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Measure R Education Funding Oxnard School District School Bonds - 55% Approval Required
See Also:
Index of all Measures |
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League of Women Voters of California Education Fund
Pass:
19968 /
66.39% Yes votes ......
10110 /
33.61% No votes
| Results as of Dec 17 1:48pm, 100.0% of Precincts Reporting (56/56) |
| Information shown below: Impartial Analysis | Tax Rate Statement | | ||||
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To replace portable classrooms, relieve student overcrowding by building and equipping new classrooms and educational facilities and repairing and equipping existing classrooms and educational facilities throughout the District, shall Oxnard School District be authorized to issue up to Ninety Million Dollars $90,000,000.00 in bonds at the lowest possible legal interest rates so long as spending is annually reviewed by an independent citizens' oversight committee, annual audits are conducted and no money is used for employee salaries?
The measure would authorize the District to issue up to ninety million dollars ($90,000,000) in bonds, at an interest rate not exceeding the legal limit. Bond proceeds will be used to fund projects included in the Bond Project List, which is attached as Exhibit A-1 to the bond measure. The District's Board of Trustees ("Board") has certified that it has evaluated safety, class size reduction, enrollment growth and information technology needs of the District in developing the Bond Project List. Approval of the bond measure does not guarantee that any particular project will be funded. Bond proceeds may also be used for other incidental costs associated with equipment acquisitions, including costs of the election and bond issuance. As required by the California Constitution, the proceeds from the sale of the bonds will be used only for the construction, reconstruction, rehabilitation or replacement of school facilities, including the furnishing and equipping of school facilities, or the acquisition or lease of real property for school facilities, and not for any other purpose, including teacher and employee salaries and other school operating expenses. 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 property taxes currently levied on taxpayers in the District. The amount of the increased taxes each year would depend upon the amount needed to pay the principal and interest on the bonds. The District estimates that the highest tax rate necessary to fund this bond issue will be $30.00 per year for every $100,000 of assessed valuation. The actual tax rates may vary depending on the timing of sales, number of bonds sold at each sale, and increases in assessed valuations. The timing of the bond sales and the amount of bonds sold at any given time will be determined by the Board of the District. Performance and financial audits must be performed annually to ensure that bond proceeds are spent only as specified and an independent citizens' oversight committee will monitor expenditures and provide additional oversight. Bond proceeds will be deposited in a separate account. As long as any bond proceeds remain unexpended, annual reports will be filed with 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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Official Information
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Tax Rate Statement from Jeff Chancer, Superintendent, Oxnard School District |
| An election will be held in the Oxnard School District (the "District")
on November 6
th
, 2012, to authorize the sale of up to $90,000,000 in
bonds by the District to finance school facilities as described in the
proposition. If the bonds are approved, the District expects to sell
the bonds in four 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 $30.00 per $100,000 of assessed valuation in fiscal year 2013-14.
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 $30.00 per $100,000 of assessed valuation in fiscal year 2025-26.
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 30.00 per $100,000 of assessed valuation beginning in fiscal year 2013-14. Voters should note that the estimated tax rates are based on the ASSESSED VALUE of taxable property on the County'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 District's projections and estimates only, which are not binding upon the 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 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 dates of sale and the amount of bonds sold at any given time will be determined by the District based on the need for construction funds and other factors, including the legal limitations on bonds approved by a 55% vote. 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 County Assessor in the annual assessment and the equalization process. Dated: August 9, 2012 |
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Created: December 17, 2012 13:48 PST
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