Section 2.
Intent to Form a School Facilities Improvement District - Santa Monica Schools.  The Board hereby declares it is necessary and in the best interests of the District to form a school facilities improvement district in the area serving Santa Monica schools. 

Section 4.
Estimated Cost of the Improvement Projects. The Board estimates at this time that the Improvement Projects will cost approximately $650 million

Section 5.
Levy of Taxes Only Within Improvement District. If the issuance of general obligation bonds is approved in accordance with California law by the voters of the Improvement District, all taxes levied for the purpose of paying principal of and interest on any such general obligation bonds shall be levied exclusively upon the lands in the Improvement District...

Read More on page 11: http://backissues.smdp.com/052418.pdf