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Butte County, CA June 5, 2012 Election
Measure D
Elementary Schools Facilities Improvement District No. 1
Gridley Unified School District

55% Approval Required

Pass: 1031 / 55.25% Yes votes ...... 835 / 44.75% No votes

See Also: Index of all Measures

Results as of Jun 20 4:05pm, 100.0% of Precincts Reporting (6/6)
Information shown below: Official Information | Impartial Analysis | Arguments | Tax Rate Statement | Full Text

To improve the quality of local ELEMENTARY education, repair, upgrade outdated classrooms, plumbing, leaking roofing, lighting, electrical and HVAC systems, restrooms, upgrade safety, security, fire systems, remove hazardous materials, improve energy efficiency, replace temporary classrooms, renovate, acquire, construct, repair, equip classrooms, schools, sites, facilities, shall Gridley Unified School District Elementary Schools Facilities Improvement District No. 1 issue $2,500,000 of bonds at legal rates, have an independent citizens' oversight committee and NO money for administrative salaries or taken by the State?

Official Sources of Information

Impartial Analysis from Butte County Counsel
Measure D proposes to allow the Gridley Unified School District ("District") acting as the Gridley Unified School District Elementary Schools Facilities Improvement District No.1 to sell general obligation bonds to pay for facilities and equipment at McKinley Elementary, Wilson Elementary, and Sycamore Middle Schools. Measure D does not propose to change existing law.

If fifty-five percent (55%) or more of the votes cast on the measure are "Bonds-Yes," the measure will be approved, and the District will be authorized to issue bonds in the principal amount of up to $2,500,000.00 and to levy ad valorem taxes on taxable property within the District to pay for the amount of bonded indebtedness plus interest. If the measure is not approved by at least 55% of the votes cast, the measure will fail, and the bonds will not be issued.

The bonds will bear interest at a rate established at the time of sale, depending on the market rates at that time, but not exceeding the legal limit. If issued under the Government Code, the maximum term of the bonds cannot exceed forty (40) years. If issued under the Education Code, the maximum term of the bonds cannot exceed twenty-five (25) years. The tax rates cannot be determined until after the bonds are sold, but the District's Tax Rate Statement, which follows this analysis, presents the District's best estimates of the tax rates required to be levied to pay debt service on the bonds. The District cannot sell any bonds if doing so would cause the tax rate needed to repay such bonds to exceed $60 per $100,000 of assessed valuation in any year, based on District projections. The actual tax rate could exceed $60 in future years if taxable property values do not meet District projections and such higher rate were necessary to pay the bond debt service in any year.

Proposition 13, approved in 1978, amended the California Constitution by adding Article XIIIA limiting ad valorem taxes on real property to one percent (1%) on the value of the property. Article XIIIA was amended in 1986 by adding an exception providing that the 1% limitation does not apply to taxes used to pay interest and redemption charges on certain bonds. Taxes levied to pay the interest and principal of the District's proposed bonds would be within this exception and not subject to the 1% limitation.

The funds derived from the sale of these bonds may only be expended for the purposes specified in the project list found in the Full Text Ballot Proposition following this analysis, including to: repair, upgrade outdated classrooms, plumbing, leaking roofing, lighting, electrical and HVAC systems, restrooms, upgrade safety, security, fire systems, remove hazardous materials, improve energy efficiency, replace temporary classrooms, renovate, acquire, construct, repair, equip classrooms, schools, sites, facilities. The proceeds will not be used for any other purpose, including payment of teacher or administrator salaries or other operating expenses.

To assure that funds are spent only as specified in the measure, Measure D requires the appointment of a citizen's oversight committee and completion of independent financial audits.

s/ Bruce S. Alpert, Butte County Counsel

Contact FOR Measure D:
Address: 429 Magnolia St, Gridley, 95948

Contact: John McIntosh

Telephone: 530-846-4721

  News and Analysis

Gridley Herald

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Arguments For Measure D
Our schools are one of the most important assets in our community and should be our number one priority From higher achieving students, to training for future jobs, to greater neighborhood safety, quality schools make a difference. Our teachers and staff do their best in educating our children. but many classrooms and school facilities in the Gridley Unified School District are old and inadequate to provide students with the school facilities they need to succeed.

Our children need your YES vote on Measure DI While schools have been well maintained, some of our facilities are over 50 years old and do not meet 21st century education and technology standards. A local school improvement measure would allow the District to improve the quality of education provided to local children_ Therefore. we must invest in our schools so they meet today's safety, technological, and educational standards.

If passed. Measure D will make critical facility improvements at the District's elementary and middle schools by; repairing or replacing leaky roofs, replacing outdated heating, ventilation and cooling systems; improving student access to computers and modern technology; modernizing and renovating outdated classrooms, restrooms and school facilities; and making health and safety improvements

Measure D makes financial sense and protects taxpayers. All bond funds must be spent locally and cannot be taken by the State. By law, spending must be reviewed and annually audited by an independent citizens' oversight committee. Additionally, funds can only be spent to improve Gridley elementary and middle schools. not for teacher or administrative salaries.

Measure D upgrades and repairs old, inadequate classrooms. improves the education of local children and maintains the quality of our community. That's something we can all support Please join us and Vote Yes On Measure D.

s/ Blane Sannar, Parent/Local Bishop
s/ Manuel J. Lamson, Businessman/Knights of Columbus
s/ Doris E. Pettersen, Retired President, AAUW
s/ Pedro Mota, Gridley City Council member
s/ Eric Waterbury, Parent/Farmer

(No arguments against Measure D were submitted)

Tax Rate Statement from Superintendent Gridley Unified School District
Tax Rate Statement

An election will be held in the Elementary Schools Facilities Improvement District No. 1 of the Gridley Unified School District (the "Improvement District") on June 5, 2012 to authorize the sale of $2,300,000 in general obligation bonds. The following information is submitted in compliance with Sections 9400-9404 of the California Elections Code.

The best estimate of the tax rate that would be required 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 $.01300 per $100 ($13.00 per $100,000) of assessed valuation in fiscal year 2012-13.

The best estimate of the tax rate that would be required 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 $.01300 per $100 ($13.00 per $100,000) of assessed valuation in fiscal year 2015-16.

The best estimate of the highest tax rate that would be required to fund this bond issue, based on estimated assessed valuations available at the time of filing this statement, is $.01300 per $100 ($13.00 per $100,000) of assessed valuation.

These estimates are based on projections derived from information obtained from official sources. The actual tax rates and the years in which they will apply may vary depending on the timing of bond sales, the amount of bonds sold at each sale and actual increases in assessed valuations. The timing of the bond sales and the amount of bonds sold at any given time will be determined by the needs of the Improvement District. Actual assessed valuations will depend upon the amount and value of taxable property within the Improvement District as determined in the assessment and the equalization process.

Dated: February 15, 2012

s/ John McIntosh, Superintendent Gridley Unified School District

Full Text of Measure D
WHEREAS, the Board of Trustees of the Gridley Unified School District (the "Board") has determined that certain properties, elementary and middle schools within the Elementary Schools Facilities Improvement District No. 1 of the Gridley Unified School District (the "Improvement District"), within Butte County (the "County) need to be acquired, constructed, improved, and equipped to enable the Gridley Unified School District (the "District") to enhance the safety and educational opportunities of the K-8 students at Wilson Elementary, McKinley Elementary and Sycamore Middle Schools; and

WHEREAS, in the judgment of the Board, it is advisable to provide additional funding for such facility repair and construction, technology, and safety needs in the Improvement District by means of a general obligation bond; and

WHEREAS, Proposition 46, approved by the voters of the State of California on June 3, 1986 ("Proposition 46"), amended Section 1(b) of Article XIIIA of the California Constitution by adding a provision which exempts from the 1% of full cash value limitation, those ad valorem taxes used to pay for debt service of any bonded indebtedness for the acquisition or improvement of real property approved on or after July 1, 1978, by two-thirds of the votes cast by voters voting on the proposition; and

WHEREAS, Chapter 3, Part 10, Division 1, Title 1 (commencing with Section 15300) of the Education Code (the "Act") provides that the Improvement District may call an election for the purpose of seeking voter approval for the issuance of general obligation bonds by the Improvement District; and

WHEREAS, the Butte County Board of Supervisors has adopted a resolution causing the provisions of the Act to be applicable within Butte County; and

WHEREAS, on November 7, 2000, the voters of California approved the Smaller Classes, Safer Schools and Financial Accountability Act ("Proposition 39") which, as of its effective date, reduced the voter threshold for ad valorem tax levies used to pay for debt service or bonded indebtedness to 55% of the votes cast on a school district general obligation bond; and

WHEREAS, concurrent with the passage of Proposition 39, Chapter 1.5, Part 10, Division 1, Title 1 (commencing with Section 15264) of the Education Code (the "Prop 39 Act") became operative and established requirements associated with the implementation of Proposition 39; and

WHEREAS, the Board desires to make certain findings herein to be applicable to this election order and to establish certain performance audits, standards of financial accountability and citizens' oversight committee which are contained in Proposition 39 and the Act; and

WHEREAS, the Board determines, in accordance with Opinion No. 01-110 of the Attorney General of the State of California, that the restrictions in Proposition 39, which prohibit any bond money to be used for administrator salaries and expenses be strictly enforced by the District's Citizens' Oversight Committee; and

WHEREAS, the Board desires to authorize the filing of a ballot argument in favor of the proposition to be submitted to the voters at the election; and

WHEREAS, Section 9400 et seq. of the Elections Code of the State of California (the "Elections Code") requires that a tax rate statement be contained in all official materials, including any ballot pamphlet prepared, sponsored or distributed by the District, relating to the election; and

WHEREAS, pursuant to the California Elections Code, it is appropriate for the Board to request consolidation of the election with any and all other elections to be held on June 5, 2012, and to request the Butte County Registrar of Voters to perform certain election services for the District; and

WHEREAS, in the judgment of the Board, it is advisable to request the Butte County Registrar of Voters to call an election pursuant to Proposition 39 on the question of whether general obligation bonds shall be issued and sold on behalf of the District for purposes set forth below; and

NOW THEREFORE, THE BOARD OF TRUSTEES OF THE GRIDLEY UNIFIED SCHOOL DISTRICT ACTING AS THE LEGISLATIVE BODY OF THE ELEMENTARY SCHOOLS FACILITIES IMPROVEMENT DISTRICT NO. 1 OF THE GRIDLEY UNIFIED SCHOOL DISTRICT DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:

Section 1. That the Board, pursuant to Education Code Sections 15100 et seq. (including Sections 15300 et seq.), 15264 et seq., and Government Code Section 53506, hereby requests the Butte County Registrar of Voters to conduct an election under the provisions of the Proposition 39 and the Act and submit to the electors of the Improvement District the question of whether bonds of the Improvement District in the aggregate principal amount not to exceed $2,500,000 (the "Bonds") shall be issued and sold for the purpose of raising money for the purposes described in Exhibits A and B hereto. Both exhibits are directed to be printed in the voter pamphlet.

Section 2. That the date of the election shall be June 5, 2012.

Section 3. That the purpose of the election shall be for the voters in the Improvement District to vote on a proposition, a copy of which is attached hereto and marked Exhibit "A" and incorporated by reference herein, containing the question of whether the Improvement District shall issue the Bonds to pay for improvements only to elementary schools and the middle school, to the extent permitted by such proposition. In compliance with Proposition 39 and the Act, the ballot proposition in Exhibit "A" and "B" is subject to the following requirements and determinations:

(a) the proceeds of the sale of the Bonds shall be used only for the purposes set forth in the ballot measure and not for any other purpose, including teacher and administrator salaries and other school operating expenses;

(b) that the Board, in establishing the projects set forth in Exhibit "B", evaluated the safety, class size reduction, classroom, educational, and information technology needs of the District as well as the importance of the projects to student achievement and enhanced instruction;

(c) that the Board will cause an annual, independent performance audit to be conducted to ensure that the Bond moneys get expended for the projects identified in Exhibit "B" hereto;

(d) that the Board will cause an annual, independent financial audit of the proceeds from the sale of Bonds to be conducted until all of the Bond proceeds have been expended;

(e) that the Board shall appoint a Citizens' Oversight Committee in compliance with Education Code Section 15278 no later than 60 days after the Board enters the election results in its minutes pursuant to Education Code Section 15274; and

(f) that the tax levy authorized to secure the Bonds of this election shall not exceed the Proposition 39 limits per $100,000 of taxable property in the District when assessed valuation is projected by the District to increase in accordance with Article XIIIA of the California Constitution.

Section 4. That the authority for ordering the election is contained in Education Code Sections 15340, 15264 et seq. and Government Code Section 53506.

Section 5. That the authority for the specifications of this election order is contained in Sections 5322 of the Education Code.

Section 6. That the Butte County Registrar of Voters is hereby requested to consolidate the election ordered hereby with any and all other elections to be held on June 5, 2012 within the District.

Section 7. That the Secretary of the Board is hereby directed to send a certified copy of this Resolution to the Butte County Registrar of Voters no later than February 16, 2012. That this Resolution shall stand as the "order of election" to the Butte County Registrar of Voters to call an election within the boundaries of the Improvement District on June 5, 2012.

Section 8. That the maturity of any Bonds issued pursuant to Section 15300 et seq. of the Education Code hereto shall have a maturity not exceeding twenty-five (25) years, and Bonds issued pursuant to Section 53506 of the Government Code shall have a maturity of not exceeding forty (40) years. The maximum rate of interest on any Bond shall not exceed the maximum rate allowed by Education Code Sections 15140 to 15143, as modified by Government Code Section 53531.

Section 9. That the Board requests the governing body of any such other political subdivision, or any officer otherwise authorized by law, to partially or completely consolidate such election and to further provide that the canvass be made by any body or official authorized by law to canvass the returns of the election; and that the Board consents to such consolidation.

Section 10. Pursuant to Section 5303 of the Education Code and Section 10002 of the Elections Code, the Board of Supervisors of Butte County is requested to permit the Registrar of Voters to render all services specified by Section 10418 of the Elections Code relating to the election, for which services the District agrees to reimburse Butte County, such services to include the publication of a Formal Notice of School Bond and the mailing of the sample ballot and tax rate statement (described in Section 9401 of the Elections Code) pursuant to the terms of Section 5363 of the Education Code an Section 12112 of the Elections Code.

ADOPTED, SIGNED AND APPROVED this 15th day of February, 2012.

BOARD OF TRUSTEES OF THE GRIDLEY UNIFIED SCHOOL DISTRICT ACTING AS THE LEGISLATIVE BODY OF THE ELEMENTARY SCHOOLS FACILITIES IMPROVEMENT DISTRICT NO. 1

By
s/ Richard Harp, President

Attest:
s/ Stacy Anthony, Clerk

STATE OF CALIFORNIA )

)ss
BUTTE COUNTY )

I, John McIntosh do hereby certify that the foregoing is a true and correct copy of Resolution No. 17-1112 which was duly adopted by the Board of Trustees of the Gridley Unified School District acting as the legislative body of the Elementary Schools Facilities Improvement District No. 1 at meeting thereof held on the 15th day of February, 2012, and that it was so adopted by the following vote:

AYES: 5 NOES: 0 ABSENT: 2 ABSTENTIONS: 0

By
s/ Stacy Anthony, Clerk

EXHIBIT A

"To improve the quality of local ELEMENTARY education, repair, upgrade outdated classrooms, plumbing, leaking roofing, lighting, electrical and HVAC systems, restrooms, upgrade safety, security, fire systems, remove hazardous materials, improve energy efficiency, replace temporary classrooms, renovate, acquire, construct, repair, equip classrooms, schools, sites, facilities, shall Gridley Unified School District Elementary Schools Facilities Improvement District No. 1 issue $2,500,000 of bonds at legal rates, have an independent citizens' oversight committee and NO money for administrative salaries or taken by the State?"

Bonds -- Yes Bonds -- No

EXHIBIT B

FULL TEXT BALLOT PROPOSITION

ELEMENTARY SCHOOLS FACILITIES IMPROVEMENT DISTRICT NO. 1 OF THE GRIDLEY UNIFIED SCHOOL DISTRICT BOND MEASURE ELECTION JUNE 5, 2012

The following is the full proposition presented to the voters of the Elementary Schools Facilities Improvement District No. 1 of the Gridley Unified School District.

"To improve the quality of local ELEMENTARY education, repair, upgrade outdated classrooms, plumbing, leaking roofing, lighting, electrical and HVAC systems, restrooms, upgrade safety, security, fire systems, remove hazardous materials, improve energy efficiency, replace temporary classrooms, renovate, acquire, construct, repair, equip classrooms, schools, sites, facilities, shall Gridley Unified School District Elementary Schools Facilities Improvement District No. 1 issue $2,500,000 of bonds at legal rates, have an independent citizens' oversight committee and NO money for administrative salaries or taken by the State?"

Bonds -- Yes Bonds -- No

PRIORITY SCHOOL PROJECTS LIST

The Board of Trustees of the Gridley Unified School District evaluated the District's urgent and critical facility needs, including safety issues, enrollment trends, class size, energy efficiency, computer technology, and the declining condition of its relocatable classrooms and playgrounds, in developing the scope of projects to be funded. In developing the scope of projects, teachers, staff and community members have prioritized the key health and safety needs so that the most critical facility needs are addressed. The Board conducted a facilities evaluation by school and received public input and review in developing the scope of facility projects to be funded. This input concluded that if these needs were not addressed now, the problem would only get worse. In approving this Priority School Projects List, the Board of Trustees determines that the District should:

(i) Repair or replace old worn-out and leaking roofs, plumbing, lighting and outdated electrical systems.

(ii) Invest in energy efficient heating, ventilation and air conditioning systems to reduce utility bills and generate savings which can be invested in the classroom.

(iii) Replace deteriorating temporary classrooms.

(iv) Retain all bond money locally in our community, ensuring local control and sufficient funds to address the education needs in our community, with none of the funds taken by the State.

Bond proceeds will be expended to modernize, replace, renovate, construct, equip, furnish and otherwise improve the facilities of the District located at the following locations:

McKinley Elementary School Wilson Elementary School Sycamore Middle School

The specific school facilities projects to be funded include, but shall not be limited to:

School Facility and Classroom Construction, Repair and Upgrade Projects

  • Repair and upgrade roofs, walls, and floors.

  • Replace existing wiring systems to meet current electrical and accessibility codes and increased capacity.

  • Replace outdated plumbing systems to meet current codes.

  • Upgrade restrooms.

  • Replace older heating, ventilation, air conditioning and lighting systems with building code compliant, energy efficient systems.

  • Construct or acquire new classrooms to replace outdated portable classrooms.

  • Provide enhanced instructional technology.

  • Upgrade and equip labs, multipurpose rooms, auditoriums, gyms, libraries, and other school facilities.

  • Classroom interiors will receive new paint, carpet/vinyl tile/asbestos abatement, white markerboards, tackable surfaces, increase secure storage capacity for instructional materials and equipment.

  • Replace existing window systems with energy efficient systems.

  • Renovate, repair, and/or upgrade outdated classrooms and school facilities.

  • Federal and State-mandated Americans with Disabilities Act (ADA) accessibility upgrades including site access, parking, staff and student restrooms, relocation of some existing electrical devices, drinking fountains, playground equipment, etc.

Health, Safety and Security Projects

  • Install, replace/upgrade safety and security systems for our students and staff.

  • Install energy efficient systems to promote energy-efficiency.

  • Replace/upgrade irrigation systems.

  • Federal and State-mandated Occupational Safety & Health Administration (OSHA) safety upgrades including playground turf and equipment replacement.

  • Improve play area fields for safety and drainage.

  • Upgrade school site parking, utilities and grounds.

  • Abate and remove hazardous materials identified prior or during construction.

  • Fire alarm systems upgraded to automatic systems, repair fire safety equipment.

  • Repair, replace and/or upgrade paved surfaces, turf, and other grounds to eliminate safety hazards and improve outside instructional areas.

The listed projects will be completed as needed. Each project is assumed to include its share of furniture, equipment, architectural, engineering, and similar planning costs, program management, staff training expenses and a customary contingency, and escalation for unforeseen design and construction costs. In addition to the listed repair and construction projects stated above, the Priority School Projects List also includes the payment of the costs of preparation of all facility planning, facility assessment reviews, environmental studies, construction documentation, inspection and permit fees, and temporary housing of dislocated District activities caused by bond projects. The upgrading of technology infrastructure includes, but is not limited to, computers, LCD projectors, portable interface devices, servers, switches, routers, modules, sound projection systems, laser printers, digital white boards, document projectors, upgrade voice-over-IP, call manager and network security/firewall, and other miscellaneous equipment and software. The allocation of bond proceeds may be affected by the District's receipt of State matching funds and the final costs of each project. In the absence of State matching funds, which the District will aggressively pursue to reduce the District's share of the costs of the projects, the District may not be able to complete some of the projects listed above. The budget for each project is an estimate and may be affected by factors beyond the District's control. The final cost of each project will be determined as plans are finalized, construction bids are awarded and projects are completed. Based on the final costs of each project, certain of the projects described above may be delayed or may not be completed. Demolition of existing facilities and reconstruction of facilities scheduled for repair and upgrade may occur, if the Board determines that such an approach would be more cost-effective in creating more enhanced and operationally efficient campuses. Necessary site preparation/restoration, landscaping, may occur in connection with new construction, renovation or remodeling, or installation or removal of relocatable classrooms, including ingress and egress, removing, replacing, or installing irrigation, utility lines, trees and landscaping, redirecting fire access, and acquiring any necessary easements, licenses, or rights of way to the property.

Bond proceeds shall only be expended for the specific purposes identified herein. Proceeds of the bonds may be used to pay or reimburse the District for the cost of District staff when performing work on or necessary and incidental to the bond projects. The District shall create an account into which proceeds of the bonds shall be deposited and comply with the reporting requirements of Government Code 53410.

FISCAL ACCOUNTABILITY: IN ACCORDANCE WITH EDUCATION CODE SECTION 15272, THE BOARD OF TRUSTEES WILL APPOINT A CITIZENS' OVERSIGHT COMMITTEE AND CONDUCT ANNUAL INDEPENDENT AUDITS TO ASSURE THAT FUNDS ARE SPENT ONLY ON DISTRICT PROJECTS AND FOR NO OTHER PURPOSE. THE EXPENDITURE OF BOND MONEY ON THESE PROJECTS IS SUBJECT TO STRINGENT FINANCIAL ACCOUNTABILITY REQUIREMENTS. BY LAW, PERFORMANCE AND FINANCIAL AUDITS WILL BE PERFORMED ANNUALLY, AND ALL BOND EXPENDITURES WILL BE MONITORED BY AN INDEPENDENT CITIZENS' OVERSIGHT COMMITTEE TO ENSURE THAT FUNDS ARE SPENT AS PROMISED AND SPECIFIED. THE CITIZENS' OVERSIGHT COMMITTEE MUST INCLUDE, AMONG OTHERS, REPRESENTATION OF A BONA FIDE TAXPAYERS ASSOCIATION, A BUSINESS ORGANIZATION AND A SENIOR CITIZENS ORGANIZATION. NO DISTRICT EMPLOYEES OR VENDORS ARE ALLOWED TO SERVE ON THE CITIZENS' OVERSIGHT COMMTITTEE.

NO ADMINISTRATOR SALARIES: PROCEEDS FROM THE SALE OF THE BONDS AUTHORIZED BY THIS PROPOSITION SHALL BE USED ONLY FOR THE ACQUISITION, CONSTRUCTION, RECONSTRUCTION, REHABILITATION, OR REPLACEMENT OF SCHOOL FACILITIES, INCLUDING THE FURNISHING AND EQUIPPING OF SCHOOL FACILITIES, AND NOT FOR ANY OTHER PURPOSE, INCLUDING TEACHER AND SCHOOL ADMINISTRATOR SALARIES AND OTHER OPERATING EXPENSES.

Tax Rate Statement

An election will be held in the Elementary Schools Facilities Improvement District No. 1 of the Gridley Unified School District (the "Improvement District") on June 5, 2012 to authorize the sale of $2,300,000 in general obligation bonds. The following information is submitted in compliance with Sections 9400-9404 of the California Elections Code.

The best estimate of the tax rate that would be required 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 $.01300 per $100 ($13.00 per $100,000) of assessed valuation in fiscal year 2012-13.

The best estimate of the tax rate that would be required 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 $.01300 per $100 ($13.00 per $100,000) of assessed valuation in fiscal year 2015-16.

The best estimate of the highest tax rate that would be required to fund this bond issue, based on estimated assessed valuations available at the time of filing this statement, is $.01300 per $100 ($13.00 per $100,000) of assessed valuation.

These estimates are based on projections derived from information obtained from official sources. The actual tax rates and the years in which they will apply may vary depending on the timing of bond sales, the amount of bonds sold at each sale and actual increases in assessed valuations. The timing of the bond sales and the amount of bonds sold at any given time will be determined by the needs of the Improvement District. Actual assessed valuations will depend upon the amount and value of taxable property within the Improvement District as determined in the assessment and the equalization process.

Dated: February 15, 2012

s/ John McIntosh, Superintendent Gridley Unified School District

RESOLUTION NO. 15

RESOLUTION OF FORMATION OF THE BOARD OF TRUSTEES OF THE GRIDLEY UNIFIED SCHOOL DISTRICT IN CONNECTION WITH ITS FORMATION OF THE ELEMENTARY SCHOOLS FACILITIES IMPROVEMENT DISTRICT NO. I OF THE GRIDLEY UNIFIED SCHOOL DISTRICT AND TO AUTHORIZE CERTAIN OTHER ACTIONS

WHEREAS, Chapter 2, Part 10, Division 1, Title 1 (commencing with Section 15300) of the Education Code (the "Act") provides for the formation of school facilities improvement districts consisting of a portion of the territory within a school district for the issuance of general obligation bonds by such school facilities improvement district; and

WHEREAS, for the purposes of financing improvement at certain elementary schools and facilities as authorized under the provisions of the Act and Education Code Sections 15100 and 15264 et seq., the Gridley Unified School District (the "District"), on its own initiative, intends to establish an elementary school facilities improvement district within the boundaries of the District; and

WHEREAS, as required under Section 15320 of the Act, the District has previously adopted its Resolution No. 15-1112(the "Resolution of Intention") stating its intention to form the Elementary Schools Facilities Improvement District No. 1 of the Gridley Unified School District and has made certain determinations and findings required under the Act, including the determination that it is necessary and in the best interest of the District to form an elementary schools facilities improvement district pursuant to the Act to finance any or all of the improvements set forth in the Act and Education Code Sections 15100 and 15264 et seq.; and

WHEREAS, on July 14, 2004, as required under Section 15303 of the Act, the Board of Supervisors of Butte County adopted Resolution which caused the provisions of the Act to be applicable within Butte County; and

WHEREAS, in connection with the hearing held on this day, the District has previously caused the publication of Resolution of Intention as required under Section 15321 of the Act and Government Code Section 6066; and

WHEREAS, Section 15326 of the Act provides that at the conclusion of the hearing on the Resolution of Intention, the Board of Trustees of the District may by resolution order the elementary schools facilities improvement district formed for the purpose and with the boundaries described in the Resolution of Intention; and

WHEREAS, on this date, the Board of Trustees of the District has held the hearing on the Resolution of Intention as required in Section 15322 of the Act and desires to adopt this Resolution of Formation to cause the formation of the Elementary Schools Facilities Improvement District No. I of the Gridley Unified School District, all as provided in the Act;

NOW, THEREFORE, THE BOARD OF TRUSTEES OF THE GRIDLEY UNIFIED SCHOOL. DISTRICT DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:

Section 1. The above recitals are true and correct and are incorporated herein as if fully set forth in the body of this Resolution of Formation.

Section 2. The Board of Trustees of the District hereby orders the formation of the proposed school facilities improvement district and hereby designates the name "Elementary Schools Facilities Improvement District No. 1 of the Gridley Unified School District" with respect to said elementary schools facilities improvement district. Such elementary schools facilities improvement district shall be referred to in this Resolution of Formation as the "Improvement District." The exterior boundaries of the Improvement District shall be as depicted in the map placed on file with the Clerk of the Board of Trustees, and shall include all property within the boundaries of the District, excluding all property located within the boundaries of the Manzanita Elementary School District. Such boundary map is available for inspection by the public, and attached hereto as Exhibit B.

Section 3. The Board of Trustees further orders the filing of a plat or map in accordance with Government Code Section 54902, which map shall indicate property of the District which is not included within the boundaries of the Improvement District.

Section 4. The Improvement District is being formed to facilitate the issuance of general obligation bonds of the Improvement District to finance the costs of elementary school facilities described in Exhibit A hereto (the "Facilities"). This Board of Trustees has determined that the Facilities are consistent with the purposes set forth in the Act and Education Code Sections 15100 and 15264 et seq. This Board of Trustees has further determined that the estimated cost of the Facilities will not exceed $15,000,000.

Section 5. As provided in Section 15327 of the Act, the Board of Trustees of the District shall have the same rights, powers, duties and responsibilities with respect to the formation and government of the Improvement District as the Board of Trustees has with respect to the District.

Section 6. This Resolution of Formation shall take effect immediately upon its passage.

ADOPTED, SIGNED and APPROVED this 15th day of February, 2012.

AYES: Stacy Anthony, Richard Harp, Nicki Herrera Llerenas, Ken Olson,

Eric Waterbury
NOES: None

ABSENT: Katy Wheeler, Linda Wilson

ABSTENTIONS: None

s/ Richard Harp, President, Board of Trustees, Gridley Unified School District Attest:
s/ John McIntosh, Secretary to the Board of Trustees of the

Gridley Unified School District

EXHIBIT A

DESCRIPTION OF THE FACILITIES

The Facilities to be financed by the Improvement District include the modernization, upgrade and repair of elementary grade classrooms and elementary school facilities and sites in the District, energy efficiency improvements, health and safety improvements, the construction of new classrooms and restrooms, the renovation of plumbing and sewer systems, and upgrading of technology and equipment. Costs include all planning, design and environmental expenses, any secondary effect costs associated with the undertaken repair, renovation, construction and equipping projects.


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