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Vallecitos Elementary School District
55% Approval Required
Fail: 299 / 53.49% Yes votes ...... 260 / 46.51% No votes
Index of all Propositions
|Information shown below: Summary | Yes/No Meaning | Arguments | Tax Rate Statement ||
To improve educational facilities with funding that cannot be taken by the State; repair or replace leaky roofs; increase student access to computers and modern technology; modernize outdated classrooms, restrooms and school facilities; replace outdated heating, ventilation and air-conditioning systems; and make health and safety improvements; shall the Vallecitos School District issue $2,000,000 of bonds at legal interest rates, have an independent citizens' oversight committee and with NO money used for administrative salaries?
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 measure may be used by the District 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.
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.
he 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 bond measure subject to these requirements.
Approval of this measure does not guarantee that the proposed projects that are the subject of these bonds will be funded beyond the local revenues generated by this measure.
|Arguments For Proposition O||Arguments Against Proposition O|
|Our elementary school is one of the most important assets in our community and should be a top
priority. From higher achieving students, to greater neighborhood safety and improved property
values, quality schools make a difference. While our teachers and staff do a great job in
educating our children, there are school facilities at the Vallecitos School District that are outdated
and inadequate to provide students with the environment they need to succeed. This is why our
children need your YES vote on Measure O!
Although Vallecitos Elementary School has been well maintained over the years, aging classrooms and facilities must be upgraded since many do not meet 21st century standards. Measure O would allow the District to improve our elementary school and the quality of education provided to local children. By investing in our school, we can meet today's safety, technological, and educational standards and improve our community.
If passed, Measure O will provide funding to make facility improvements at Vallecitos Elementary including:
SHRADDHA PK KNIGHT
RUBEN R. CASTILLO
No arguments against Proposition O were submitted.
|Tax Rate Statement from Superintendent|
|As shown on the enclosed official ballot, an election is being held in the Vallecitos School District ("District") on November 4, 2014, for the purpose of submitting to the registered voters within the District the question of whether the District shall issue and sell bonds in an amount not to exceed $2,000,000 for the purpose of providing funds for the specified school facilities and school projects as set forth in the resolution of the District calling such bond election. This measure will authorize a tax sufficient for payment of interest on, and redemption of, the bonds. The bonds shall bear interest at a rate, or rates, to be established at such time as the bonds are sold at fixed or variable interest rates not to exceed the maximum applicable statutory rate for such bonds. If such bonds are authorized and sold, the principal thereof and the interest thereon are a general obligation of the District, payable from the proceeds of ad valorem taxes on taxable real property located within the District.
The following information is submitted in compliance with California Elections Code Sections 9401 through 9404 based on estimates of assessed valuations available at the time of filing of this statement:
(a) The best estimate from official sources of the tax rate that would be required to be levied to fund the bond issue during the first fiscal year after the sale of the bonds, based on estimated assessed valuations available at the time of filing of this statement or a projection based on experience within the same jurisdiction or other demonstrable factors, is $0.03000 per $100 ($30.00 per $100,000) of assessed valuation. It is estimated that this tax rate would apply in the 2015-16 tax year.
Voters should note that these estimated tax rates are based on the assessed value of taxable property within the District as shown on the official rolls of San Diego County, not on the property's market value. In addition, taxpayers eligible for a property tax exemption, such as the homeowner's exemption, will be taxed at a lower effective rate than described above. Actual future assessed valuation will depend upon the amount and value of taxable property within the District as determined by the San Diego County Assessor in the annual assessment and the equalization process. Property owners should consult their own property tax bills and/or tax advisors to determine their property's assessed value and any applicable tax exemptions.
Attention of all voters is directed to the fact that these estimates are based on assumptions and 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 any bond sales, the amount of bonds sold, market interest rates at the time of each sale of bonds and actual assessed valuations over the term of repayment of the bonds. The timing of the bond sales and the amount of bonds sold at any given time will be governed by the needs of the District, 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 the bond sale. Actual future assessed valuation will depend upon the amount and value of taxable property within the District as determined by the San Diego County Assessor in the annual assessment and the equalization process.
Dated: June 17, 2014
David Jones, Superintendent, Vallecitos School District