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Measure S School Facilities Improvement Tracy Unified School District Facilities Improvement District 3-2008 55% Approval Required
See Also:
Index of all Measures |
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Results as of Nov 25 1:41pm, 100.0% of Precincts Reporting (45/45) 81.8% Voter Turnout (22790/ |
Information shown below: Impartial Analysis | Arguments | Tax Rate Statement | Full Text | ||||
To renovate and modernize the community's oldest elementary and middle schools, upgrade classrooms, replace aging roofs, old heating, electrical, plumbing, cooling and ventilation systems with energy efficient systems, and improve security and technology systems at all schools, increasing student access to computers, shall School Facilities Improvement District No. 3 of the Tracy Joint Unified School District be authorized to issue $43,100,000 in bonds, at legal interest rates, with all expenditures monitored by an Independent Citizens' Oversight Committee?
No funds derived from bond sales could be used for 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 S are spent only for the purposes expressly stated in Measure S, and for no other purposes, Measure S would require the District to: (1) appoint an independent citizens' oversight committee; and (2) conduct annual independent performance and financial audits. If Measure S 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 S 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 S 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 Measure S. 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 S requires approval by fifty-five percent (55%) of voters voting thereon.
DAVID WOOTEN
By: Jason R. Morrish
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News and Analysis Tracy Press
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Arguments For Measure S |
A Yes vote on Measure S will provide the funds needed to renovate and modernize the oldest elementary and middle schools in Tracy. The average age of these schools is 55 years with one built more than 70 years ago. Measure S will also make the district eligible to receive matching funds from the state.
A Yes vote on Measure S will:
The cost for Measure S is very reasonable. The average yearly cost to property owners in the district would be $15 per $100,000 of assessed (not market) value. Quality educational facilities protect and enhance our property values and support our students. Good schools make great communities. Please join us and vote Yes on Measure S. Submitted by: /s/ J.C. Kimball MD, Retired Physician /s/ Wayne Schneider, Retired Teacher, Coach /s/ Eugene Birk, Travel Consultant /s/ Gretchen Talley, San Joaquin County Board of Education /s/ Barbara Fitzpatrick, McHenry House Board Member
(No arguments against Measure S were submitted) |
Tax Rate Statement |
An election will be held within the boundaries of School Facilities Improvement District No. 3 of the Tracy Joint Unified School District (the "School Facilities Improvement District") on November 4, 2008, to authorize the sale of up to $43,100,000 in bonds of the School Facilities Improvement District to finance facilities as described in the proposition. If the bonds are approved, the Tracy Joint Unified School District (the "School District") expects to sell the bonds in multiple series. Principal and interest on the bonds will be payable from the proceeds of tax levies made upon the taxable property located only within the School Facilities Improvement District. The following information is provided in compliance with Sections 9400-9404 of the California Elections Code.
1. 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 estimated assessed valuations available at the time of filing of this statement, is 1.5 cents per $100 ($15 per $100,000) of assessed valuation in fiscal year 2009-10.
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 last series of bonds, based on estimated assessed valuations available at the time of filing of this statement, is 1.5 cents per $100 ($15 per $100,000) of assessed valuation in fiscal year 2012-13.
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 1.5 cents per $100 ($15 per $100,000) of assessed valuation in fiscal year 2012-13. Voters should note that the estimated tax rate is based on the ASSESSED VALUE of taxable property on the County of San Joaquin'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 School District's projections and estimates only, which are not binding upon the School 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 School District based on 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 each sale. Actual future assessed valuation will depend upon the amount and value of taxable property within the School District as determined by the County Assessor in the annual assessment and the equalization process. Dated: June 24, 2008
/s/ James Franco,
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Full Text of Measure S |
This Proposition may be known and referred to as the "School Facilities Improvement District No. 3 of the Tracy Joint Unified School District School Facilities Improvement Bond of 2008" or as "Measure S".
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 School District shall cause a report to be filed with the Board no later than January 1 of each year, commencing January 1, 2010, 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 School District shall determine, and may be incorporated into the annual budget, audit, or other appropriate routine report to the Board.
At the District's oldest elementary and middle school sites, as listed above, the District proposes to repair, renovate, modernize and/or reconstruct facilities that no longer fulfill their intended purpose, are unsightly, and/or require continuing maintenance that is no longer cost effective to complete, or any facility not expected to fulfill its intended purpose within the next five years. The repair, renovation, modernization and/or reconstruction will consist of the following:
At all of the District's school sites, the District proposes to add or remove portable classrooms as needed for fluctuations in projected enrollment. In accordance with Proposition 39 requirements, the District also proposes to acquire land to accommodate projected enrollment increases at the Tracy Learning Center.
To deliver comparable instructional programs throughout the District, the District proposes to upgrade technology systems by acquiring or upgrading and installing necessary technology cabling and equipment at all of the District's school sites.
At all of the District's school sites, the District proposes to acquire and install security devices, such as cameras and/or fencing, that will improve security and supervision at all District schools.
As needed, the District proposes the following projects at all of the District's school sites:
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