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NHUSD $125M Bond for school renovation and modernization projects
New Haven Unified School District
Bond - 55% Approval Required
Pass: 8962 / 68.71% Yes votes ...... 4082 / 31.29% No votes
Index of all Measures
|Results as of Dec 28 11:38am, 100.00% of Precincts Reporting (42/42)|
|Information shown below: Impartial Analysis | Arguments | Tax Rate Statement ||
To continue critical school renovation and modernization projects, replace old portables with permanent classrooms, update school safety and security, improve student access to computers and technology, upgrade athletic facilities, increase the energy efficiency of classrooms and buildings, replace, acquire, construct and renovate District facilities and provide District-wide technology improvements, shall the New Haven Unified School District issue $125 million in bonds at legal interest rates with an independent citizens' oversight committee?
Pursuant to California Constitution Section 18 of Article XVI and Section 1 of Article XIIIA and California Education Code Section 15274, this measure will become effective upon the affirmative vote of at least 55 of the qualified electors voting on this measure.
California Education Code Section 15100 restricts the use of the proceeds from the bonds sale to construction, reconstruction, rehabilitation or replacement of school facilities, and the acquisition of real property for school facilities. In addition, proceeds may only be used for the projects listed In the measure. This measure provides that its proceeds will fund projects outlined in the measure (reproduced In the sample ballot pamphlet) that Include, among others, fixing or replacing roofs, improving selsrmc safety; replacing heating, ventilation, electrical, and plumbing systems, removing hazardous materials, and replacing underground utilities, such as gas, water, and sewer lines Proceeds may not be used for any other purpose, such as administrator or teacher salaries.
If 55 of those who vote on the measure vote "yes", the District will be authorized to Issue bonds of up to one hundred twenty-five million dollars ($125,000,000.00). Approval of trus measure will authorize a levy on the assessed value of taxable property within the District by an amount needed to pay the principal and Interest on these bonds in each year that the bonds are outstanding.
The Tax Rate Statement for Measure M In this sample ballot pamphlet reflects the District's best estimates, based upon currently available data and projections, of the property tax rates required to service the bonds. The best estimate of (1) the tax rate required to be levied to fund the bond issue during the first fiscal year after the sale of the first series of bonds, (2) the tax rate required to be levied to fund the bond issue during the first fiscal year after the sale of the last series of bonds, and (3) the highest tax rate required to be levied to fund the bond Issue is. forty-eight dollars ($48.00) per one hundred thousand dollars ($100,00000) of the assessed valuation in the respective fiscal years.
An independent citizens' oversight committee will monitor the bond expenditures.
If 55 of those voting on this measure do not vote for approval, the measure will fail and the District will not be authorized to issue the bonds.
|Arguments For Measure M||Arguments Against Measure M|
|A Yes vote on Measure M will provide the New Haven Unified School District with a reliable source of local funds to continue the renovation and modernization of the older schools in the District. Most of our schools are over 50 years old and need essential repairs and upgrades.
Measure M will:
In addition the district must conduct annual, independent performance audits to ensure that bond proceeds are only spent on specific local school facility projects. By law, no funds can be spent on administrator or teacher salaries.
Passage of Measure M will help the district pay for necessary repairs and upgrades keeping our schools safe and well-maintained and leaving more money to retain quality teachers and academic programs.
Good schools define great communities.
Quality school buildings and classrooms protect and enhance our property values and support our students. Measure M's investment in our schools is the best way to protect and preserve our property values, spur economic development and create local jobs. We owe this and future generations of students the best schools we can provide.
Please VOTE YES on Measure M.
No arguments against Measure M were submitted.
|Tax Rate Statement|
|An election will be held in the New Haven Unified School District (the "District") on November 4, 2014, to authorize the sale of up to $125,000,000 in bonds of the District for the specific school facilities projects listed in the Bond Project List established by the District, as described in the proposition. If the bonds are authorized and a State bonding capacity waiver is received, the District expects to sell the bonds in two or more series. Principal and interest on the bonds will be payable from the proceeds of tax levies made upon the taxable property in the District. The following information is provided in compliance with Sections 9400-9404 of the Elections Code of the State of California.
1. The best estimate of the tax 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 $48 per $100,000 of assessed valuation in fiscal year 2015-16.
2. 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 $48 per $100,000 of assessed valuation in fiscal year 2023-24.
3. The best estimate of the tax 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 $48 per $100,000 of assessed valuation in fiscal year 2015-16.
4. The best estimate of the average tax rate which would be required to be levied to fund this bond issue during the life of the bonds, based on estimated assessed valuations available at the time of filing of this statement, is $48 per $100,000 of assessed valuation.
Voters should note that estimated tax rate is based on the ASSESSED VALUE of taxable property on Alameda 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.
Attention of all voters is directed to the fact that the foregoing information is based upon the District's projections and estimates only, which are not binding upon the District. 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 dates of sale and the amount of bonds sold at any given time will be determined by the District based on 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 District as determined by the Alameda County Assessor in the annual assessment and the equalization process.
Dated: June 17, 2014.