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San Diego County, CA November 6, 2012 Election
Proposition V
East County, Grossmont College and Cuyamaca College Students, Active Military and Veterans Affordable Education and Job Training Measure
Grossmont-Cuyamaca Community College District

55% Approval Required

Pass: 95,802 / 58.2% Yes votes ...... 68,752 / 41.8% No votes

See Also: Index of all Propositions

Information shown below: Yes/No Meaning | Impartial Analysis | Tax Rate Statement |

To prepare local students/veterans for college/career success, shall Grossmont-Cuyamaca Community College District upgrade career training facilities for science, medical, public safety, in-demand fields, create a Veterans Support Center on each campus, modernize technology in classrooms, libraries, science labs, improve disabled persons access, upgrade, construct, acquire classrooms, facilities, sites/equipment, by issuing $398,000,000 in bonds, at legal rates, with independent citizen oversight, no money for pensions/administrators, and all money staying local, benefiting East County community colleges?

Meaning of Voting Yes/No
A YES vote on this measure means:
A "YES" vote is a vote in favor of authorizing the District to issue and sell $398,000,000 in general obligation bonds.

A NO vote on this measure means:
A "NO" vote is a vote against authorizing the District to issue and sell $398,000,000 in general obligation bonds.

Impartial Analysis from County Counsel
This proposition, if approved by 55% of the votes cast on the proposition, will authorize the Grossmont-Cuyamaca Community College District ("District") to issue and sell $398,000,000 in general obligation bonds. The sale of these bonds by the District is for the purpose of raising money for the District, and represents a debt of the District. In exchange for the money received from the holders, the District promises to pay the holder of the bonds an amount of interest for a certain period of time, and to repay the bonds on the expiration date.

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:

    (1) the proceeds from the sale of the bonds are used only for the purposes specified,
    (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.

  Partisan Information

Supporters

Opponents
  • No opponents found
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Tax Rate Statement
An election will be held in Grossmont-Cuyamaca Community College District (the "District") on November 6, 2012, for the purpose of submitting to the electors of the District the question of incurring bonded indebtedness of the District in an aggregate principal amount of $398 million. If such bonds are authorized and sold, the principal thereof and interest thereon will be payable from the proceeds of tax levies made upon the taxable property in the District. The information contained in numbered paragraphs 1 �� 3 below is provided in compliance with Section 9400-9404 of the Elections Code of the State of California. The information is based upon the best estimates and projections presently available from official sources, upon experience within the District, and other demonstrable factors.

Based upon the foregoing and projections of the District's assessed valuation, and assuming the entire debt service will be paid through property taxation:

    1. The best estimate of the tax which would be required to be levied to fund the 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 1.694 per $100 ($16.94 per $100,000) of assessed valuation for the year 2014-15.
    2. The best estimate from official sources of the tax rate which would be required to be levied to fund the bond issue during the first fiscal year after the last sale of the bonds and an estimate of the year in which that rate will apply, based on estimated assessed valuations available at the time of filing of this statement, is 1.694 per $100 ($16.94 per $100,000) of assessed valuation for the year 2032-33.
    3. The best estimate of the highest tax rate which would be required to be levied to fund the bond issue and an estimate of the year in which that rate will apply, based on estimated assessed valuation available at the time of filing of this statement, is 1.694 per $100 ($16.94 per $100,000) of assessed valuation for the year 2032-33

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 exceptions.

Attention of all voters is directed to the fact that the foregoing information is based upon the District's projections and estimates only, which is 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 its need for construction funds and other factors, including the legal limitations on bonds approved by a 55% 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.

Cindy Miles
Chancellor
Grossmont-Cuyamaca Community College District


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