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National Elementary School District
55% Approval Required
Pass: 4620 / 78.58% Yes votes ...... 1259 / 21.42% No votes
Index of all Propositions
|Information shown below: Summary | Yes/No Meaning | Arguments | Tax Rate Statement ||
To repair and rebuild aging classrooms and facilities throughout the District; meet handicapped access requirements, increase student access to computers and modern technology; and upgrade outdated heating and air conditioning systems; shall the National School District be authorized to issue $26.1 million of bonds with legal interest rates, annual audits, an independent citizens' oversight committee, all funds spent locally and no money used for administrative salaries or taken by the State and spent elsewhere?
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 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 measure may be used by the District to modernize, replace, renovate, construct, acquire, rebuild, improve, furnish, and equip 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 or 40 years after the date the bonds are issued as determined by the District.
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 the construction, reconstruction, rehabilitation, or replacement of school facilities, including the furnishing and equipping of school facilities, or the acquisition or lease of real property for 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 measure subject to these requirements.
Approval of this measure 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 measure.
|Arguments For Proposition N||Arguments Against Proposition N|
|Your YES vote on Measure N will make a positive and lasting impact on the schools of our
community, improve student health and safety, increase student access to computers with high
speed internet technology and protect taxpayers. Here's how:
Our community's schools are our most important asset. They prepare our children for high school and beyond in order to compete and succeed for the jobs of tomorrow. At the same time, good schools provide for greater neighborhood safety and improved property values.
But many of our classrooms are over 50 years old and in desperate need of repair. These schools and educational facilities require major upgrades and improvements to meet today's technological, safety and educational standards and also to avoid more expensive repairs in the future.
Your support on Measure N will improve our school and classrooms by:
No arguments against Proposition N were submitted.
|Tax Rate Statement from Superintendent|
|An election will be held in the National School District (the "District") on November 4,
2014, to authorize the sale of up to $26,100,000 in bonds of the District to continue improving the quality of education in local schools of the District. Specifically, bond proceeds shall be utilized for the purposes of acquisition, construction, renovation, furnishing, and equipping of school facilities, support facilities, and equipment.
If the bonds are authorized and sold, debt service thereon 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. It is anticipated that the District will sell the bonds in three separate series.
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 $0.03000 per $100 ($30.00 per $100,000) of assessed valuation in fiscal year 2015 - 2016.
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 $0.03000 per $100 ($30.00 per $100,000) of assessed valuation in fiscal year 2019 - 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 $0.03000 per $100 ($30.00 per $100,000) of assessed valuation in fiscal year 2015 - 2016.
4. The best estimate of the average tax rate which would be required to be levied to fund this bond issue during the life of the bonds, based on estimated assessed valuations available at the time of filing of this statement, is $0.02770 per $100 ($27.70 per $100,000) of assessed valuation.
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, 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.
Dated: July 29, 2014
Dr. Chris Oram, Superintendent