See Also: Index of all Measures

If approved, Tipton Elementary School District (“District”) will be authorized to incur debt by issuing general obligation bonds to provide financing for acquiring, constructing, improving, equipping and furnishing a gymnasium/multipurpose building and related facilities, for expansion of the Maintenance, Operations and Transportation Building and to acquire, construct, equip and furnish restroom and concession facilities as listed in the Bond Project List. Some projects may be dependent on the availability and approval of funding from additional sources, and inclusion of the project on the Bond Project List is not a guarantee that the project will be completed.

The maximum principal amount of the proposed bonds will not exceed three million, one hundred thousand dollars ($3,100,000). The bonds cannot bear interest at a rate above the legal limit. Interest rates will be established at the time of sale and will depend on the market rates at that time not to exceed twelve percent (12%). The exact effect on tax rates cannot be determined until after the bonds are sold. The maximum duration of the bonds cannot exceed 40 years from the date of the bonds.

Expenditures will be reviewed by an independent Citizen’s Oversight Committee. Financial and performance audits will be performed annually, and an annual report will be prepared, indicating the amount of funds collected and expended, and the status of any project listed in the measure.

This bond makes no change to existing law. Electors entitled to vote on this measure are the registered voters within the boundaries of the District. If the measure is not approved by at least 55 percent of the votes cast, the measure will fail and the bonds will not be issued.

By: Judy Chapman, Deputy County Counsel

Tipton Elementary School District

GreatSchools.net

The needs have not gone away. By designing a multiple use facility, we can lower the overall cost and meet the greatest amount of need currently before the District.

MEASURE “E” WILL BUILD A MULTIPURPOSE BUILDING WITH:

• Cafeteria/kitchen facilities to feed our students

• Girls and boys restrooms

• An enclosed area for student sports and assemblies

• Space for community sponsored activities and events

MEASURE “E” MAKES FINANCIAL SENSE BY:

• Making the District eligible to received up to $2 million in State and Joint Use grants

• Improving property values in our community and homes

• Making improvements now instead of later when they will only cost more

TAXPAYER SAFEGUARDS ARE IN PLACE. MEASURE “E” REQUIRES:

• Guaranteed audits and an independent oversight committee to ensure money is used only for voter approved school improvements and repairs and not used for salaries, administration, and overhead

Invest in our children, our school and our community by voting YES ON MEASURE “E”.

s/ John Cardoza, Clerk of the Board

s/ Greg Rice, President of the Board

s/ Mary Martinez, parent

s/ Sandra Cunha, parent

s/ Laura Farias, parent

(No arguments against Measure E were submitted)

1. The best estimate of the tax rate which would be required to be levied to fund the 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 this statement, is 3 cents per $100 ($30.00 per $100,000) of assessed valuation in fiscal year 2008-09.

2. The best estimate of the tax rate which would be required to be levied to fund the 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 this statement, is 3 cents per $100 ($30.00 per $100,000) of assessed valuation in fiscal year 2009-10.

3. The best estimate of the highest tax rate which would be required to be levied to fund the bond issue, based on estimated assessed valuations available at the time of filing this statement, is 3 cents per $100 ($30.00 per $100,000) of assessed valuation and is expected to remain approximately the same in each year during the term of repayment of the Bonds.

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 on the District’s projections and estimates only, which are not binding on 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 the market interest rates then available at the time of each Bond sale, and the actual property assessed valuations over the term of repayment of the Bonds. The dates of sales and the amount of Bonds sold at any given time will be determined by the District based on its need for Bond funds and other factors, including the legal limitations on the Bonds approved by a 55% vote. The actual interest rates at which the Bonds will be sold will depend on the interest rates available to the District in the bond market at the time of each Bond sale. Actual future property assessed valuations will depend upon the amount and value of taxable property within the District as determined by the County Assessor in the annual property assessment and equalization process.

Dated: November 6, 2007

BOND AUTHORIZATION

By approval of this proposition by at least 55% of the registered voters voting on the proposition, the Tipton Elementary School District (the “District”) shall be authorized to issue and sell bonds of up to three million, one hundred thousand dollars ($3,100,000) in aggregate principal amount to provide financing for the specific school facilities projects listed in the Bond Project List attached hereto as Exhibit A (the “Bond Project List”), and qualify to receive State of California matching grant funds, subject to all of the accountability safeguards specified below.

ACCOUNTABILITY SAFEGUARDS

The provisions in this section are specifically included in this proposition in order that the voters and taxpayers of the District may be assured that their money will be spent to address specific facilities needs of the District, all in compliance with the requirements of Article XIIIA, Section 1(b)(3) of the California Constitution, and the Strict Accountability in Local School Construction Bonds Act of 2000 (codified at California Education Code (the “Education Code”) Section 15264 and following).

Evaluation of Needs. The Board of Trustees of the District (the “Board”) has prepared an updated facilities plan in order to evaluate and address all of the facilities needs of the District at each campus and facility, and to determine which projects to finance from a local bond at this time. The Board hereby certifies that it has evaluated safety, class size reduction and information technology needs in developing the Bond Project List.

Limitations on Use of Bonds. Proceeds from the sale of bonds authorized by this proposition shall be used only 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, including, to the extent permitted by law, the acquisition or lease of real property in connection with an existing or future financing of the specific school facilities projects listed in the Bond Project List, including the prepayment of an existing or future lease or certificates of participation financing, and not for any other purpose, including teacher and administrator salaries and other school operating expenses.

Independent Citizens' Oversight Committee. The Board shall establish an independent citizens' oversight committee (pursuant to Education Code Section 15278 and following), to ensure bond proceeds are expended only for the school facilities projects listed in the Bond Project List. The committee shall be established within 60 days of the date when the results of the election appear in the minutes of the Board. In accordance with Section 15282 of the Education Code, the citizens’ oversight committee shall consist of at least seven members and shall include a member active in a business organization representing the business community located within the District, a member active in a senior citizens’ organization, a member active in a bona fide taxpayers’ organization, a member that is a parent or guardian of a child enrolled in the District, and a member that is both a parent or guardian of a child enrolled in the District and active in a parent-teacher organization.

Annual Performance Audits. The Board shall conduct an annual, independent performance audit to ensure that the bond proceeds have been expended only on the school facilities projects listed in the Bond Project List.

Annual Financial Audits. The Board shall conduct an annual, independent financial audit of the bond proceeds until all of those proceeds have been spent for the school facilities projects listed in the Bond Project List.

Special Bond Proceeds Account; Annual Report to Board. Upon approval of this proposition and the sale of any bonds approved, the Board shall take actions necessary to establish an account in which proceeds of the sale of bonds will be deposited. As long as any proceeds of the bonds remain unexpended, the Superintendent of the District shall cause a report to be filed with the Board no later than January 1 of each year, commencing January 1, 2009, stating (a) the amount of bond proceeds received and expended in that year, and (b) the status of any project funded or to be funded from bond proceeds. The report may relate to the calendar year, fiscal year, or other appropriate annual period as the Superintendent of the District shall determine, and may be incorporated into the annual budget, audit, or other appropriate routine report to the Board.

BOND PROJECT LIST

The Bond Project List attached to this Resolution as Exhibit A shall be considered a part of the ballot proposition, and shall be reproduced in any official document required to contain the full statement of the bond proposition.

The Bond Project List, which is an integral part of this proposition, lists the specific projects the District proposes to finance with proceeds of the bonds. Listed construction projects will be completed as needed according to Board-established priorities. Each project is assumed to include its share of costs of the election and bond issuance, architectural, engineering, inspection, and similar planning and testing costs, project and construction management, demolition and interim housing costs, a contingency for unforeseen design and construction costs, and other costs incidental to and necessary for completion of such project. The final cost of each project will be determined as plans are finalized, construction bids are awarded, and projects are completed. In addition, certain construction funds expected from non-bond sources, including State of California grant funds for eligible components, have not yet been secured. Therefore, the Board cannot guarantee that the bonds will provide sufficient funds to allow completion of all listed projects. Alternatively, if the District obtains unexpected funds from non-bond sources with respect to listed projects, such projects may be enhanced, supplemented or expanded to the extent of such funds.

Some projects may be subject to further government approvals, including by State officials and boards and local environmental approval. Inclusion of a project on the Bond Project List is not a guarantee that the project will be completed.

FURTHER SPECIFICATIONS

Joint-Use Project. To the extent the District enters into a joint-use agreement within the meaning of Section 17077.42 of the Education Code with respect to any school facilities to be financed with the proceeds of the bonds proposed to be issued, the electors of the District are hereby notified that such facilities may be used as joint-use projects within the meaning of Section 17077.42(c) of the Education Code.

Single Purpose. All of the purposes enumerated in this proposition shall be united and voted upon as one single proposition, pursuant to Education Code Section 15100, and all the enumerated purposes shall constitute the specific single purpose of the bonds, and proceeds of the bonds shall be spent only for such purpose, pursuant to California Government Code Section 53410.

Other Terms of the Bonds. When sold, the bonds shall bear interest at an annual rate not exceeding the statutory maximum, and that interest shall be made payable at the time or times permitted by law. The bonds may be issued and sold in several series, and no bond shall be made to mature more than 40 years from the date borne by that bond.

Approval of Measure E does not guarantee that the proposed project or projects in the Tipton Elementary School District that are the subject of bonds under Measure E will be funded beyond the local revenues generated by Measure E. The District's proposal for the project or projects assumes the receipt of matching State funds, which could be subject to appropriation by the Legislature or approval of a statewide bond measure.

The following projects are the priorities that have been identified by the Board of Trustees of the Tipton Elementary School District, and are proposed to be financed.

MULTIPURPOSE BUILDING AND RELATED FACILITIES

Acquiring, constructing, improving, equipping and furnishing of an approximate 13,000 to 15,500 square foot gymnasium/multipurpose building and related facilities, designed to house athletics as well as performing arts, including:

• Acquisition of any rights-of-way and easements made necessary by construction of such facilities.

• Associated onsite and offsite development and other improvements made necessary by construction of such facilities.

• Planning, designing, and constructing the gymnasium/multipurpose building and related facilities.

• Acquisition and construction of a stage area to support performing arts.

• Acquisition and construction of restroom, cafeteria/kitchen, concession, storage and office facilities, and an enclosed area for student sports and assemblies.

• Acquisition and installation of furnishings and equipment related to the newly constructed facilities.

• Expansion of the Maintenance, Operations and Transportation (MOT) Building to include two additional bus bays, and acquisition and installation of furniture and equipment related to the expanded facilities.

• Acquire, construct, equip and furnish restroom and concession facilities.