Fail: 1506 / 51.49% Yes votes ...... 1419 / 48.51% No votes

See Also: Index of all Propositions

Proceeds from the sale of bonds authorized by this proposition may be used by the District only for the construction, reconstruction and/or rehabilitation of its school facilities, including the furnishing and equipping of its school facilities, acquisition, or lease of real property for its school facilities and construction management by District personnel.

The interest rate on any bond, which is established at the time of bond issuance, cannot exceed 12% per annum. The final maturity date of any bond could be no later than 25 years after the date of bonds issued pursuant to the Education Code or not later than 40 years after the date of bonds issued pursuant to the Government Code. Principal and interest on the bonds would be paid by revenue derived from an annual tax levied upon the taxable property within the District in an amount sufficient to pay the interest as it becomes due and to provide a fund for payment of the principal on or before maturity.

Article XIII A of the California Constitution exempts from the one percent property tax rate limitation ad valorem taxes to pay the interest and redemption charges on any bonded indebtedness for the acquisition or improvement of real property, including the furnishing and equipping of school facilities, when approved by 55% of the voters if: (a) the proceeds from the sale of the bonds are used only for the purposes specified, (b) the District, by evaluating safety, class size reduction, and information technology, has approved a list of specific projects to be funded, (c) the District will conduct an annual, independent performance audit, and (d) the District will conduct an annual, independent financial audit. If a bond measure is approved by 55% of the voters, state law requires the governing board of the District to establish an independent citizens' oversight committee. The District has made this ballot proposition subject to these requirements.

Approval of this proposition does not guarantee that the proposed projects in the District that are the subject of these bonds will be funded beyond the local revenues generated by this proposition.

A "yes" vote is a vote in favor of authorizing the Rancho Santa Fe School District to issue and sell $44,500,000 in general obligation bonds.

A "no" vote is a vote against authorizing the Rancho Santa Fe School District to issue and sell $44,500,000 in general obligation bonds.