This is an archive of a past election.|
See http://www.smartvoter.org/ca/slo/ for current information.
League of Women Voters of California Education Fund
Bond Issue to Refurbish School Facilities
Cayucos School District
1316 / 69.5% Yes votes ...... 577 / 30.5% No votes
Index of all Measures
|Results as of Dec 2 2:25pm, 100.0% of Precincts Reporting (4/4)|
|Information shown below: Official Information | Impartial Analysis | Tax Rate Statement ||
To replace old portable classrooms with new classrooms; construct a multipurpose school and community center for athletics and performing arts; renovate a library for school and community, shall the Cayucos Elementary School District be authorized to replace, renovate, acquire and construct school facilities and equipment and issue $4,950,000 in bonds at interest rates within the legal limit with no funds for administrator salaries and an appointed Independent Oversight Committee to monitor all bond expenditures?
Article XIIIA, section 1(b)(3), and Article XVI, section 18(b), of the California Constitution authorize the District to incur bonded indebtedness for the purpose of financing the construction, reconstruction, rehabilitation, or replacement of school facilities, in accordance with certain accountability requirements, upon approval by 55% of the voters voting on the bond measure.
If the measure is approved, bonds shall be issued and financed by ad valorem taxes levied annually on real property within the District for the purpose of providing funding for the construction and improvement of school facilities, as specifically identified in the measure. Under Article XIIIA, the proceeds of the bonds must be expended solely for the purposes and on the projects identified in the measure, which include replacing older portable classrooms; building a new multi-purpose facility to be used for physical education, student athletics, performing arts, and other school functions; renovating three existing classrooms for a new school and community library, and other related improvements.
Article XIIIA mandates that the District comply with certain accountability requirements. Accordingly, in identifying the school facilities projects to be funded by the bond proceeds, the Board has certified that it evaluated safety, class size reduction, and information technology needs in developing the scope of the school facilities projects that are to be funded by the bond proceeds. In addition, if the measure is approved, the District must conduct an annual, independent performance audit to ensure that funds are being expended only on the projects identified in the measure and must conduct an annual, financial audit of the proceeds from the sale of the bonds until all proceeds have been expended. The District Board must also establish and appoint members to an independent citizens' oversight committee, in accordance with Education Code section 15278, for the purpose of informing the public concerning bond revenue expenditures.
If the measure is approved, the property tax rate on real property within the District will be increased above 1% of the full cash value for the period necessary to pay the principal and interest on the bonds. The District's Tax Rate Statement, which accompanies this analysis, reflects an estimate of the maximum property tax levies required to service the bonds.
A "Yes" vote on this measure is a vote in favor of the District issuing $4,950,000 in bonds for the purpose of providing funding for the replacement, renovation, acquisition, and construction of school facilities and equipment within the District.
A "No" vote on this measure is a vote against the District issuing $4,950,000 in bonds for the purpose of providing funding for the replacement, renovation, acquisition, and construction of school facilities and equipment within the District.
s/ James B. Lindholm, Jr.
|Tax Rate Statement from Superintendent|
|An election will be held in the Cayucos Elementary School District (the "District")
on November 2, 2004, to authorize the sale of up to $4,950,000 in bonds of the
District to finance school facilities as described in the proposition. If the bonds
are approved, the District expects to sell the bonds in two series. Principal and
interest on the bonds will be payable from the proceeds of tax levies made upon
the taxable property in the District. The following information is provided in
compliance with Sections 9400-9404 of the Elections Code of the State of
1. The best estimate of the tax which would be required to be levied to fund this bond issue during the first fiscal year after the sale of the first series of bonds, based on estimated assessed valuations available at the time of filing of this statement, is 1.99 cents per $100 ($19.90 per $100,000) of assessed valuation in fiscal year 2005-06.($19.90 per $100,000) of assessed valuation in fiscal year 2006-07.
3. The best estimate of the highest tax rate which would be required to be levied to fund this bond issue, based on estimated assessed valuations available at the time of filing of this statement, is 1.99 cents per
Voters should note that the estimated tax rates are based on the ASSESSED VALUE of taxable property on the County's official tax rolls, not on the property's market value. Property owners should consult their own property tax bills to determine their property's assessed value and any applicable tax exemptions.
Attention of all voters is directed to the fact that the foregoing information is based upon the District's projections and estimates only, which are not binding upon the District. The actual tax rates and the years in which they will apply may vary from those presently estimated, due to variations from these estimates in the timing of bond sales, the amount of bonds sold and market interest rates at the time of each sale, and actual assessed valuations over the term of repayment of the bonds. The dates of sale and the amount of bonds sold at any given time will be determined by the District based on need for construction funds and other factors, including the legal limitations on bonds approved by a 55% vote. The actual interest rates at which the bonds will be sold will depend on the bond market at the time of each sale. Actual future assessed valuation will depend upon the amount and value of taxable property within the District as determined by the County Assessor in the annual assessment and the equalization process.
s/ George Erdelyi, Superintendent