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Measure K2012 Issuance of Bonds College School District School Bond - 55% Approval Required
See Also:
Index of all Measures |
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League of Women Voters of California Education Fund
Fail:
1429 /
45.83% Yes votes ......
1689 /
54.17% No votes
| Results as of Dec 4 3:18pm, 100.0% of Precincts Reporting (11/11) |
| Information shown below: Impartial Analysis | Arguments | Tax Rate Statement | | ||||
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To acquire, construct and modernize classrooms and support facilities, increase student access to computers and modern classroom technology, fund necessary maintenance and repairs, purchase leased facilities and provide energy efficiency improvements to reduce annual operating costs, and improve handicapped access, shall the College School District be authorized to issue up to $12,000,000 in bonds at legal interest rates, with annual audits and an independent Citizens' Oversight Committee to ensure funds are used only for voter approved improvements?
This measure, if approved by 55% of the voters, would authorize the College School District to authorize the sale of general obligation bonds on its behalf in a principal amount not to exceed $12,000,000 to provide financing for the specific school facilities projects listed in the College School District's Bond Project List. The Bond Project List, as well as the full text of the measure, is printed in the ballot pamphlet. None of the proceeds from the sale of bonds may be used for salaries or operating expenses. The bonds and interest thereon would be payable from property taxes levied on taxable property in the District. These taxes would be in addition to the property taxes currently levied on taxpayers in the District The amount of the increased taxes each year would depend upon the amount needed to pay the principal and interest on the bonds. The period for full repayment of the bonds would not exceed forty years. The bond measure includes the following accountability requirements: A. A requirement that the proceeds from the bond sale be used only for the above purposes and not for any other purpose, including teacher and administrator salaries and other school operating expenses. B. A list of the specific school facilities projects to be funded and certification that the school district board has evaluated safety, class size reduction enrollment growth and information technology needs in developing that list C. A requirement that the school district board conduct an annual, independent performance audit to ensure that the funds have been spent only on the specific school facilities projects listed in the proposition. D. A requirement that the school district board conduct an annual, independent financial audit of the bond proceeds until all of such proceeds have been spent for the school facilities projects listed in the Bond Project List. This measure, if approved, will also establish a citizens' oversight committee to monitor expenditures and ensure bond proceeds are used only to fund the specific projects listed in the Bond Project List, as printed in the ballot pampphlet. The committee shall be established within 60 days of the date when the results of the election appear in the minutes of the Board. Performance Audits. The Board shall conduct an annual, independent performance audit to ensure that the bond proceeds have been expended only on the school facilities projects listed in Exhibit A-1. Financial Audits. The Board shall conduct an annual, independent financial audit of the bond proceeds until all of those proceeds have been spent for the school facilities projects listed in Exhibit A-1. ... 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 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. FURTHER SPECIFICATIONS No Administrator Salaries. Proceeds from the sale of bonds authorized by this proposition shall be used only for the construction, reconstruction and/or rehabilitation of school facilities including the furnishing and equipping 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. The proceeds of the bonds will be deposited into a Building Fund to be held by the Santa Barbara County Treasurer, as required by the California Education Code. EXHIBIT A-1 BOND PROJECT LIST The District intends to use the proceeds of the Bonds to finance some or all of the below-listed projects, upon voter approval: 1) Complete school facility upgrades, including handicapped access, new classrooms, covered walkways, play areas, and restrooms 2) Complete support facility improvements, including modernization of multipurpose buildings, upgrade kitchen and restroom facilities, administrative and student support facilities 3) Improve student and teacher access to computers and modern technology 4) Purchase leased facilities, including relocatable classrooms. 5) Improve energy efficiency and provide utility and energy system improvements, including photovoltaic (solar power) systems 6) Modernize facilities District-wide, and fund deferred maintenance projects and ongoing repairs 7) Furnish and equip schoolfacilities 8) Address unforeseen conditions revealed by construction/modernization (e.g., plumbing or gas line breaks, dry rot. seismic, structural, etc.) 9) Perform necessary site preparation/restoration in connection with new construction, renovation or remodeling.
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| Arguments For Measure K2012 | Arguments Against Measure K2012 |
| DIRECT ARGUMENT IN FAVOR OF THE COLLEGE SCHOOL DISTRICT MEASURE K2012
The Measure to Maintain Quality Local Schools and Academic Excellence The schools in the College School District are an asset to our community and benefit all of our local residents with a quality educational environment for our children. Over the last decade, the District has done a good job of improving and maintaining our schools. However, additional funding and modernization improvements are now required. Measure K2012 provides the funding to upgrade classrooms and student support facilities throughout the District, and increase student access to computers and modern classroom technology. The College School District does a good job educating our local students, for academic success in high school and beyond. Test scores are high, teachers are good and there is strong support from parents. But computers and modern classroom technology are increasingly important for our childrenˇ¦s continued learning and success. Yet Federal and State funding is decreasing even as energy costs and repairs are increasing. We need a long term source of local funding to improve and protect the investment in our schools. MEASURE K2012 WILL: 1) Increase student access to computers and modern classroom technology 2) Construct and modernize classrooms and support facilities 3) Replace old and outdated classrooms and reduce annual operating costs 4) Furnish, equip and maintain the investment in our schools TAXPAYER SAFEGUARDS ARE IN PLACE. MEASURE K2012 WILL REQUIRE: An independent Citizensˇ Oversight Committee Annual financial and performance audits
Funds be used only for voter approved projects to improve our schools not for salaries, administration, or overhead There is never a good time to wait to improve our schools -the time is now! Measure K2012 will guarantee funding to support our schools and increase academic achievement and provide the learning environments that our children deserve with funds that cannot be taken away by the State. Please join us and Vote YES on Measure K2012! Jim Sobell, College School District Board President Molly Carrillo-Walker, Board Officer and Community Advocate Theresa Bruhn, Community Parent and Youth Supporter Guy R. Walker, Local Business Owner Debbie Parisotto Goldsmith, Teacher and PTA Officer
| No formal arguments against have been submitted.
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| Tax Rate Statement |
| An election will be held in the College School District (the "District") on November 6, 2012 to authorize the sale of up to $12.0 million in bonds of the District to finance school facilities as described in the Measure. 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 ofthe Elections Code ofthe State of California.
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 $6.00 per $100,000 of assessed valuation in fiscal year 2013-14. 2. 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 last series of bonds, based on estimated assessed valuations available at the time of filing of this statement, is $6.00 per $100,000 of assessed valuation in fiscal year 2024-25. 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 $30.00 per $100,000. 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. 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: August 10, 2012 James Brown, Superintendent College School District |
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Created: December 17, 2012 13:46 PST
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