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On June 3, 2014, the voters of the Perris Elementary School District (the “District”) authorized Measure C under the Proposition 39 statutes. Measure C authorized the issuance of $40 million in General Obligation Bonds (the “Bonds”). The net proceeds of the Bonds are intended to be used for relieving overcrowding by constructing new schools and facilities, improving technology, renovating existing school facilities, improving health and safety conditions in existing educational facilities, improving access for students and parents with disabilities, upgrading fire safety and security systems, replacing portable classrooms with permanent construction, and improving walkways, curbs, gutters, turn‐arounds, crosswalks, playgrounds, and parking facilities.