League of Women Voters of California Education Fund
	Humboldt County, CA November 6, 2012 Election
	Measure J Authorize Issuance of Bonds for Street Improvements City of Rio Dell 2/3 Approval Required Fail: 595 / 55.61% Yes votes ...... 475 / 44.39% No votes See Also: Index of all Measures

Arguments For Measure J

Eighty percent (80%) of Rio Dell's City streets are in poor condition and getting worse each year. The City simply does not receive enough gas tax revenue from the sale of motor fuel in the City to maintain the system. There is no longer State or Federal grants available to help us. So, if we want to repair our roads we must be willing to do it ourselves. Measure J, will allow the City to directly repair 11.5 miles of crumbling streets at one time (next summer) at the lowest possible cost, improving driving and bicycling conditions for the next 15-20 years. Since the cost of reconstructing a failed street is about 10 times greater than fixing it with an asphalt overlay now, there is no logical reason to delay the work. The estimated cost of the project is $2,825,000 if constructed today. The City Council has approved a contribution $825,000 toward the project, leaving $2,000,000 to be financed through a USDA loan to be repaid over 15 years at a very low interest rate. We need to come together to take care of our basic requirements and safe streets are a basic element for any community. Measure "J" is the most feasible and immediate way to fund the repairs needed on 80% of the City's streets. Vote "Yes" on Measure "J". ____________________________ Julie Woodall, Mayor City of Rio Dell (No arguments against Measure J were submitted)

Tax Rate Statement

An election will be held in the City of Rio Dell (the "City"), located in Humboldt County, on November 6, 2012, for the purpose of submitting to the electors of the City the question of incurring a bonded indebtedness of the City in a principal amount not to exceed $2,000,000. If such bonds are authorized and sold, the principal thereof and interest thereon will be payable from the proceeds of tax levies made upon the taxable property in the City. The following information regarding tax rates is given to comply with Sections 9400-9404 of the California Elections Code. Such information is based upon the best estimates and projections presently available from official sources, other demonstrable factors, and do not include the effect of homeowner's exemption. Based upon the foregoing and projections of the City's assessed valuation, and assuming the entire debt service will be amortized through property taxation: 1. The best estimate of the tax which would be required to be levied to fund the bond issue during the first fiscal year after the sale of the bonds, based on estimated assessed valuations available at the time of filing of this statement, is 0.11489 cents per 100 dollars ($114.89 per $100,000) assessed valuation for the year 2013/14. 2. The best estimate of the highest tax rate which would be required to be levied to fund the bond issue and an estimate of the year in which that rate will apply, based on estimated assessed valuations available at the time of filing this statement, is 0.11902 cents per 100 dollars ($119.02 per $100,000) assessed valuation for the year 2014/15. Attention to all voters is directed to the fact that the foregoing information is based upon projections and estimates only, which are not binding upon the City, including the assumption that the entire authorization ($2,000,000) will be sold as one series of bonds with an interest rate of 3.75%. The actual time of sale of said bonds and the exact amount sold will be governed by the needs of the City and other factors. The actual interest rates at which the bonds will be sold, which in any event will not exceed the maximum permitted by law, will depend upon prevailing interest rates at the time of the bond sale. Actual assessed valuation in future years will depend upon the value of property within the City as determined in the assessment and the equalization process. Hence, the actual tax rates and the years in which such rates are applicable may vary from those estimates, though if the historical long-term trend of annual increases in assessed value reasserts itself, bond tax rates may generally be expected to decline year to year. _____________________ Jim Stretch, City Manager City of Rio Dell

Full Text of Measure J

STREET IMPROVEMENTS BOND MEASURE "To finance the costs of constructing street improvements consisting of either an asphalt overlay or slurry seal-coat to existing streets in the City of Rio Dell, in order to improve the driving surface and extend the useful life of the roadways in the most economical manner possible, shall the City of Rio Dell issue $2 million in general obligation bonds, maturing 15 years from their issue date, and bearing interest at a rate not in excess of 6%?" Accountability Measures As required by Section 53410 of the Government Code, the following accountability measures are hereby made a part of the City's Bond Measure J (the "Measure"): a) The specific purpose of the bonds is to finance the costs of constructing street improvements consisting of either an asphalt overlay or slurry seal-coat to approximately 11.5 miles of existing streets in the City, in order to measurably improve the driving surface and extend the useful life of over 80% of all the existing roadways in the most economical and cost effect manner possible; b) The proceeds from the sale of the City's bonds will be used only for the purposes specified in the Measure, and not for any other purpose; c) The proceeds of the Bonds will be deposited into a street improvement construction fund to be held by the City; and d) The Finance Director of the City shall file an annual report with the City Council of the City, commencing not later than one year after the bonds have been issued, and annually thereafter until the project is complete, which report shall contain pertinent information regarding the amount of funds collected and expended, as well as the status of the street improvement project listed in the Measure.