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Smart Voter
Los Angeles County, CA April 5, 2011 Election
Measure S
School Facilities Bond Measure
Glendale Unified School District

School Bonds - 55% Approval Required
Final Results.

Pass: 13637 / 69.9% Yes votes ...... 5864 / 30.1% No votes

See Also: Index of all Measures

Information shown below: Impartial Analysis | Arguments | Tax Rate Statement |

To protect quality education at local schools, provide safe and modern school facilities, and qualify for matching funds, shall the Glendale Unified School District upgrade classrooms, science labs and libraries; update computers/ technology; provide facilities/equipment for career training; improve campus safety and access for students with disabilities; increase energy efficiency; and make funding available for classroom instruction by issuing $270 million in bonds with legal interest rates, independent oversight, all funds staying local, and without increasing tax rates?

Impartial Analysis from Andrea Sheridan Ordin, County Counsel
Approval of Measure S would authorize the Board of Education ("Board") of the Glendale Unified School District ("District") to issue general obligation bonds, in an amount not to exceed $270,000,000.

Funds received from the sale of the bonds shall be used only for the specific purposes set forth in the Measure, including renovating, repairing and upgrading projects such as roof, electrical, water, sewer, gas, drainage, lighting, ventilation, heating and plumbing systems, walkways, fencing, security, emergency communication, fire safety, and energy efficiency systems; repairing, upgrading and constructing classrooms, science labs, computer labs, libraries, instructional technology, multi-purpose rooms, cafeterias and kitchens, and other student support facilities; improving access to facilities, removing hazardous materials, upgrading technology and communications equipment; upgrading College View School to support programs for special needs students, outdoor play equipment, fields and protective surfaces; improve drop-off/pick-up areas, parking and traffic circulation; and to refinance or retire existing debt to maintain funds for classroom instruction and programs. No funds may be used for teacher and administrator salaries or any other school operating expenses.

Independent performance and financial audits will be performed annually to ensure that the funds received from the sale of the bonds are expended as specified in the Measure. An independent Citizens Oversight Committee will be established within 60 days after the Board enters the election results in accordance with Education Code sections 15278, 15280, and 15282. The Board shall cause the creation of an account in which bond proceeds shall be deposited, and the preparation of an annual report which shall state the amount of bond proceeds received and expended in that year, as well as the status of any projects funded or to be funded by the Measure.

The bonds shall be issued in accordance with law. The average tax rate required to fund the bonds under the Measure will be combined with the 1997 Measure K tax rate, such that the best estimate of the combined tax rate, based on the estimated assessed valuations available at the time of filing the Tax Rate Statement on the Measure, is not estimated to exceed the rate paid in fiscal year 2009-2010, or $46.03 per $100,000 of assessed value.

This Measure requires a fifty-five percent (55%) vote for passage.

Arguments Submitted

Full Text of Argument In Favor

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Tax Rate Statement from Superintendent, Glendale Unified School District
An election will be held in the Glendale Unified School District (the "District") on April 5, 2011, to authorize the sale of up to $270,000,000 in bonds ("2011 Bond Authorization") of the District to finance school facilities as described in the measure. If such bonds are authorized and sold, principal and interest on the bonds will be payable only 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. Such information is based upon the best estimates and projections presently available from official sources, upon experience within the District, and other demonstrable factors.

Based upon the foregoing and projections of the District's assessed valuation, the following information is provided:

1. The tax rates associated with the 2011 Bond Authorization, combined with the District's outstanding general obligation bonds, are estimated not to increase aggregate future tax rates above the 2009-10 tax rate of $46.03 per $100,000 of assessed value.

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 first series of bonds, based on a projection of assessed valuations, is $6.58 per $100,000 of assessed value for fiscal year 2012-13.

3. 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 a projection of assessed valuations, is $14.94 per $100,000 of assessed value for fiscal year 2021-22.

4. The best estimate of the highest tax rate which would be required to be levied to fund this bond issue, based on a projection of assessed valuations, is $46.03 per $100,000 of assessed value for fiscal year 2029-30.

Voters should note the estimated tax rate is based on the ASSESSED VALUE of taxable property on the County's official tax rolls, 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 tax rate than described above. Property owners should consult their own property tax bills and tax advisors to determine their property's assessed value and any applicable tax exemptions.

The attention of all voters is directed to the fact that the foregoing information is based upon 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 date 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. The actual interest rates at which the bonds will be sold will depend on the bond market at the time of sale. Actual future assessed valuations 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.

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Created: August 25, 2011 19:48 PDT
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