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Measure B Bonds Tracy Unified School District Facilities Improvement District 3-2008 Bond - 55% Approval Required Pass: 4570 / 65.03% Yes votes ...... 2458 / 34.97% No votes
See Also:
Index of all Measures |
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Results as of Jun 20 11:07am, 100.0% of Precincts Reporting (55/55) 24.2% Voter Turnout (7311/ |
Information shown below: Impartial Analysis | Arguments | Tax Rate Statement | Full Text | ||||
To continue the renovation and modernization of Tracy schools by upgrading older classrooms, libraries and computer labs, replacing leaking and deteriorating roofs, updating heating, plumbing and electrical systems and improving school safety and security, shall Tracy Unified School District be authorized to issue $82,000,000 in bonds for School Facilities Improvement District No. 3, at legal interest rates, with all expenditures monitored by an Independent Citizens' Oversight Committee and no funds spent on administrators?
No funds derived from bond sales could be used for District administrators' salaries or for any purpose or project other than those expressly stated in the measure. To assure that funds derived from bond sales authorized by Measure B are spent only for the purposes expressly stated in Measure B, and for no other purposes, Measure B would require the District to: (1) appoint an independent citizens' oversight committee; and (2) conduct annual independent performance and financial audits. If Measure B is approved, and bonds are authorized and sold, the principle thereof and interest thereon shall be payable from the proceeds of tax levies made upon the taxable property in the District. If Measure B is approved, the tax rate necessary for payment of principal and interest on any bonds sold will be largely dictated by the timing of the bond sales, the amount sold at a given sale, market interest rates at the time of each sale (although in no event greater than the maximum bond net interest rate allowed by law), as well as actual assessed valuation of taxable property in the District over the term of repayment. A state of the tax rate data required by Elections Code Section 9401 will be provided to all registered voters with the sample ballot for the bond election. Approval of Measure B does not guarantee that the projects proposed by the District to be funded from the proceeds of bonds authorized and sold will be funded beyond the local revenues generated by the bond sales authorized by Measure B. The District's proposal for such projects assumes the receipt of matching State of California funds that could be subject to appropriation by the State Legislature or to approval by statewide bond measure. Passage of Measure B requires approval by fifty-five percent (55%) of voters voting thereon.
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Arguments For Measure B |
A Yes vote on Measure B will provide the Tracy School District with the reliable source of local funds to continue the renovation and modernization of the older schools in Tracy.
Measure B provides funds to renovate and upgrade classrooms, libraries and computer labs. Funds will replace aging roofs, upgrade electrical systems, replace old heating, cooling and ventilation systems with energy-efficient systems and increase the ability of students and teachers to use classroom computers and technology. There are no other funds available to complete these projects. All of the funds will be monitored by a Citizens' Oversight Committee. The committee must include a representative of a taxpayers' organization, a senior citizen, a local business person and an active parent. No employee, vendor, contractor or consultant of the District may serve on the committee. In addition, it is required that the district 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. Investing 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 Tracy students the best schools we can provide. The District has done an outstanding job managing past school bonds. Tracy High School and many other schools have been transformed and the District has received an additional $54.5 million in matching funds maximizing our local dollars. We must provide our schools with a reliable, local source of funds to renovate and modernize local Tracy schools. Quality school buildings and classrooms protect and enhance our property values and support our students. Good schools define great communities. Please Vote Yes on Measure B. Submitted by: Bill Swenson: Former teacher, administrator, and board member, Tracy Unified School District Donna M. Boyd: Longtime teacher, Tracy Unified School District Steve Abercrombie: Tracy Chamber of Commerce Citizen of the Year, 2014 J.C. Kimball: Retired physician Ted Guzman: Tracy United Way Community Council Tracy Unified School District/School Board Member
(No arguments against Measure B were submitted) |
Tax Rate Statement |
An election will be held within the boundaries of School Facilities Improvement District No. 3 of the Tracy Unified School District(the "School Facilities Improvement District")m on June 3, 2014 to authorize the sale of u[ to $82,000,000 in bonds of the School Facilities Improvement District to finance facilities as described in the proposition. If the bonds are approved, the Tracy Unified School District (the "School District") expects to sell the bonds in multiple series. principal and interest on the bonds will be payable from the proceeds of tax levies made upon the taxable property located only within the School Facilities Improvement District. The following information is provided in compliance with Sections 9400-9404 of the California Elections Code.
1. The best estimate of the tax rate which would be required to be levied to fund this bond issue during 2. The best estimate of the tax rate which would be required to be levied to fund this bond issue during 3. The best estimate of the highest tax rate which would be required to be levied to fund this bond issue, based Voters should note that the estimated tax rate is based on the ASSESSED VALUE of taxable property on the County of San Joaquin'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 School District's projections and estimates only, which are not binding upon the School 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 among of bonds sold and market interest rates at the time of each sale, and actual assessed valuations over the term of the payment of the bonds. The dates of sale and the amount of bonds sold at any given time will be determined by the School 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 School Facilities Improvement District as determined by the County Assessor in the annual assessment and the equalization process. |
Full Text of Measure B |
INTRODUCTION
To continue the renovation and modernization of Tracy schools by upgrading older classrooms, libraries and computer labs, replacing leaking and deteriorating roofs, updating heating, plumbing and electrical systems and improving school safety and security, shall Tracy Unified School District be authorized to issue $82,000,000 in bonds for School Facilities Improvement District No. 3, at legal interest rates, with all expenditures monitored by an Independent Citizens' Oversight Committee and no funds spend on administrators?
BOND AUTHORIZATION By approval of this measure by at least 55 percent of the registered voters voting on the measure, Tracy Unified School District will be authorized to issue and sell bonds of up to $82 million in aggregate principal amount secured by property taxes to be levied in School Facilities Improvement District No. 3 at interest rates below the legal limit and to provide financing for the specific school facilities projects listed in the Bond Project List described below, subject to all the accountability requirements specified below. ACCOUNTABILITY REQUIREMENTS The following information is included in this ballot measure as required pursuant to Article XIIIA, Section 1 (b)(3), of the State Constitution and the Strict Accountability in Local School Construction Bonds Act of 2000 (codified at Education Code Sections 15264 and following.). Use of Bond Proceeds. Proceeds from the sale of bonds authorized by this measure shall be used only for the acquisition, construction, reconstruction and/or rehabilitation of school facilities, including the furnishing and equipping of school facilities, and not for any other purpose, including teacher and administrator salaries and other school operating expenses. Identification of Needs. The School Board has identified detailed facilities needs of School Facilities Improvement District No. 3 and has determined which projects to finance from a local bond at this time as described in the Bond Project List shown below. The School Board hereby certifies that it has evaluated safety, class size reduction, enrollment growth, and information technology needs in developing the Bond Project List. Performance Audits. The School Board shall conduct an annual, independent financial audit of the bond proceeds until all of those proceeds have been spent for the school facilities projects listed below. Financial Audits. The School Board shall conduct an annual, independent financial audit of the bond proceeds until all of those proceeds have been spent for the school facilities projects listed below. Independent Citizens' Oversight Committee. The School Board shall establish an Independent Citizens' Oversight Committee, under Education Code Sections 15278 and following, to ensure bond proceeds are expended only on the school facilities projects listed below. The committee will be established within 60 days of the date when the results of the election appear in the minutes of the School Board. Government Code Accountability Requirements. As required by Section 53410 of the Government Code: (1)the specific purpose of the bonds is set forth in this Full Text of the Measure, (2) the proceeds from the sale of the bonds will be used only for the purposes specified in this Measure, and not for any other purpose, (3) the proceeds of the bonds, when and if issued, will be deposited into a building fund to be held by the San Joaquin County Treasurer, as required by the California Education Code, and (4) the Superintendent of the District shall cause an annual report to be filed with the Governing Board of the District, which report shall contain pertinent information regarding the amount of funds collected and expended, as well as the status of the projects listed in this Measure, as required by Sections 53410 and 53411 of the Government Code. BOND PROJECT LIST The Bond Project List shown below is a part of the ballot measure and must be reproduced in any official document required to contain the full statement of the bond measure. The Tracy Unified School District will use bond funds to address the most critical facility needs of the schools in School Facility Improvement District No. 3. Projects will include providing up-to-date classrooms and facilities, replacing old underground water sewer and gas lines, and replacing old and inefficient electrical, lighting, heating, plumbing and ventilation systems where needed. In addition, all schools need to improve student access to computers and instructional technology as well as ongoing funding for the repair and renovations to keep the schools safe and secure. Bond funds will be used in combination with any other funds received by the District for such purpose. The District will use bond funds for the following School Facility Improvement No. 3 projects. All district schools in School Facility Improvement District No. 3 will be modernized to approach the same standards. The District schools and facilities, all located in Tracy, include:
Bohn Elementary School, 350 E. Mt. Diablo Avenue,
Central Elementary School, 1370 Parker Avenue,
Clover School, 51 E. Beverly Place,
Duncan-Russell Continuation High School, 164 W. Grant Line
School Bond Renovation and Modernization Projects include:
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