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Miracosta Community College Repair/Career Training Measure
MiraCosta Community College District
55% Approval Required
Fail: 80,929 / 54.8% Yes votes ...... 66,654 / 45.2% No votes
Index of all Propositions
|Information shown below: Yes/No Meaning | Impartial Analysis | Tax Rate Statement |
To better prepare students for universities/jobs/careers by: Expanding science labs, health-related careers, bio-technology, nursing, and technical job training, Upgrading electrical systems, wiring, computer technology/Internet access, Improving support facilities for war Veterans, Addressing handicap accessibility requirements, Acquiring, constructing, repairing facilities, sites and equipment, shall MiraCosta Community College District issue $497,000,000 in bonds at legal rates, requiring all funds remain local, financial audits, citizens' oversight, and NO money for pensions or administrators' salaries?
Voter approval of this measure also will authorize an annual tax to be levied upon the taxable property within the District. The purpose of this tax is to generate revenue to pay the principal and interest on the bonds 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.
Proceeds from the sale of bonds authorized by this proposition may be used by the District for the construction, reconstruction, rehabilitation or replacement of community college facilities, including the furnishing and equipping of community college facilities, or the acquisition or lease of real property for community college facilities.
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 or 40 years after the date the bonds are issued as determined by the District.
The tax authorized by this proposition is consistent with the requirements of the California Constitution. The California Constitution permits property taxes, above the standard one percent (1%) limitation, to be levied upon real property 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 community college facilities, when approved by 55% of the voters if:
(2) the District, by evaluating safety, class size reduction, and information technology, has approved a list of specific projects to be funded,
(3) the District will conduct an annual, independent performance audit, and
(4) the District will conduct an annual, independent financial audit.
If a bond measure is approved, state law requires 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.
|Tax Rate Statement
|An election will be held in the MiraCosta Community College District (the "District") on November 6, 2012, to authorize the sale of up to $497,000,000 in bonds of the District to finance school facilities as described in the proposition. If the bonds are approved, the District plans to issue the bonds in a number of series over a period of time. Principal and interest on the bonds will be payable from the proceeds of tax levies made upon the taxable property in the District. The information presented in numbered paragraphs 1-3 below is provided in compliance with Sections 9400-9404 of the Elections Code of the State of California.
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 .01964 cents per $100 ($19.64 per $100,000) of assessed valuation in fiscal year 2021-22.
3: The best estimate of the highest tax rate which would be required to be levied to fund this bond issue, based on estimate assessed valuations available at the time of filing of this statement, .01964 cents per $100 ($19.64 per $100,000) of assessed valuation in fiscal year 2021-22.
The District's best estimate of the average tax rate which would be required to be levied to fund this bond issue over all of the years the bonds will be outstanding is .01864 cents per $100 ($18.64 per $100,000) of assessed valuation.
The tax rate estimates in this statement reflect the District's current projection of future assessed values and of future debt service payments, which are based on certain assumptions. Approval of the ballot measure authorizes the issuance of bonds under certain conditions and for certain purposes, and is not approval of a specific tax rate or a specific plan of bond issuance. 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 and repayment structure of bonds sold, 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 and repayment structure of bonds sold at any given time will be determined by the District based on its need for construction funds, its intention to meet the tax rate targets stated above, the legal limitations on bonds approved by a 55% vote 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.
Voters should note that the estimated tax rates are based on the ASSESSED VALUE of taxable property in the District as shown 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.
Dated: August 7, 2012
Francisco C. Rodriguez, Ph.D.