Los Angeles Unified School District (LAUSD) Chief Executive for Facilities/Operations Jim McConnell explained the scope of the proposed $3.8 billion bond measure proposed for the March 2004 ballot and the $8 billion expansion program for the school district. When asked about declining birth rates in Los Angeles, Mr. McConnell pointed out that expansion plans are warranted and projected growth is based upon fluctuating numbers of school-age children coming to LAUSD. He further explained the intricacies of state funding which requires use of a formula allowing for increasing projections for growth to obtain maximum matching funds.
When questioned about the little known LAUSD Financing Corporation, McConnell stated that it considered to be a “Land Bank” that holds resources (from Certificates of Participation) for future land purchases by the District. Asked why the media had not ever reported on LAUSD Financing Corporation which was formed in 2000 he said that further details as to how it operates is available from the General Counsel of the Board of Education.