................ 19(cid:2)
TAX MATTERS ......................................................................................................................................... 20(cid:2)
Measure R Series J Bonds and Measure Y Series K Bonds ................................................................... 20(cid:2)
Measure R Series K Bonds and Measure Y Series L Bonds .................................................................. 22(cid:2)
LEGAL MATTERS .................................................................................................................................... 29(cid:2)
Continuing Disclosure ............................................................................................................................ 29(cid:2)
Limitation on Remedies; Amounts Held in the County Treasury Pool .................................................. 29(cid:2)
Legality for Investment in the State........................................................................................................ 30(cid:2)
Certain Legal Matters ............................................................................................................................. 30(cid:2)
FINANCIAL STATEMENTS .................................................................................................................... 30(cid:2)
LITIGATION .............................................................................................................................................. 30(cid:2)
MISCELLANEOUS ................................................................................................................................... 30(cid:2)
Ratings .................................................................................................................................................... 30(cid:2)
Financial Advisor ................................................................................................................................... 31(cid:2)
Underwriting ........................................................................................................................................... 31(cid:2)
Additional Information ........................................................................................................................... 32(cid:2)
Execution and Delivery .......................................................................................................................... 32(cid:2)

APPENDIX A – DISTRICT FINANCIAL INFORMATION AND REGIONAL
ECONOMIC AND DEMOGRAPHIC INFORMATION .............................................. A-1
APPENDIX B – COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE
DISTRICT FOR THE FISCAL YEAR ENDED JUNE 30, 2013 .................................. B-1
APPENDIX C – BOOK-ENTRY ONLY SYSTEM .................................................................................. C-1
APPENDIX D – PROPOSED FORM OF OPINION OF BOND COUNSEL .......................................... D-1
APPENDIX E – FORM OF CONTINUING DISCLOSURE CERTIFICATE ......................................... E-1
APPENDIX F – THE LOS ANGELES COUNTY TREASURY POOL ...................................................F-1
i
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$135,830,000
LOS ANGELES UNIFIED SCHOOL DISTRICT
(County of Los Angeles, California)
$68,170,000 $35,465,000
General Obligation Bonds, General Obligation Bonds,
Election of 2004, Series J (2014) Election of 2005, Series K (2014)
$7,045,000 $25,150,000
General Obligation Bonds, General Obligation Bonds,
Election of 2004, Series K (2014) Election of 2005, Series L (2014)
(Federally Taxable) (Federally Taxable)
INTRODUCTION
This Introduction is only a brief description of, and is qualified by, more complete and detailed
information contained in the entire Official Statement, including the cover page through the appendices
hereto, and the documents summarized or described herein. The offering of the Bonds to potential investors
is made only by means of the entire Official Statement. A full review should be made of the entire Official
Statement.
General
This Official Statement, which includes the cover page through the appendices hereto, is provided to
furnish information in connection with the sale of the $68,170,000 General Obligation Bonds, Election of
2004, Series J (2014) (the “Measure R Series J Bonds”), the $7,045,000 Election of 2004, Series K
(2014)(Federally Taxable) (the “Measure R Series K Bonds”), the $35,465,000 General Obligation Bonds,
Election of 2005, Series K (2014) (the “Measure Y Series K Bonds”), and the $25,150,000 General
Obligation Bonds, Election of 2005, Series L (2014) (Federally Taxable) (the “Measure Y Series L Bonds”
and, together with the Measure R Series J Bonds, the Measure R Series K Bonds and the Measure Y Series K
Bonds, the “Bonds”) by the Los Angeles Unified School District (the “District”). The Bonds are being issued
to finance school facilities projects, as more fully described herein. A portion of the proceeds of the Bonds
will be used to pay the costs of issuance incurred in connection with the issuance of the Bonds. See
“Estimated Sources and Uses of Funds” and “Plan of Finance” herein.
The District
The District, encompassing approximately 710 square miles, is located in the western section of the
County of Los Angeles (the “County”) in the State of California (the “State”) and includes virtually all of the
City of Los Angeles (the “City”) and all or significant portions of the Cities of Bell, Carson, Commerce,
Cudahy, Gardena, Hawthorne, Huntington Park, Lomita, Maywood, Rancho Palos Verdes, San Fernando,
South Gate, Vernon and West Hollywood, in addition to considerable unincorporated portions of the County
which includes residential and industrial areas. A map of the District appears on the inside cover page hereof.
The District is the second largest public school district in the United States and is the largest public
school district in the State. The District estimates it served 566,604 K-12 students as of June 30, 2013. As of
June 30, 2013, the District operated 456 elementary schools, 86 middle/junior high schools,164 senior high
schools, 56 options schools, 21 multi-level schools, 16 special education schools, 28 magnet schools and 145
magnet centers, 6 community adult schools, 3 regional occupational centers, 1 skills center, 1 regional
occupational program center, 82 early education centers, 4 infant centers, and 18 primary school centers. In
addition, as of June 30, 2013, there were 43 affiliated charter schools operated by the District and 185
fiscally independent charter schools within the District’s boundaries.
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Additional information on the District is set forth in Appendices A and B hereto. See Appendix A –
“District Financial Information and Regional Economic and Demographic Information” and Appendix B –
“Comprehensive Annual Financial Report of the District for the Fiscal Year ended June 30, 2013” attached
hereto.
The District’s General Obligation Bond Program
Voters within the District have approved a total of $20.605 billion of general obligation bonds in five
separate bond elections since 1997, as delineated in Table 1 below. Subsequent to the issuance of the Bonds,
a total of $13.063 billion of the approved general obligation bonds will have been issued and $7.542 billion
will remain to be issued under the bond authorizations listed below (collectively, the “Authorizations”). See
“Security and Sources of Payment for the Bonds – The District’s General Obligation Bond Program and
Bonding Capacity” herein.
TABLE 1
LOS ANGELES UNIFIED SCHOOL DISTRICT
General Obligation Bond Authorizations
Amounts and Dates Authorized, Amount Issued, Amount Unissued and Purposes
Amount Amount Amount
Bond Date Authorized Authorized Issued(1)(2) Unissued
Authorization by Voters ($ Billions) ($ Billions) ($ Billions) Purposes
Proposition BB April 8, 1997 $ 2.400 $ 2.400 $0.000 Health and safety improvements,
computer technology and science labs,
air conditioning and new construction
Measure K November 5, 2002 3.350 3.350 0.000 New construction, acquisition,
rehabilitation and upgrading of
specifically identified school facilities
Measure R March 2, 2004 3.870 3.710 0.160 New construction, acquisition,
rehabilitation and upgrading of
specifically identified school facilities,
and installation and upgrading of
information-technology infrastructure
Measure Y November 8, 2005 3.985 3.603 0.382 New construction, acquisition,
rehabilitation and upgrading of
specifically identified school facilities,
and installation and upgrading of
information-technology infrastructure
Measure Q November 4, 2008 7.000 0.000 7.000 New construction, acquisition,
rehabilitation and upgrading of
specifically identified school facilities,
and installation and upgrading of
information-technology infrastructure

Total $20.605 $13.063 $7.542

(1) See Appendix A – “District Financial Information and Regional Economic and Demographic Information – District Financial
Information – District Debt – General Obligation Bonds” attached hereto for the amounts of outstanding general obligation
bonds under the referenced Authorizations. Excludes general obligation refunding bonds.
(2) Includes the Bonds.
Source: Los Angeles Unified School District.
At least $7.3 billion of State matching funds and other revenue sources supplement the $20.6 billion
of bond proceeds from the five authorizations referenced above to fund the District’s general obligation bond
program’s various projects. A portion of these combined revenue sources has been or is expected to be
allocated to the Measure K Projects, the Measure R Projects and the Measure Y Projects (each as hereinafter
defined). Accordingly, the total program sources of funds are expected to be approximately $28 billion. The
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