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Lakeside Union Elementary School District
55% Approval Required
Pass: 5640 / 58.57% Yes votes ...... 3990 / 41.43% No votes
Index of all Propositions
|Information shown below: Summary | Yes/No Meaning | Arguments | Tax Rate Statement ||
To increase student access to classroom computers; upgrade /construct science labs throughout the district; renovate /modernize classrooms/facilities; and reduce overall borrowing costs, shall $31,000,000 of Lakeside Union School District bonds, previously approved by voters in November 2008, be reauthorized through issuance of new bonds, with no increase in total authorized District debt, interest rates below legal limits, independent citizen oversight, and no money taken by the State and spent elsewhere or used for administrator salaries?
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 bond holders, the District promises to pay the holders an amount of interest for a certain period of time, and to repay the bonds on the maturity date.
Voter approval of this measure will also authorize an annual tax to be levied upon the taxable property within the District. The purpose of this tax is to generate sufficient revenue to pay interest on the bonds 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 to modernize, replace, renovate, construct, equip, furnish, rebuild, and improve the District's educational facilities.
The interest rate on any bond, which is established at the time of bond issuance, could not exceed 12% per annum. The final maturity date of any bond could be no later than 25 years after the date of issuance as determined by the District, with the exception of the bonds issued to fund certain technology equipment and projects, which shall mature not more than 5 years from the date of issuance.
The tax authorized by this measure 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, inter alia, the rehabilitation, furnishing and equipping of school 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,
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 that are the subject of these bonds will be funded beyond the local revenues generated by this proposition.
|Arguments For Proposition L||Arguments Against Proposition L|
|Your YES vote on Measure L will save millions of taxpayer dollars, allow us to improve our
schools and classrooms, and provide our students with the tools they need to keep pace with
rapidly changing technology. We can do this by reauthorizing a portion of the bonds
overwhelmingly approved by Lakeside Union School District voters in 2008, resulting in lower
long-term borrowing costs without any increase in total district debt.
In addition, these bonds, totaling $31 million, will continue school and classroom repairs while providing our students with the tools they need to compete in the global economy. Here's how:
Measure L will let Lakeside Union SD continue the job of improving our schools by:
Please join us by voting YES on Measure L.
No arguments against Proposition L were submitted.
|Tax Rate Statement from Superintendent|
|An election will be held in Lakeside Union School District (the "District") on November
4, 2014 to reauthorize the sale of $31,000,000 in general obligation bonds, previously approved by voters in November 2008 through the issuance of new bonds. The following information is submitted in compliance with Sections 9400-9404 of the California Elections Code.
1. 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 $.03000 per $100 ($30.00 per $100,000) of assessed valuation in fiscal year 2015-16.
2. 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 $.02055 per $100 ($20.55 per $100,000) of assessed valuation in fiscal year 2045-2046.
3. 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 $.03000 per $100 ($30.00 per $100,000) of assessed valuation.
4. The best estimate of the average tax rate required to fund this bond issue, based on a projection of assessed valuations available at the time of filing of this statement, is $.02619 per $100 ($26.19 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 District. Actual assessed valuations will depend upon the amount and value of taxable property within the District as determined in the assessment and the equalization process.
Dated: May 12, 2014
David Lorden, Ed. D.
"Approval of Measure L does not guarantee that the proposed project or projects in the Lakeside Union School District that are the subject of bonds under Measure L will be funded beyond the local revenues generated by Measure L. 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 proposition."