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Measure G School Bonds Campbell Union Elementary School District Bond Issue - 55% Approval Required Pass: 12,753 / 73.99% Yes votes ...... 4,484 / 26.01% No votes
See Also:
Index of all Measures |
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Results as of Jun 23 2:21pm, 100.0% of Precincts Reporting (65/65) |
Information shown below: Yes/No Meaning | Impartial Analysis | Arguments | Tax Rate Statement | Full Text | |||||
To provide safe, modern schools by repairing leaky roofs; providing disabled access; upgrading wiring, electrical, fire alarm and security systems; improving energy efficiency; replacing failing heating and cooling systems; upgrading computer learning technology; and constructing and equipping classrooms and facilities, shall Campbell Union Elementary School District issue $150 million in bonds under a no-tax-rate-increase financing plan, at lawful interest rates, with citizen oversight and independent audits, and using no funds for administrators' salaries? BONDS YES BONDS NO
The Governing Board of the Campbell Union School District (the Board) proposes issuing new bonds in the amount of $150,000,000. The district previously issued bonds that are currently in repayment. No proceeds from the bonds will be used for teacher or administrator salaries or other school operating expenses. Proceeds will be used to undertake: 1) repairs, renovations, and construction of classrooms and facilities, and modernizing or equipping libraries and kitchen facilities; 2) energy efficiency, technology and infrastructure improvements; 3) exterior and ground improvements; and 4) other necessary and incidental projects, such as building improvements related to wear and tear. The Board certifies it has evaluated safety, class size reduction, and information technology needs in developing the list of projects the measure will fund. The projects proposed by the Board by this measure are consistent with the permissible use of proceeds from school bonds. The Board will conduct annual independent performance and financial audits to ensure funds are properly expended. These accountability measures meet the requirements of Article XIIIA, section 1(b)(3). Additionally, an independent oversight committee will be appointed to ensure bond proceeds are expended consistent with Measure G, and the Superintendent or chief fiscal officer will issue an annual report stating the amount of bond proceeds received and expended in that year, and the status of any projects funded by the bond. For fiscal year 2010-2011, the Board's best estimate of the tax required to be levied to fund the proposed bonds during the first fiscal year after the sale of the first series of bonds is $0 per $100,000 of assessed valuation. For fiscal year 2012-2013, the Board's best estimate of the tax required to fund the proposed bonds during the first fiscal year after the sale of the last series of bonds is $20 per $100,000 of assessed valuation. For fiscal year 2021-2022, the Board's best estimate of the highest tax required to fund the proposed bonds is $30 per $100,000 of assessed valuation. The combined tax rate the district estimates is needed to repay the district's outstanding bonds and the new proposed Measure G bonds, will not exceed $55.20 per $100,000 of assessed valuation in the current fiscal year 2009-2010. A "yes" vote is a vote to authorize the issuance and sale of $150,000,000 in bonds. A "no" vote is a vote not to authorize the issuance and sale of $150,000,000 in bonds.
Miguel Marquez
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Official Information
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Arguments For Measure G |
VOTE YES ON MEASURE G!
Campbell Union Elementary School District provides a strong education for elementary and middle school students in Campbell, Monte Sereno, San Jose, Saratoga, Santa Clara and Los Gatos. With great academic programs and qualified teachers, our students are achieving better test scores each year. However, the classrooms and facilities in Campbell Union Elementary School District need high-priority repairs and upgrades to meet today's standards of health, safety, energy efficiency and educational technology. Voting YES on Measure G will generate $150 million to repair and upgrade local elementary and middle schools without increasing current, voter-approved tax rates. These funds will stay right here in Campbell Union Elementary School District and cannot be taken by the state. Vote YES on Measure G to:
More importantly, Measure G will continue student achievement by improving classroom safety and technology in Campbell Union Elementary School District schools. Please join us, vote YES on Measure G to support local students without increasing tax rates.
/s/ Evan D. Low
/s/ Adrian J. Cibilich
/s/ Jennifer L. Austin
/s/ Sally H. Howe
/s/ Paula Mahaffey
(No arguments against Measure G were submitted) |
Tax Rate Statement from the Superintendent |
An election will be held in the Campbell Union Elementary School District (the "District") on June 8, 2010, to authorize the sale of up to $150,000,000 in bonds of the District to finance school facilities as described in the proposition. If the bonds are approved, the District plans to sell the bonds in several series over a period of years. Principal and interest on the bonds will be payable from the proceeds of tax levies made upon the taxable property in the District. The information presented in numbered paragraphs 1-3 below 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 zero cents per $100 ($0.00 per $100,000) of assessed valuation in fiscal year 2010-11. 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 two cents per $100 ($20.00 per $100,000) of assessed valuation in fiscal year 2020-21. 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, three cents per $100 ($30.00 per $100,000) of assessed valuation in fiscal year 2021-22. The District's best estimate of the average tax rate which would be required to be levied to fund this bond issue over all of the years the bonds will be outstanding is $25.00 per $100,000 of assessed valuation. The District intends to structure and time the issuance of the proposed bonds so that the combined tax rate which the District estimates is needed to repay all of the District's bonds (including currently outstanding bonds and any of the proposed bonds outstanding at any time) will not exceed $55.20 per $100,000 of assessed valuation, the rate levied in the current year (Fiscal Year 2009-10) to pay debt service on the currently outstanding bonds alone. The tax rate estimates in this statement reflect the District's current projection of future assessed values and of future debt service payments, which are based on certain assumptions. Approval of the ballot measure authorizes the issuance of bonds under certain conditions, and is not approval of a specific tax rate or a specific bond issuance plan. 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 and repayment structure of bonds sold, 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 and repayment structure of bonds sold at any given time will be determined by the District based on its need for construction funds, its intention to meet the tax rate targets stated above, the legal limitations on bonds approved by a 55% vote 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 District as determined by the County Assessor in the annual assessment and the equalization process. Voters should note that the estimated tax rates are based on the ASSESSED VALUE of taxable property in the District as shown 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. Dated: March 4, 2010.
/s/ Eric Dion Andrew |
Full Text of Measure G |
This Proposition may be known and referred to as the "Campbell Union Elementary School District School Improvement Measure" or as "Measure G".
By approval of this proposition by at least 55% of the registered voters voting on the proposition, the Campbell Union Elementary School District (the "District") shall be authorized to issue and sell bonds of up to $150,000,000 in aggregate principal amount to provide financing for the specific school facilities projects listed in the Bond Project List below, subject to all of the accountability safeguards specified below.
The provisions in this section are specifically included in this proposition in order that the District's voters and taxpayers may be assured that their money will be spent wisely to address specific facilities needs of the District, all in compliance with the requirements of Article XIII A, 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 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 Governing Board hereby certifies that it has evaluated safety, class size reduction and information technology needs in developing the Bond Project List. Limitation on Use of Bond Proceeds. 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, and not for any other purpose, including teacher and administrator salaries and other school operating expenses. Proceeds of the bonds may be used to pay or reimburse the District for the cost of District staff when performing work on or necessary and incidental to the bond projects. Independent Citizens' Oversight Committee. The Governing Board shall establish an independent Citizens' Oversight Committee (pursuant to Education Code Section 15278 and following), to ensure bond proceeds are spent 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 Governing Board. Annual 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 facilities projects listed in the Bond Project List. Annual 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 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 Governing Board shall take actions necessary pursuant to Government Code Section 53410 and following 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 or the chief fiscal officer of the District shall cause a report to be filed with the Board no later than December 31 of each year, commencing December 31, 2010, stating (1) the amount of bond proceeds received and expended in that year, and (2) 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 such officer shall determine, and may be incorporated into the annual budget, audit, or other appropriate routine report to the Board.
Specific Purposes. 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 shall constitute the specific purposes of the bonds, and proceeds of the bonds shall be spent only for such purposes, pursuant to Government Code Section 53410. Joint Use. The District may enter into agreements with other public agencies or nonprofit organizations for joint use of school facilities financed with the proceeds of the bonds in accordance with Education Code Section 17077.42 (or any successor provision). The District may seek State grant funds for eligible joint-use projects as permitted by law, and this proposition hereby specifies and acknowledges that bond funds will or may be used to fund all or a portion of the local share for any eligible joint-use projects identified in the Bond Project List or as otherwise permitted by California State regulations, as the Governing Board shall determine. Bonds may be Issued in Excess of Statutory Bonding Limit. Issuance of all of the authorized bonds might require the outstanding debt of the District to exceed its statutory bonding limit of 1.25% of the total assessed valuation of taxable property in the District. In that event, the District intends to seek a waiver of its bonding limit from the State Board of Education, which has the power to waive certain requirements of the Education Code applicable to the District. By approval of this proposition, the voters have authorized the District to seek such a waiver, and to issue authorized bonds in excess of the 1.25% limit as the State Board of Education may approve. No such waiver has yet been sought or granted. Rate of Interest; Term of Bonds. The bonds shall bear interest at a rate per annum not exceeding the statutory maximum, payable at the time or times permitted by law. The number of years the whole or any part of the bonds are to run shall not exceed 40 years from the date of the bonds or the date of any series thereof.
The District is required by law to make its best estimates of the ad valorem property tax rate required to be levied on all taxable property in the District to pay debt service on the proposed bonds. These estimates and the factors that might cause the tax rate to vary from these estimates in the future are described in the Tax Rate Statement that the Registrar is required to provide in the Voter Information Pamphlet mailed to voters in connection with the election. It is the District's current plan to structure the proposed bonds so that the tax rate necessary to pay debt service on those bonds, when combined with the tax rate necessary to pay debt service on currently outstanding bonds in each year, will not exceed $55.20 per $100,000 of assessed valuation, the rate levied in the current year (Fiscal Year 2009-10) to pay debt service on the currently outstanding bonds alone.
The Bond Project List below describes the specific projects the District proposes to finance with proceeds of the bonds. Listed projects will be completed as needed at a particular school site according to Board-established priorities, and the order in which such projects appear on the Bond Project List is not an indication of priority for funding or completion. The final cost of each project will be determined as plans are finalized, construction bids are awarded, and projects are completed. Certain construction funds expected from non-bond sources, including State grant funds the District expects to request for eligible projects, and public agency or nonprofit partner contributions to joint-use projects, have not yet been secured. Until all project costs and funding sources are known, the Governing Board cannot determine the amount of bond proceeds available to be spent on each project, nor guarantee that the bonds will provide sufficient funds to allow completion of all listed projects. Completion of some projects may be subject to further government approvals by State officials and boards, to local environmental review, and to input from the public. For these reasons, inclusion of a project on the Bond Project List is not a guarantee that the project will be funded or completed. The Governing Board may make changes to the Bond Project List in the future consistent with the projects specified in the proposition. Each project is assumed to include its share of costs of the election and bond issuance and other construction-related costs, such as construction management, architectural, engineering, inspection and other planning costs, legal, accounting and similar fees, independent annual financial and performance audits, a customary construction contingency, and other costs incidental to and necessary for completion of the listed projects (whether work is performed by the District or by third parties). Unless otherwise noted, the following projects are authorized to be completed at each or any of the District's school sites: Locations
Blackford School, 1970 Willow Street, San Jose, CA 95125 REPAIRS, RENOVATION, AND CONSTRUCTION OF CLASSROOMS AND SCHOOL FACILITIES
The Bond Project List shall be considered a part of this ballot proposition, and shall be reproduced in any official document required to contain the full statement of the bond proposition. |