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Issuance of Bonds
Santa Ynez Valley Union High School District
School Bond - 55% Approval Required
Fail: 4870 / 47.48% Yes votes ...... 5387 / 52.52% No votes
Index of all Measures
|Results as of Dec 4 3:18pm, 100.0% of Precincts Reporting (31/31)|
|Information shown below: Impartial Analysis | Tax Rate Statement | Full Text|
To improve the quality of education; replace old and deteriorating roofs; upgrade inadequate electrical and plumbing systems; improve student access to computers and technology; modernize outdated classrooms and facilities; make health and safety improvements; replace old heating, ventilation, and cooling systems; and make energy efficiency improvements shall Santa Ynez Valley Union High School District issue $19,840,000 of bonds at legal interest rates, have an independent citizens' oversight committee and have NO money for administrative salaries or be taken by the State?
This measure, if approved by 55% ofthe voters, would authorize the Santa Ynez Valley Union High School District to authorize the sale of general obligation bonds on its behalf in a principal amount not to exceed $19,840,000 to provide fmancing for the specific school facilities projects listed in the Santa Ynez Valley Union High School District's Bond Project List. The Bond Project List, as well as the full text of the measure, is printed in the ballot pamphlet. None of the proceeds from the sale of bonds may be used for salaries or operating expenses.
The bonds and interest thereon would be payable from property taxes levied on taxable property in the District. These taxes would be in addition to the property taxes currently levied on taxpayers in the District. The amount of the increased taxes each year would depend upon the amount needed to pay the principal and interest on the bonds. The period for full repayment of the bonds would not exceed forty years.
The bond measure includes the following accountability requirements:
A. A requirement that the proceeds from the bond sale be used only for the above purposes and not for any other purpose, including teacher and administrator salaries and other school operating expenses. B. A list of the specific school facilities projects to be funded and certification that the school district board has evaluated safety, class size reduction, enrollment growth and information technology needs in developing that list. C. A requirement that the school district board conduct an annual, independent performance audit to ensure that the funds have been spent only on the specific school facilities projects listed in the proposition. D. A requirement that the school district board conduct an annual, independent financial audit of the bond proceeds until all of such proceeds have been spent for the school facilities projects listed in the Bond Project List.
This measure, if approved, will also establish a citizens' oversight committee to monitor expenditures and ensure bond proceeds are used only to fund the specific projects listed in the Bond Project List, as printed in the ballot pamphlet.
|Tax Rate Statement from Paul Turnbull, Ph.D, Superintendent, SYVUHSD|
|An election will be held in the Santa Ynez Valley Union High School District (the "District") on November 6, 2012 to authorize the sale of$19,840,000 in general obligation bonds. The following information is submitted in compliance with Sections
9400-9404 of the California Elections Code.
The best estimate of the tax rate that would be required 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 $.01500 per $100 ($15.00 per $100,000) of assessed valuation in fiscal year 2013-14.
The best estimate of the tax rate that would be required 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 $.01500 per $100 ($15.00 per $100,000) of assessed valuation in fiscal year 2019-20.
The best estimate of the highest tax rate that would be required to fund this bond issue, based on estimated assessed valuations available at the time of filing this statement, is $.01500 per $100 ($15.00 per $100,000) of assessed valuation.
These estimates are based on projections derived from information obtained from official sources. The actual tax rates and the years in which they will apply may vary depending on the timing of bond sales, the amount of bonds sold at each sale and actual increases in assessed valuations. The timing of the bond sales and the amount of bonds sold at any given time will be determined by the needs of the District. Actual assessed valuations will depend upon the amount and value of taxable property within the District as determined in the assessment and the equalization process.
|Full Text of Measure L2012|
|This proposition may be known and referred to as the Santa Ynez Valley Union High School District General Obligation Bond of 2012, or Measure L2012.
BOND AUTHORIZATION By approval of this proposition by at least 55 percent of the registered voters voting on the proposition, the Santa Ynez Valley Union High School District (the "District") shall be authorized to issue and sell bonds of up to $19,840,000 in aggregate principal at interest rates below the legal limit, to provide financing for the specific school facilities projects listed in the Bond Project List attached hereto as Exhibit A-1, subject to all the accountability requirements specified below.
BOND PROJECT LIST The Bond Project List attached to this resolution as Exhibit A-1 shall be considered a part of the ballot proposition and shall be reproduced in any official document required to contain the full statement of the bond proposition.
Approval of this Bond Measure (the "Measure") does not guarantee that the proposed project or projects in the District that are the subject of bonds under the Measure will be funded beyond the local revenues generated by the Measure. If state matching funds become available, they will be used for and applied to the Bond Project List as per Exhibit A-1.
The school district's proposal for the project or projects may assume the receipt of matching state funds, which could be subject to appropriation by the Legislature or approval of a statewide bond measure.
ACCOUNTABILITY REQUIREMENTS The provisions in this section are specifically included in this proposition in order that the voters and taxpayers in the District 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 XIIIA, 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 Board has prepared an updated facilities plan in order to evaluate and address all of the facilities needs of the District. The Board hereby certifies that it has evaluated safety, class size reduction, enrollment growth, and information technology needs in developing the Bond Project List contained in Exhibit A-1.
Independent Citizens' Oversight Committee. The Board shall establish an Independent Citizens' Oversight Committee pursuant to Education Code Section 15278 and following to ensure bond proceeds are expended only on the school facilities projects listed in Exhibit A-1. The committee shall be established within 60 days of the date when the results of the election appear in the minutes of the Board.
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 Exhibit A-1.
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 Exhibit A-1.
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 ihe District shall cause a report to be filed with the Board annually 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 the Superintendent shall determine and may be incorporated in the annual budget, audit, or another appropriate routine report to the Board.
FURTHER SPECIFICATIONS No Administrator Salaries. Proceeds from the sale of bonds authorized by this proposition shall be used only for the construction, reconstruction and/or rehabilitation of school facilities including the furnishing and equipping of school facilities or 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.
The proceeds of the bonds will be deposited into a Building Fund to be held by the Santa Barbara County Treasurer, as required by the California Education Code.
BOND PROJECT LIST
The specific school facilities projects to be funded at Santa Ynez High School include, but shall not be limited to:
Miscellaneous District Projects