8,823 / 55.47% Yes votes ...... 7,083 / 44.53% No votes

See Also: Index of all Measures

If approved by 55% of the votes cast, Measure Y would authorize the Board of Trustees of the Turlock Unified School District (the "District") to sell bonds of the District in an amount not exceeding $7,725,000. Measure Y would not amend any existing laws.

Proceeds from the sale of bonds authorized by Measure Y may be used only for the specific projects listed in the measure reprinted in full in this voter information pamphlet, and not for any other purpose, including teacher and administrator salaries or other school operating expenses.

Upon approval of Measure Y, the District's Board of Trustees may sell all or a portion of the bonds at such times as it shall determine. No bond may mature beyond 25 years from the date of that bond, nor bear interest at a rate above 12% per year. The District would not be permitted to sell bonds if doing so would cause the total outstanding bonded indebtedness of the District to exceed 2.50% of the taxable property of the District, or cause the tax rate necessary to repay all bonds then outstanding under Measure Y and Measure Z together to exceed $60 per $100,000 of assessed valuation in any year, as determined by the District based on its projections of assessed values.

Principal and interest on the bonds due in each year would be paid from a property tax to be levied upon all taxable property within the District. The tax rate must be sufficient to pay all principal and interest coming due before the following year's tax levy, and could exceed $60 in future years if taxable property values do not meet District projections. If property values decline following the issuance of bonds, the amount of bonds outstanding may exceed 2.50% of the taxable property of the District.

If Measure Y is approved, the Board of Trustees of the District is required to (1) appoint a citizens' oversight committee to inform the public concerning the expenditure of bond proceeds, (2) conduct annual independent performance audits to ensure that bond funds have been expended only on the specific projects listed, and (3) conduct annual independent financial audits of the bond funds until all such funds have been expended.

The Tax Rate Statement for Measure Y in this pamphlet reflects the District's best estimates, based upon currently available data and projections, of the property tax rates required to service the bonds in the first year in which taxes are expected to be levied to pay debt service on the bonds, and the year in which the tax is expected to be highest, all as required by statute.

Respectfully submitted,
Dean Wright - Deputy County Counsel, Stanislaus County