League of Women Voters of California Education Fund
	Alameda County, CA November 6, 2012 Election
	Measure M Streets and Watersheds Bonds City of Berkeley General Obligation Bond - 2/3 Approval Required Pass: 37998 / 73.29% Yes votes ...... 13847 / 26.71% No votes See Also: Index of all Measures

Tax Rate Statement from Berkeley City Manager

An election will be held in the City of Berkeley (the "City") on November 6, 2012, on the question of issuing bonds in the principal amount of $30,000,000 to finance improvements to streets, with integrated watershed improvements, as described in the bond measure. If the bonds are approved, the City expects to sell the bonds in a single series of bonds. Principal and interest on the bonds will be paid from taxes levied on taxable property in the City. The following tax rate information is given to comply with Sections 9400-9404 of the Elections Code of the State of California. Based on estimated assessed valuations available at the time of filing of this statement: 1. The best estimate of the tax rate that 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 of this statement, is $0.01588 per $100 ($15.88 per $100,000) of assessed valuation in fiscal year 2013/14. 2. The best estimate of the tax rate that would be required to be levied to fund the bond issue during the first fiscal year after the last sale of the bonds, based on estimated assessed valuations available at the time of filing of this statement, is $0.01588 per $100 ($15.88 per $100,000) of assessed valuation in fiscal year 2013/14. 3. The best estimate of the highest tax rate that 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 $0.01588 per $100 ($15.88 per $100,000) of assessed valuation in fiscal year 2013/14. 4. The best estimate of the average annual tax rate which would be required to be levied to fund the bond issue over the entire life of the bond debt service, based on estimated assessed valuations available at the time of filing of this statement, is $0.01165 per $100 ($11.65 per $100,000) of assessed valuation. The final fiscal year in which a tax is anticipated to be collected is 2042/43. 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. 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. Certain taxpayers may also be eligible to postpone payment of taxes. Property owners should consult their own property tax bills and the County Assessor to determine their property's assessed value and any applicable tax exemptions. 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 estimates are based upon the City's projections and are not binding upon the City. The dates of sale and the amount of bonds sold at any given time will be determined by the City 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 each sale. Actual future assessed valuation will depend upon the amount and value of taxable property within the City as determined by the County Assessor in the annual assessment and the equalization process.

Full Text of Measure M

AUTHORIZING THE CITY OF BERKELEY TO INCUR BONDED DEBT AND ISSUE A GENERAL OBLIGATION BOND FOR STREET AND RELATED WATERSHED IMPROVEMENTS WHEREAS, this resolution is adopted pursuant to and in conformance with Chapter 7.64 of the Berkeley Municipal Code; and WHEREAS, the City has developed a 5 year street repaving plan, which it updates annually; and WHEREAS, the City has developed a Watershed Management Plan to manage and improve overall watershed health within the City's boundaries by identifying and prioritizing infrastructure needs associated with aging facilities and capacity needs, and in particular utilizing Green Infrastructure elements (such as rain gardens, swales, bio-retention cells, permeable paving) within the public right-of-way and streets; and WHEREAS, because the City's streets, with their curbs and gutters, are an integral part of the City's storm water management system, storm water management improvements consistent with the Watershed Management Plan should be integrated into street improvements where they will enhance water quality and flood control; and WHEREAS, existing annual funds and funding sources are insufficient to adequately improve the City's streets, aged storm drains and storm water management systems and improve water quality in the City's creeks and the Bay; and WHEREAS, the City needs to repair its failing streets by significantly accelerating implementation of its 5 year street repaving plan, but existing funds and funding sources are inadequate to do so; and WHEREAS, the City Council has therefore determined that the public interest requires additional funding for acceleration of the 5 year street repaving plan, as it is updated annually. NOW THEREFORE, BE IT RESOLVED by the People of the City of Berkeley that the public interest requires the issuance of a general obligation bond in the amount of $30,000,000 to fund construction of the Improvements described below. BE IT FURTHER RESOLVED the People of the City of Berkeley that: A. Proceeds of bonded indebtedness shall be used to construct the following facilities ("Improvements"): 1. Street repaving and rehabilitation consistent with the 5 year street repaving plan as it is updated annually, and sufficient to significantly accelerate the implementation of that plan. 2. Installation of Green Infrastructure (GI), as it is defined in the Watershed Management Plan as part of the street work described in the preceding paragraph, when appropriate. GI includes, but is not limited to: (a) surface level bio-retention measures (rain gardens, swales, bio-retention cells, permeable paving, etc.) within the parking strip, planter area of sidewalks, red zone curb-extensions, and in street medians as feasible; and (b) large underground storage pipes, which would fill during storm events and then discharge metered flows into the existing storm drain pipelines. For purposes of this measure, "Improvements" shall also include design, permitting, administrative and overhead costs. BE IT FURTHER RESOLVED by the People of the City of Berkeley that: A. The estimated cost of the Improvements to be funded by any bonds issued pursuant to this measure is $30 million, although the total cost of all Improvements needed to address all of the City's street-related capital needs is in excess of that amount. B. The amount of the principal of the general obligation indebtedness (the "Bonds") to be incurred shall not exceed $30 million. C. The estimated cost may include legal and other fees and the cost of printing the Bonds and other costs and expenses incidental to or connected with the issuance and sale of the Bonds. D. The proceeds of the Bonds authorized to be issued by this resolution shall be used to finance construction of the Improvements and to pay any fees and costs in connection with the issuance of the Bonds, including but not limited to, legal fees and bond printing costs. E. The maximum rate of interest to be paid on the Bonds shall not exceed eight percent (8%).