Pass: 203 / 77.5% Yes votes ...... 59 / 22.5% No votes

See Also: Index of all Measures

BONDS YES
BONDS NO

Meaning of Voting Yes/No

A YES vote on this measure means:

A "yes" vote is a vote to authorize the issuance of the bonds in the amount of $9,500,000, secured by the levy of ad valorem taxes on property located in the Luther Burbank School District, for the uses specified.

A NO vote on this measure means:

A "no" vote is a vote not to authorize the issuance and sale of the bonds.

Upon approval of 2/3 of the voters voting in an election, California law permits a school district to issue bonds, secured by the levy of ad valorem taxes on property located within the district, for the purpose of acquiring or improving real property, as long as the district appoints a citizen oversight committee to monitor how the money is spent.

The Luther Burbank School District Board of Trustees ("District") proposes a general obligation bond election to authorize the issuance of bonds in the aggregate principal amount not to exceed $9,500,000. The purpose of the issuance of the bonds is to acquire, to improve, and to construct school facilities; to improve handicapped accessibility; to construct a multipurpose room/cafeteria; and to build classrooms. No proceeds from the sale of the bonds shall be used for teacher or administrator salaries or other operating expenses.

An independent financial audit of the proceeds from the sale of the bonds will be conducted on an annual basis, until all bond proceeds have been expended. A citizens' oversight committee will monitor all bond expenditures to ensure that the funds are spent as specified.

If the bonds are approved by the voters, the District expects to sell the bonds in three series over a period of up to either 25 or 40 years, depending upon whether the bonds are issued pursuant to the Education Code or the Government Code, respectively. Payment of principal and interest on the bonds will be payable from the proceeds of tax levies made upon taxable property in the Luther Burbank School District.

The District's current best estimate of the tax rate needed to fund the bond issue in the first fiscal year after sale of the first series of bonds based on the estimated assessed valuation is .06 cents per $100 ($0.60 per $100,000) of assessed valuation. The District's best estimate of the highest tax rate needed to fund the bond issue is 9.57 cents per $100 of assessed valuation (or $95.70 per $100,000) of assessed valuation. The estimated tax rate is based on the assessed value of taxable property on the County's official rolls. The actual interest rates at which the bonds will be sold depend on the bond market at the time of each sale.

A "yes" vote is a vote to authorize the issuance of the bonds in the amount of $9,500,000, secured by the levy of ad valorem taxes on property located in the Luther Burbank School District, for the uses specified.

A "no" vote is a vote not to authorize the issuance and sale of the bonds.

Ann Miller Ravel
County Counsel

By: /s/ Kathryn Zoglin
Deputy County Counsel

Registrar of Voters

• Official Results

The accuracy of this information is not guaranteed. The official information may be obtained from the District or from the Registrar of Voters.

Luther Burbank School District

Your YES vote on Measure "A" will have a lasting, positive impact on the children and community of the Luther Burbank School District. Passing Measure "A" will allow the District to continue providing the children of our community with a quality education by providing additional classrooms and expanding school facilities to alleviate student overcrowding.

MEASURE "A" IMPROVES OUR SCHOOL. IT WILL:

• Provide a multipurpose room / cafeteria for school and community use

• Construct additional classrooms to relieve student overcrowding

• Make health and safety improvements including upgrades to school facilities for handicapped access

MEASURE "A" MAKES FINANCIAL SENSE BY:

• Improving property values in our community and homes

• Making improvements now instead of later when they will cost more

TAXPAYERS' SAFEGUARDS ARE IN PLACE. MEASURE "A" WILL:

• Include financial audits

• Establish an oversight committee to ensure funds are spent only on voter approved projects

• Require that funds be used only to expand our school - not for salaries

Invest in our children, our classrooms and our community by voting YES ON MEASURE "A".

/s/ Blanca Diaz
Board President

/s/ Mary Frances Egan
School Teacher

/s/ Marlene A. Rakovec
Senior Citizen

/s/ Michelle Patlan
Parent

/s/ Antonio Perez
Business Owner/Board Member

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 .06 cents per $100 ($0.60 per $100,000) of assessed valuation in fiscal year 2007-08.

2. The best estimate of the tax rate which would be required to be levied to fund this bond issue during the first fiscal year after the sale of the last series of bonds, based on estimated assessed valuations available at the time of filing of this statement, is 9.57 cents per $100 ($95.70 per $100,000) of assessed valuation in fiscal year 2015-16.

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 9.57 cents per $100 ($95.70 per $100,000) of assessed valuation. The tax rate is expected to remain the same in each year.

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 the need for construction funds and other factors, including the legal limitations on bonds approved by a two-thirds 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.

Dated: June 22, 2006

/s/ Richard Rodriguez
Superintendent
Luther Burbank School District

By approval of this proposition by at least 2/3 of the registered voters voting on the proposition, the district shall be authorized to issue and sell bonds of up to $9,500,000 in principal at interest rates below the legal limit, to provide financing for the school facilities projects stated in the Measure.

Approval of this Bond Measure A (the `Measure') does not guarantee that the proposed projects in the District which are the subject of bonds under the Measure will be funded beyond the local revenues generated by the Measure. If state matching funds become available, they will be used for and applied to the facilities projects stated in the Measure. The District's proposal for the projects assumes the receipt of matching state funds, which could be subject to appropriations by the Legislature or approval of a statewide bond measure.

The provisions in this section are specifically included in this proposition in order that the voters and taxpayers in the District may be assured that their money will be spent wisely to address specific facilities needs of the District.

Citizens' Oversight Committee. The Board shall establish a Citizens' Oversight Committee to ensure bond proceeds are expended only on the school facilities projects stated in the Measure.

Special Bond Proceeds Account: Annual Report to Board. Upon approval of this proposition and the sale of any bonds approved, the Board shall take actions necessary to establish an account in which proceeds of the sale of the bonds will be deposited. As long as any proceeds of the bonds remain unexpended, the Superintendent of the District shall cause a report to be filed with the Board annually, stating (1) the amount of bond proceeds received and expended in that year, and (2) the status of any project funded or to be funded from bond proceeds. The report may relate to the calendar year, fiscal year, or other appropriate annual period as the Superintendent shall determine and may be incorporated in the annual budget, audit, or another appropriate routine report to the Board.

No Administrator Salaries. Proceeds from the sale of bonds authorized by this proposition shall be used only for the construction of school facilities or acquisition or lease of real property for school facilities and not for any other purpose, including teacher and administrator salaries and other school operating expenses.

Approval of Measure A does not guarantee that the proposed project or projects in the Luther Burbank School District that are the subject of bonds under Measure A will be funded beyond the local revenues generated by Measure A. The school district's proposal for the project or projects may assume the receipt of matching state funds, which could be subject to appropriation by the Legislature or approval of a statewide bond measure.

The proceeds of the bonds will be deposited into a Building Fund to be held by the Santa Clara County Treasurer, as required by the California Education Code.