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Issue Bonds to Fund Improvements to College Facilities
Lake Tahoe Community College District
Bond Measure - 55% Approval Required
Pass: 3784 / 57.80% Yes votes ...... 2763 / 42.20% No votes
Index of all Measures
Results as of Nov 25 3:24pm, 100.0% of Precincts Reporting (24/24)|
46.5% Voter Turnout (6547/14070)
|Information shown below: Impartial Analysis | Arguments | Tax Rate Statement | Full Text|
To upgrade college facilities that prepare local students for jobs and university transfer by modernizing academic and job-training classrooms, science labs, and facilities, expanding access to university courses, creating a Public Safety Training Center, modernizing technology, improving safety and energy efficiency, and improving facilities, sites and equipment, shall Lake Tahoe Community College District issue $55,000,000 in bonds, at legal rates, with independent oversight, annual audits, no money for administrators' salaries, and all funds dedicated to Lake Tahoe Community College?
The Board of Trustees of the Lake Tahoe Community College District (District) proposes issuing bonds in the amount of $55 million. The bonds interest rate and maturity date will not exceed the legal maximum, with a maturity date up to 40 years. Bond proceeds would be used to upgrade college facilities that prepare local students for jobs and university transfer by modernizing academic and job training classrooms, science labs, and facilities, expanding access to university courses, creating a Public Safety Training Center, modernizing technology, improving safety and energy efficiency, facilities, sites and equipment.
Proceeds of the bonds would not be used for teacher and administrator salaries or other school operating expenses. The District would conduct performance and financial audits, and appoint an independent citizens' oversight committee to ensure bond proceeds are expended as specified.
The District's best estimate of the tax rate to be levied to fund the bond issue is $25 per $100,000 of assessed valuation during the first fiscal year after the sale of the first series of bonds and $25 per $100,000 during the first fiscal year after the sale of the last series of bonds.
The District's best estimate of the highest tax rate required to be levied to fund the bond issue is $25 per $100,000 per fiscal year of assessed valuation and the amount of tax levied may be higher than the estimate if funds due for the payment of interest and principal on the bonds exceeds the best estimate of the tax rate to be levied.
The Board of Trustees of the Lake Tahoe Community College District has ordered this election. The measure requires the District to take steps to account for the use of the proceeds from the sale of the bonds as set forth in Article XIIIA Section 1(b) (3) of the California Constitution and Education Code section 15264 et. seq. The Board of Trustees will appoint a citizens' oversight committee and conduct annual independent audits to assure that funds are spent only for the purposes included in this measure. A "yes" vote is a vote to authorize the issuance and sale of the bonds in the amount not to exceed $55 million to be secured by the levy of ad valorem taxes on property located within the District.
A "no" vote is a vote not to authorize the issuance and sale of the bonds in the amount of not to exceed $55 million to be secured by the levy of ad valorem taxes on property located within the District.
Edward L. Knapp County Counsel
|Arguments For Measure F||Arguments Against Measure F|
|For 40 years Lake Tahoe Community College has been a valuable community resource, providing generations of local residents access to an affordable high quality college education to prepare for transfer to 4-year universities, train for better careers, or enrich their lives as lifelong learners.
The College's outstanding reputation has attracted constant use of campus facilities. But after 25 years in its current location, the campus has grown outdated and become costly to operate, with leaky roofs and deteriorated electrical, lighting, heating, ventilation, safety and security systems. Inadequate college classrooms, labs, and technology are now limiting instructional quality, learning, job training, and career advancement.
Measure F will authorize essential funding to modernize Lake Tahoe Community College so it can provide the high quality college classes that students now need and the job market demands.
Measure F will:
MANDATORY audits and Independent Citizens' Oversight ensure proper spending.
By law, ALL Measure F funds benefit our local Lake Tahoe Community College and students.
As facilities are improved, our local economy will get a needed boost. The longer we wait to make these improvements, the more expensive they will be.
Many LTCC students, faculty, alumni, business and community leaders, and citizens throughout our community URGE your support.
Help Lake Tahoe academic and job training college facilities remain strong.
Please VOTE YES on Measure F.
Alicia Agnew, Lake Tahoe Community College Graduate, 2014 Paul Rork, M.D., Family Practice Physican Sara Pierce, LTCC Instructor, Faculty Leader & Lifelong Resident John Rice, General Manager, Sierra at Tahoe Resort Roberta Mason, Founding LTCC Board Member, 57-year Resident
No arguments against Measure F were submitted.
|Tax Rate Statement from District Board President|
|An election will be held in the Lake Tahoe Community College District (the "District") on November 4, 2014, to authorize the sale of up to $55,000,000 in bonds of the District to finance community college facilities as described in the proposition. If the bonds are approved, the District expects to sell the bonds in one or more series over 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 following information is provided in compliance with Sections 9400-9404 of the Elections Code of the 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 2.5 cents per $100 ($25 per $100,000) of assessed valuation in fiscal year 2014.
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 2.5 cents per $100 ($25 per $100,000) of assessed valuation in fiscal year 2020.
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 2.5 cents per $100 ($25 per $100,000) of assessed valuation in fiscal year 2020. 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.
The foregoing information is based upon the District's projections and estimates only. 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 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.
Roberta L Mason President of the Board of Trustees Lake Tahoe Community College District
|Full Text of Measure F|
Evaluation of Needs. The Board of Trustees hereby certifies that it has evaluated the facilities needs of the District, and the priority of addressing each of these needs. In the course of its evaluation, the Board of Trustees took safety, class size reduction and information technology needs into consideration while developing the Bond Project List.
Limitation on Use of Bond Proceeds. The State of California does not have the legal authority to take locally approved school district bond funds for any State purposes. The Constitution allows proceeds from the sale of bonds authorized by this proposition to be used only for the construction, reconstruction, rehabilitation, or replacement of school facilities listed in this proposition, including the furnishing and equipping of school facilities, or the acquisition or lease of real property for community college facilities, and not for any other purpose, including faculty and administrator salaries and other District operating expenses. Proceeds of the bonds may be used to pay or reimburse the District for the cost of District staff only when performing work on or necessary and incidental to the bond projects.
Independent Citizens' Oversight Committee. The Board of Trustees shall establish an independent Citizens' Oversight Committee (pursuant to Education Code Section 15278 and following), to ensure bond proceeds are spent only for the community college facilities projects listed in the Bond Project List. The committee shall be established within 60 days of the date on which the Board of Trustees enters the election results on its minutes.
Annual Performance Audits. The Board of Trustees shall conduct an annual, independent performance audit to ensure that the bond proceeds have been expended only on the community college facilities projects listed in the Bond Project List.
Annual Financial Audits. The Board of Trustees shall conduct an annual, independent financial audit of the bond proceeds (which shall be separate from the District's regular annual financial audit) until all of those proceeds have been spent for the school facilities projects listed in the Bond Project List.
Special Bond Proceeds Account; Annual Report to Board. Upon approval of this proposition and the sale of any bonds approved, the Board of Trustees shall take actions necessary pursuant to Government Code Section 53410 and following 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 President or the Vice President of Administrative Services of the District (or such other employee as may perform substantially similar duties) shall cause a report to be filed with the Board no later than January 31 of each year, commencing January 31, 2015, 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 such officer shall determine, and may be incorporated into the annual budget, audit, or other appropriate routine report to the Board.
Term of Bonds. The number of years the whole or any part of the bonds are to run shall not exceed the legal limit, though this shall not preclude bonds from being sold which mature prior to the legal limit.
Each project listed above includes allocable costs such as election and bond issuance costs, architectural, engineering, inspection and similar planning costs, construction and bond management (whether by the District or a third-party), annual financial and performance audits, a contingency for unforeseen design and construction costs and other costs necessary or incidental to the completion of the listed projects and otherwise permitted by law, including, but not limited to:
Education Code section 15122.5 - Measure F Approval of Measure F does not guarantee that the proposed project or projects in the Lake Tahoe Community College District that are the subject of bonds under Measure F will be funded beyond the local revenues generated by Measure F. The district's proposal for the project or projects may assume the receipt of matching state funds, which could be subject to appropriation by the Legislature or approval of a statewide bond measure.