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Measure I School Improvement Funding Conejo Valley Unified School District Bond - 55% Approval Required
See Also:
Index of all Measures |
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League of Women Voters of California Education Fund
Pass:
27468 /
65.95% Yes votes ......
14184 /
34.05% No votes
| Results as of Nov 24 2:43pm, 100.0% of Precincts Reporting (87/87) |
| Information shown below: Impartial Analysis | Tax Rate Statement | | ||||
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To upgrade/maintain Conejo Valley schools with funding that cannot be taken by the State, shall Conejo Valley Unified School District upgrade all science/career training labs, update/maintain classroom technology and network infrastructure, provide safe, well maintained classrooms, repair/replace electrical, plumbing/roofing, repair, construct, acquire/equip sites/facilities, and improve school safety/security by issuing $197 million in bonds, at legal rates, with citizens' oversight, annual audits, no money for administrators, and without increasing current tax rates?
Bond proceeds may only be used to fund projects included in the 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 Project List. The Board has stated that bond proceeds will only be used for those purposes and that it has evaluated student safety, class size reduction, and educational and information technology needs of the District in establishing the 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. 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 District has stated that the proposed projects do not assume the receipt of state funds, which could be subject to appropriation by the Legislature or approval of a statewide bond measure. 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 $32.70 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.
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| Tax Rate Statement |
| To: The voters voting in the November 4, 2014 election on the question of the issuance of $197,000,000 General Obligation Bonds of the Conejo Valley Unified School District.
You are hereby notified in accordance with Section 9401 of the Elections Code of the State of California of the following: 1. The best estimate from official sources of the tax rate which would be required to be levied to fund principal and interest payments during the first fiscal year after the first sale of bonds (Fiscal Year 2019-2020), based on assessed valuations available at the time of the election and taking into account estimated future growth, is the following: $.032700 per $100 of assessed valuation, which equates to $32.70 per $100,000 and would result in no increase above the tax rate already levied for the District's existing bonds in fiscal year 2013-2014. 2. The best estimate from official sources of the tax rate which would be required to be levied to fund principal and interest payments during the first fiscal year after the last sale of bonds and an estimate of the year in which that rate will apply, based on assessed valuations available at the time of the election and taking into account estimated future growth, is as follows: $.032700 per $100 of assessed valuation, which equates to $32.70 per $100,000 and would result in no increase above the tax rate already levied for the District's existing bonds in fiscal year 2013-2014. First fiscal year after last sale of bonds: 2024-2025 3. The best estimate from official sources of the highest tax rate which would be required to be levied to fund principal and interest payments on the bonds and an estimate of the year in which that rate will apply, based on assessed valuations available at the time of the election and taking into account estimated future growth, is as follows: $.032700 per $100 of assessed valuation, which equates to $32.70 per $100,000 and would result in no increase above the tax rate already levied for the District's existing bonds in fiscal year 2013-2014. Year of highest tax rate: Tax is projected to be the same every year. The attention of all voters is directed to the fact that the foregoing information is based upon projections and estimates only. 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 date of sale and the amount of bonds sold at any given time will be determined by the District based on its 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 sale. Actual future assessed valuations will depend upon the amount and value of taxable property within the District as determined by the County Assessor in the annual assessment and the equalization process. Accordingly, the actual tax rates and the years in which such rates are applicable may vary from those presently estimated as above stated. Dated: June 25, 2014
Jeffrey L. Baarstad, Ph.D. |
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Created: July 23, 2015 14:59 PDT
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