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Stockton Unified School District
55% Approval Required
Pass: 14751 / 67.45% Yes votes ...... 7120 / 32.55% No votes
Index of all Measures
|Results as of Nov 24 11:48am, 100.0% of Precincts Reporting (119/119)|
|Information shown below: Impartial Analysis | Arguments | Tax Rate Statement | Full Text|
To increase student access to computers; maintain and upgrade educational technology; upgrade classroom security systems for increased student safety; upgrade technology servers, routers, switches and storage area networks; and significantly reduce borrowing costs, shall Stockton Unified School District issue $114,000,000 of short-term bonds with the interest rates at or below the legal limit, independent citizen oversight, and no money for administrator salaries, so long as all funds are spent locally and cannot be taken by the State?
No funds derived from bond sales could be used for teacher or District administrators' salaries or for any purpose or project other than those expressly stated in the measure.
To assure that funds derived from bond sales authorized by Measure E are spent only for the purposes expressly stated in the measure, and for no other purposes, Measure E would require the District to: (1) appoint an independent citizens' oversight committee; and (2) conduct annual independent performance and financial audits.
If Measure E is approved, and bonds are authorized and sold, the principal thereof and interest thereon shall be payable from the proceeds of tax levies made upon the taxable property in the District. If Measure E is approved, the tax rate necessary for payment of principal and interest on any bonds sold will be largely dictated by the timing of the bond sales, the amount sold at a given sale, market interest rates at the time of each sale (although in no event greater than the maximum bond net interest rate allowed by law), as well as actual assessed valuation of taxable property in the District over the term of repayment. A statement of the tax rate data required by Elections Code Section 9401 will be provided to all registered voters with the sample ballot for the bond election.
Approval of Measure E does not guarantee that the projects proposed by the District to be funded from the proceeds of bonds authorized and sold will be funded beyond the local revenues generated by the bond sales authorized by the measure. The District's proposal for such projects assumes the receipt of matching State of California funds that could be subject to appropriation by the State Legislature or to approval by a statewide bond measure.
Passage of Measure E requires approval by fifty-five percent (55%) of voters voting thereon.
|Arguments For Measure E||Arguments Against Measure E|
|Your Yes vote on Measure E means Stockton's public school students will be able to keep pace with today's rapidly changing educational technology while saving taxpayers millions of dollars in reduced borrowing costs.
If we want Stockton's children to compete for the jobs of tomorrow - and if we want our community to attract new employers - our students must have access to computers and modern technology in order to learn and be trained.
Unfortunately, State funding for classroom technology has simply failed to meet the educational needs of our children.
Measure E solves this problem by providing an ongoing source of locally controlled, affordable funds for classroom computers, Internet infrastructure and other technological innovations at every school in the District.
In addition, Measure E makes financial sense. By using a series of short-term, low-interest loans, over $50 million of additional funds will be available for local school technology projects.
Measure E Improves Our Schools' Technology
Classrooms throughout the District will have up-to-date computers and educational technology.
Upgraded classroom and district-wide security systems will provide for increased student safety. District-wide Internet access will be used by students for homework and academics.
Measure E Protects Taxpayers
Funding will be provided by short-term bonds so taxpayers won't be making payments for outdated technology equipment far into the future.
An independent Citizens' Oversight Committee will review and monitor all expenditures.
Legal guarantees will be in place so that all funds will be spent locally and not taken by the State and spent elsewhere.
We cannot predict the future of technology, but with Measure E, we will provide the resources to ensure Stockton's children are prepared to compete and succeed in the global economy of tomorrow.
Vote Yes On Measure E.
/s/ Carlos Villapudua, San Joaquin County Supervisor /s/ Jose Hernandez, former Astronaut/Businessman /s/ Gloria Nomura, Teacher /s/ Ted Leland, Chairman, Bond Oversight Committee
NO ARGUMENT AGAINST MEASURE E HAS BEEN SUBMITTED
|Tax Rate Statement from Dr. Stephen Lowder, Superintendent Stockton Unified School District|
|An election will be held in the Stockton Unified School District (the "District") on November 4, 2014, to authorize the sale of up to $114,000,000 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 for the implementation of multi-year, District-wide educational technology projects.
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.
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 $0.02799 per $100 ($27.99 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 $0.02799 per $100 ($27.99 per $100,000) of assessed valuation in fiscal year 2042 - 2043.
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 $0.02799 per $100 ($27.99 per $100,000) of assessed valuation in fiscal years 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 $0.02799 per $100 ($27.99 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 8, 2014
/s/ Dr. Steven Lowder, Superintendent Stockton Unified School District
|Full Text of Measure E|
|To increase student access to computers; maintain and upgrade educational technology; upgrade classroom security systems for increased student safety; upgrade technology servers, routers, switches and storage area networks; and significantly reduce borrowing costs, shall Stockton Unified School District issue $114,000,000 of short-term bonds with the interest rates at or below the legal limit, independent citizen oversight, and no money for administrator salaries, so long as all funds are spent locally and cannot be taken by the State?
By approval of this proposition by at least 55 percent of the registered voters voting on the measure, the Stockton Unified School District (the "District") will be authorized to issue and sell bonds of up to $114,000,000 in aggregated principal at interest rates not in excess of the legal limit and to provide financing for the specific educational technology projects listed in the Bond Project List described below, subject to all the accountability requirements specified below.
The Bonds may be issued under the provisions of the California Education Code (starting at Section 15100), under the provisions of the California Government Code (starting at Section 53506), or under any other provision of law authorizing the issuance of general obligation bonds by school districts. The Bonds may be issued in series by the District from time to time, and each series of Bonds shall mature within the legal limitations set forth in the applicable law under which the Bonds are issued.
The District intends to use the Bonds to provide for an ongoing source of funding for the evolving educational technology needs of its students and staff. In addition, the District intends to match as closely as possible the term of each series of Bonds to the useful life of the technology equipment being financed. As such, the District anticipates that the amortization (or repayment period) of each series of Bonds will be approximately three years and will in no case be in excess of five years. Based on current assumptions, the District estimates that the proposed Bond will provide for its technological funding needs for approximately 30 years into the future.
All Bonds will be sold as current interest bonds and the use of capital appreciation bonds will not be permitted. No series of Bonds will be issued if such issuance would cause the tax rate levied to pay debt service on all of the outstanding Bonds to exceed $30 per year per $100,000 of taxable property, based on projections made by the District at the time of issuance of such series of Bonds.
The provisions in this section are specifically included in this proposition in order that the voters and taxpayers in the District may be assured that their money will be spent wisely. Expenditures to address specific technology needs of the District will be in compliance with the requirements of Article XIIIA, Section 1(b)(3), of the State Constitution and the Strict Accountability in Local School Construction Bonds Act of 2000 (codified at Education Code Sections 15264 and following).
Evaluation of Needs. The Governing Board of the District (the "Governing Board") has identified detailed technology needs of the District and has determined which projects to finance from a local bond at this time. The Governing Board hereby certifies that it has evaluated safety, class size reduction, enrollment growth, and information technology needs in developing the Bond Project List shown below.
Independent Citizens' Oversight Committee. The Governing Board shall establish an Independent Citizens' Oversight Committee under Education Code Section 15278 and following to ensure that bond proceeds are expended only on the school technology projects listed below. The committee will be established within 60 days of the date when the results of the election appear in the minutes of the Governing Board.
Performance Audits. The Governing Board shall conduct an annual, independent performance audit to ensure that the bond proceeds have been expended only on the school technology projects listed below.
Financial Audits. The Governing Board shall conduct an annual, independent financial audit of the bond proceeds until all of those proceeds have been spent for the school technology projects listed below.
Annual Report. The Chief Business Official of the District will cause an annual report to be filed with the Governing Board, the first report to be filed not later than one year after the issuance of the first series of the bonds, which report will contain pertinent information regarding the amount of funds collected and expended, as well as the status of the projects listed in this measure, as required by applicable California law.
Expenditure of Bond Proceeds. The proceeds from the sale of the District's bonds will be used only for the purposes specified in this measure, and not for any other purpose. Such proceeds will be deposited into a Building Fund to be held by the San Joaquin County Treasurer, as required by the California Education Code.
No Administrator Salaries. Proceeds from the sale of bonds authorized by this proposition shall be used only for devices and technology systems, software, infrastructure and implementation of those educational technology projects, and not for any other purpose, including teacher and administrator salaries and other school operating expenses.
BOND PROJECT LIST
Scope of Projects. Bond proceeds will be expended to modernize, replace, renovate, acquire, install, equip, furnish, and otherwise improve educational technology equipment projects and supporting systems and software within the District. Projects which are described below include all related and incidental costs, including their share of the costs of the election and bond issuance and costs of design, engineering, architect and other professional services, inspections, site preparation, utilities, and other planning, legal, accounting and similar costs, independent annual financial and performance audits, a customary contingency, and other costs incidental to and necessary for completion of the listed projects.
Bond proceeds may also be expended to acquire equipment in any classroom or other educational facility within the District. The District may alter the scope and nature of any of the specific projects that are described below as required by conditions that arise over time.
Whenever specific items are included in the following list, they are presented to provide examples and are not intended to limit the generality of the broader description of authorized projects. The order in which particular projects are listed is not intended to indicate priority for funding or completion.
Specific educational technology projects shall include but not be limited to:
Devices and Technology Systems