Pass: 5223 / 68.23% Yes votes ...... 2432 / 31.77% No votes

See Also: Index of all Measures

Impartial Analysis from the City Attorney

The governing board ("Board") of the Ojai Unified School District ("District") has placed a bond measure on the ballot for District's voters' approval. The measure will become effective if fifty-five percent (55%) of District voters vote "Yes" on the measure. If approved, the measure authorizes the District to issue and sell $35,000,000 in general obligation bonds at an interest rate not exceeding the legal rate, with maturity dates not greater than 40 years from date of issuance.

The purpose of the bond measure is to raise money from bondholders for specified project expenses and the amount raised will be a debt of the District. In exchange for monies received, the District will promise to pay the bondholders interest on the bonds for a set amount of time and to then repay the principal amount of the bonds.

Bond proceeds may only be used to fund projects included in the Bond Project List set forth in the measure. Bond proceeds legally may be used to modernize, replace, renovate, construct, equip, rebuild, and furnish facilities described in the Bond Project List. Approval of the measure does not guarantee that any particular project will be funded beyond the local revenues generated by the bond measure. Thus, approval of the measure does not guarantee the receipt of any state matching funds, which may be required for some of the projects listed on the Bond Project List and are subject to appropriation by the Legislature or approval of statewide bond measures.

Bond proceeds also may be used for incidental costs associated with the listed projects, including election and bond issuance costs. Bond proceeds may not be used to maintain equipment, purchase supplies, or pay teacher or administrator salaries or other operating expenses. The Board has certified that it has evaluated safety, class size reduction and information technology needs in developing the Bond Project list.

Principal and interest on the bonds will be payable from the proceeds of tax levies made upon the taxable property in the District. These taxes would be in addition to the normal real property taxes levied on taxpayers in the District. The amount of the increased taxes each year will depend upon the amount needed to pay the principal and interest on the bonds. The District estimates that the initial tax rate that will be necessary to fund this bond issue will be $35.00 for every $100,000 of assessed valuation. The tax rate in any given year may not exceed $60.00 for every $100,000 of assessed valuation.

Performance and financial audits must be performed annually to ensure that bond proceeds are spent only as specified. The Board must appoint an independent citizens' oversight committee that will monitor expenditures to ensure bond funds are expended only on the school facilities listed in the measure. District officials must submit annual reports to the Board stating the amount of bond proceeds received and expended in that year and the status of any project funded or to be funded from bond proceeds.