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Proposition Y School Bonds South Bay Union Elementary School District 55% Approval Required
See Also:
Index of all Propositions |
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League of Women Voters of California Education Fund
Pass:
14,123 /
75.9% Yes votes ......
4,477 /
24.1% No votes
| Information shown below: Yes/No Meaning | Impartial Analysis | Tax Rate Statement | | |||||
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To continue elementary classroom/school renovations; safety improvements; computers/technology access; roof, plumbing, heating/air-conditioning repairs; and reduce overall borrowing costs, shall $26,000,000 of South Bay Union School District General Obligation Bonds, previously approved by voters in November 2008, be reauthorized through issuance of new bonds, with no increase in total authorized District debt, interest rates below legal limits, independent citizen oversight, no money for administrator salaries, and all funds spent locally and not take by the State?
Voter approval of this measure also will authorize an annual tax to be levied upon the taxable property within the District. The purpose of this tax is to generate revenue to pay the principal and interest on the bonds in an amount sufficient to pay the interest as it becomes due and to provide a fund for payment of the principal on or before maturity. Proceeds from the sale of bonds authorized by this proposition may be used by the District for the construction, reconstruction, rehabilitation or replacement of school facilities, including the furnishing and equipping of school facilities, or the acquisition or lease of real property for school facilities. The interest rate on any bond, which is established at the time of bond issuance, cannot exceed 12% per annum. The final maturity date of any bond could be no later than 25 years or 40 years after the date the bonds are issued as determined by the District. The tax authorized by this proposition is consistent with the requirements of the California Constitution. The California Constitution permits property taxes, above the standard one percent (1%) limitation, to be levied upon real property to pay the interest and redemption charges on any bonded indebtedness for the acquisition or improvement of real property, including the furnishing and equipping of school facilities, when approved by 55% of the voters if:
(2) the District, by evaluating safety, class size reduction, and information technology, has approved a list of specific projects to be funded, (3) the District will conduct an annual, independent performance audit, and (4) the District will conduct an annual, independent financial audit. If a bond measure is approved, state law requires the District to establish an independent citizens' oversight committee. The District has made this ballot proposition subject to these requirements. Approval of this proposition does not guarantee that the proposed projects in the District that are the subject of these bonds will be funded beyond the local revenues generated by this proposition.
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| Tax Rate Statement |
| An election will be held in South Bay Union School District (the "District") on November 6, 2012 to
reauthorize the sale of $26,000,000 in general obligation bonds, previously approved by voters in
November 2008 through the issuance of new bonds. The following information is submitted in
compliance with Sections 9400-9404 of the California Elections Code.
1. 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 $.0300 per $100 ($30.00 per $100,000) of assessed valuation in fiscal year 2013-14. 2. 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 $.0300 per $100 ($30.00 per $100,000) of assessed valuation in fiscal year 2018-19. 3. 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 $.0300 per $100 ($30.00 per $100,000) of assessed valuation. 4. The best estimate of the average 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 $.02702 per $100 ($27.02 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. Dated 6/14/2012
Abdollah Saadat |
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Created: January 14, 2013 17:14 PST
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