3274 / 66.8% Yes votes ...... 1622 / 33.1% No votes

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PLACERVILLE UNION SCHOOL DISTRICT

BOND MEASURE K

This measure, if approved by 55 percent of the voters voting thereon, would authorize the sale of general obligation bonds of the Placerville Union Elementary School District (the "District") in the amount of $5,300,000.

The proceeds of the bonds would be used for the purposes described in the Complete Text of Measure K, which precedes this analysis. If the measure passes, the District's Board of Trustees will conduct an annual, independent performance audit to ensure that the bond funds have been expended only for the specific projects listed in the measure and will conduct an annual, independent fiscal audit of the proceeds from the sale of the bonds. The District's chief fiscal officer shall prepare an annual report of the amount of funds collected and expended and the status of any project funded by the bonds. If the measure passes, the District will also establish a citizens' oversight committee whose purpose would be to inform the public concerning the expenditure of bond revenues.

At the discretion of the District's Board of Trustees, all or any part of the bonds could be sold. However, no bond sale could be made that would cause the total outstanding bonded indebtedness of the District to exceed 1.25 percent of the taxable property of the District as shown by the last equalized assessment of El Dorado County as modified pursuant to Education Code Section 15102, unless this limit is waived pursuant to Education Code Section 33050. In addition, no bond sale could be made that would cause the tax rate levied to pay debt service on the bonds authorized at this election to exceed $30 per $100,000 of taxable property, based on projections of assessed value by the District, unless this limit is waived pursuant to Education Code Section 33050. The final maturity date of any series of bonds could be no later than 25 years after the date of the series. The interest rate that the bonds would bear could not exceed the statutory limit per annum. Principal and interest on the bonds would be paid by revenue derived from an annual tax levied upon the taxable property within the District.

The procedures followed for the proposed issuance of these general obligation bonds, including the election process for electorate approval thereof, are as specified in the Constitution, the Education Code, and the Elections Code of the State of California.

The conduct of this general obligation bond election and the issuance of the bonds will be in conformance with existing laws of the State of California and will not otherwise affect existing law.

The Tax Rate Statement of the District, which follows this analysis, reflects the maximum property tax levies required to service the bonds, based upon current best estimates available.

This analysis is submitted by the Office of the County Counsel of El Dorado County, pursuant to the requirements of Section 9500 of the Elections Code of the State of California.

s/ Louis B. Green, County Counsel

Sacramento Bee

• School upgrades riding on two bonds 10/17/02

The children of the Placerville Union School District need your YES vote for Measure K!

Measure K is a facilities bond. By law, Measure K funds must be used for school improvements, NOT for teacher or administrator salaries or other operating expenses.

Placerville USD schools provide an outstanding, well-rounded educational program. Our students score well on state tests, and our graduates pass the High School Exit Examination at an 80% rate as freshmen. Placerville USD students experience a wide variety of programs other small districts do not provide. We want to continue to provide quality programs for our youth.

Why do we need this bond?

• Aging facilities threaten the learning environment. Placerville USD schools range in age from 38 to 50 years. Life expectancy of a school is 30 to 35 years.

• We need to protect the health and safety of our students.

• We want to bring the Placerville USD schools into the 21st century to be competitive with newer schools in neighboring districts.

• At an average cost of less than $4 per month per property, it will generate $5,300,000 of local revenues.

• Placerville USD would be eligible for an additional $5,500,000 from the State, money that would be lost to another district if Measure K fails.

• Dry rot and roof repairs at Schnell and Markham

• Electrical, fire alarm, window, and paving upgrades at all schools

• Athletic field upgrades at all schools

• Permanent classrooms to replace aging portables at Schnell and Sierra

• New media center at Sierra

• New gymnasium with stage at Markham

• New science labs at Markham

Please vote YES on Measure K!

s/ Carol Patton, Business Owner

s/ Carl Borelli, Supervisor

s/ Marian Washburn, Placerville City Council

s/ Dee Cutter, Parent/Bond Committee Member

s/ Charles Stephens, Business Owner

(No arguments against Measure K were submitted)

PLACERVILLE UNION SCHOOL DISTRICT

An election will be held in the Placerville Union Elementary School District (the "District") on November 5, 2002, to authorize the sale of up to $5,300,000 in bonds of the District to finance school facilities as described in the proposition. If the Bonds are approved, the District expects to sell the bonds in a single 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 $0.02952 per $100 ($29.52 per $100,000) of assessed valuation in fiscal year 2003-04.

2. The best estimate of the 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 $0.02952 per $100 ($29.52 per $100,000) of assessed valuation in fiscal year 2003-04.

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 $0.03000 per $100 ($30.00 per $100,000) of assessed valuation in fiscal year 2018-19.

Voters should note that these estimated tax rates are based on the assessed value of taxable property in the District as shown on the official tax rolls of El Dorado County, not on the property's market value. In addition, taxpayers eligible for a property tax exemption, such as the homeowner's exemption, will be taxed at a lower effective tax rate than described above. Certain taxpayers may also be eligible to postpone the payment of taxes. Property owners should consult their own property tax bills and tax advisors to determine their property's assessed value and any applicable tax exemptions.

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 estimates are based upon the District's projections and are not binding upon the District. 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 El Dorado County assessors in the annual assessment and the equalization process.

Dated: July 15, 2002

s/ David R. Freeman, Superintendent Placerville Union Elementary School District

COMPLETE TEXT OF BOND MEASURE K (Full Ballot Text)

Upon the passage of Measure K, the Placerville Union Elementary School District shall be authorized to issue bonds in the aggregate amount of $5,300,000, bearing interest at rates not exceeding the statutory limit, for the purpose of funding the following school facilities projects:

Markham Middle School New Gymnasium with Stage Science Labs, convert 4 existing classrooms into labs Expand School Office ADA compliance upgrades

Sierra Elementary New Media Center New Stage New Permanent Classrooms to replace existing portable classrooms ADA compliance upgrades Parking, Parent and Bus Loading

Schnell School Roof Repairs New Permanent Classrooms to replace existing portable classrooms Kindergarten Classrooms ADA compliance upgrades School Office Expansion

Upgrades and Repairs at all schools: Windows and Lighting Retrofits for energy efficiency Electrical upgrades Fire Alarm Upgrades Doors Paving repairs, sidewalks, parking Classroom Cabinetry Clocks and bells Play field repairs

District Facilities Dry rot repairs Relocate for Sierra Elementary parking issues Expand for current and future needs Centralize District Maintenance Shop

The bond proceeds shall only be used for acquiring, constructing, renovating, furnishing, and equipping school facilities and grounds and not for teacher and administrator salaries, other school operating expenses, or any other purpose.

Approval of the District's bond measure does not guarantee that the projects that are the subject of the measure will be funded beyond the local revenues generated by the bond measure. The District's proposed projects may assume the receipt of state funds, which could be subject to appropriation by the Legislature or approval of a statewide bond measure.

Additionally, the District Board of Trustees will appoint a citizen's oversight committee (the "Committee") having a minimum of seven members and including at least one member active in a business organization representing the business community located within the District, one member active in a senior citizens' organization, one member active in a bona fide taxpayers' organization, one member the parent or guardian of a child enrolled in the District, and one member both a parent or guardian of a child enrolled in the District and active in a parent-teacher organization.

The District will deposit the proceeds of the bonds in a separate account. The District will have financial and performance audits performed annually to account for the bond funds and to assure that funds have only been expended on the specific projects authorized.