League of Women Voters of California Education Fund
	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

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.