Pass: 8,199 / 69.22% Yes votes ...... 3,646 / 30.78% No votes

See Also: Index of all Measures

No funds derived from bond sales may be used for general school operating expenses, including administrator and teacher salaries, or for any purpose or project other than those expressly stated in the measure. Measure N lists the school facility improvement projects within the School Facilities Improvement District intended to be financed by bond sales.

To assure that funds are spent only as specified in the measure, Measure N requires: 1) the appointment of a citizen's oversight committee and 2) completion of annual independent performance and financial audits.

If Measure N is passed, the actual dates of sale and the amount of bonds sold would be governed by the School Facilities Improvement District. The number of years that the whole or any part of such school district bonds are to run could not exceed 25 years for bonds issued pursuant to Section 15300 et seq. of the Education Code and 40 years for bonds issued pursuant to Section 53506 of the Government Code, as calculated from the date of the bonds or any series thereof. If Measure N is approved, the tax rates 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 interest rate allowed by law), as well as actual assessed valuation of taxable property in the District over the term of repayment. The tax levy authorized to secure the payment of the bonds issued pursuant to Measure N may not exceed the limit specified in Sections 15268 and 15270 of the Education Code.

The Sacramento Bee

• Bonds are talk of the town: Massive measures aim to help schools in Folsom Cordova - Tuesday, September 19, 2006

FolsomForum.com:

Discussion group of Folsom residents about November 7 General Election

Measure N will truly help all students in Rancho Cordova and Mather by giving them the resources necessary for first-class schools, enhanced classrooms and improving the learning inside. Your yes vote on Measure N will fund improvements such as updated classrooms, library renovations, modern science labs, technology enhancements, plumbing and air conditioning upgrades, and safety and appearance improvements to fields and grounds.

Every child deserves a good education in a clean, safe, and modern school. That's why so many parents, teachers, seniors, community groups and business leaders are asking you to join them and vote Yes on Measure N.

A Citizens' Oversight Committee composed entirely of members of our community will ensure that every dollar is spent wisely. This measure prohibits any funds being used for administrators' salaries or operating expenses, guaranteeing that all money will directly benefit the education of Rancho Cordova children.

We can all be proud of our students who have stepped up and improved their test scores. Now it is our turn to step up and give our kids the best possible learning environment to ensure that they will have the skills they need to succeed in the future. Let us continue our tradition of putting kids first by voting Yes on Measure N.

Thank you for supporting our kids and schools.

s/Robert McGarvey, Mayor of Rancho Cordova

s/Ed Short, Sacramento County Taxpayers League, Member

s/Susan Roberts, Cordova Community Council

s/Guy Anderson, Retired Cordova High Teacher and Coach

s/Richard Larkey, Rancho Cordova Business Owner

(No arguments against Measure N were submitted)

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 $0.05993 per $100 ($59.93 per $100,000) of assessed valuation in fiscal year 2007-08.

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 $0.05945 per $100 ($59.45 per $100,000) of assessed valuation in fiscal year 2015-16.

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 $0.06000 per $100 ($60.00 per $100,000) of assessed valuation in fiscal year 2039-40.

These estimates would result in an average annual tax rate over the life of the bonds of $0.05972 per $100 of assessed valuation. Based on this tax rate, the estimated average annual tax over the term of the bonds would be $59.72 for the $100,000 of assessed valuation in Improvement District No. 4.

Rancho Cordova School Repair Measure: For Rancho Cordova only, to improve the quality of education and insure students gain the skills needed to succeed, shall School Facilities Improvement District No. 4 of the Folsom Cordova Unified School District upgrade, construct, repair and equip classrooms, computer labs, science, vocational and support areas by issuing 125,000,000 in bonds at legal interest rates, conduct annual audits, and form a citizens oversight committee?"

PROJECTS

The Board of Education of the Folsom Cordova Unified School District evaluated the District's urgent and critical facility needs in Rancho Cordova based on recommendations from the Bond Oversight Committee, including safety issues, class size and computer technology in developing the scope of projects to be funded.

Improvements needed to keep pace with newer schools include, but are not limited to:

Safety and Security: Install exterior lighting, fencing, security equipment, and new windows.

Educational Improvements: Upgrade technology including computers, LCD projectors, and computer labs, upgrade science labs and specialty rooms, replace old portables, and update libraries and physical education areas.

Communications: Install parent communication and notification systems, upgrade phone systems and digital signage. Landscape and Building Systems: Renovate playfields, landscape and irrigation systems, repair asphalt and air conditioning/heating systems, replace unsightly railroad cars with storage buildings, and install energy efficient systems.

Student Health, Recreation, and After School Programs: Upgrade after school youth and the high school career centers, and replace old, unsafe playground and physical education equipment.

Furniture and Equipment: Replace old, broken desks and chairs, replace classroom and other equipment.

The Projects to be financed by the Improvement District include modernization of existing schools, the construction and repair of elementary, middle, and high school classrooms, and support facilities, the acquisition of various types of equipment and computer technology, and all architectural, engineering and related construction, planning and environmental expenses. Listed building, repair, and modernization projects and upgrades will be completed as prioritized by the Board of Education. Each project is assumed to include its share of furniture, equipment, architectural, engineering, and similar planning costs, construction management, and a customary contingency for unforeseen design and construction costs. The budget for each project is an estimate and may be affected by factors beyond the District's control. The final cost of each project will be determined as plans are finalized, construction bids are awarded, and projects are completed.

FISCAL ACCOUNTABILITY. The expenditure of bond money on these projects is subject to stringent financial accountability requirements. By law, performance and financial audits will be performed annually, and all bond expenditures will be monitored by an independent citizens oversight committee to ensure that funds are spent as promised and specified. The citizens oversight committee must include, among others, representation of a bona fide taxpayers association, a business organization and a senior citizens organization. No district employees or vendors are allowed to serve on the citizens oversight committee.

NO ADMINISTRATOR SALARIES. Proceeds from the sale of the bonds authorized by this proposition shall be used only for the acquisition, construction, reconstruction, modernization, or replacement of facilities, including the furnishing and equipping school facilities, and not for teacher and administrator salaries.