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On November 7, 2006, the voters of the Perris Elementary School District (the “District”) authorized Measure S under the Proposition 39 statutes. Measure S authorized the issuance of $25 million in General Obligation Bonds (the “Bonds”). The net proceeds of the Bonds are intended to be used to finance the acquisition, construction, modernization, furnishing and equipping of school facilities including making health and safety repairs to classrooms and restrooms, adding classrooms and school facilities to relieve overcrowding, removing hazardous materials such as asbestos, upgrading school libraries, repairing leaking roofs and plumbing, upgrading electrical systems, computers and educational technology, and making other school improvements.