League of Women Voters of California Education Fund
	San Diego County, CA November 6, 2012 Election
	Proposition AA School Bonds San Dieguito Union High School District 55% Approval Required Pass: 43,627 / 55.5% Yes votes ...... 34,947 / 44.5% No votes See Also: Index of all Propositions

Tax Rate Statement

An election will be held in the San Dieguito Union High School District (the "District") on November 6, 2012, to authorize the sale of up to $449,000,000 in bonds of the District to finance school facilities as described in the measure. If the bonds are approved, the District plans to sell the bonds in 4 series over a period of approximately 6 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 maximum 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 estimated assessed valuations available at the time of filing of this statement, is no more than two and one- half cents per $100 ($25.00 per $100,000) of assessed valuation in fiscal year 2013-14. 2. The best estimate of the maximum 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 no more than two and one- half cents per $100 ($25.00 per $100,000) of assessed valuation in fiscal year 2019-20. 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, is two and one- half cents per $100 ($25.00 per $100,000) of assessed valuation, which is estimated to apply in fiscal year 2019-20. 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 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. 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 of the bonds 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 are 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: July 26, 2012. Ken Noah Superintendent San Dieguito Union High School District