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Measure T Education Funding Hueneme Elementary 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:
8408 /
76.36% Yes votes ......
2603 /
23.64% No votes
| Results as of Dec 17 1:48pm, 100.0% of Precincts Reporting (19/19) |
| Information shown below: Impartial Analysis | Tax Rate Statement | | ||||
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To improve the quality of educational facilities; upgrade classroom fire, safety, and security systems; modernize/renovate outdated classrooms and restrooms; replace leaky roofs; upgrade old heating, ventilation, and air-conditioning systems; increase student access to computers and technology; and replace portable classrooms, shall Hueneme Elementary School District issue $19,600,000 of bonds at legal interest rates, with an independent citizens' oversight committee, and have NO money taken by the state or used for District employee salaries?
The measure would authorize the District to issue up to $19,600,000 in bonds at an annual interest not exceeding 12%. Bond proceeds must be used solely to fund projects included in the school facilities list set forth in Attachment "1" to the measure. The District's Board of Trustees ("Board") has certified that it has evaluated safety, class size reduction, and information technology needs of the District in developing the school facilities list. The Board must conduct annual, independent performance audits to ensure that bond proceeds have been expended only on the specific projects listed in school facilities list. Approval of the bond measure does not guarantee that any particular project will be funded or that projects will be completed in any particular order. The bond proceeds may be used to cover all project costs described in Attachment "1" to the measure, including costs of issuing the bonds, informational distribution costs, and election costs authorized under State law. Funding for the projects listed in Attachment "1" may come from the bond proceeds or other District resources as the need arises, as determined by the District. As required by the California Constitution, the proceeds from these bonds may 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 of taxes needed to pay the principal and interest on the bonds. The bonds will only be issued if the highest projected tax rate necessary to fund this bond issue will be no more than $30.00 per year for every $100,000 of assessed valuation. The actual tax rates may vary depending on the timing of sales, amount 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 District. An independent citizens' oversight committee shall be appointed and must review annual independent audits to assure that bond funds are spent only on school and classroom improvements and for no other purpose. District officials are also required to provide reports at least annually 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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Official Information
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| Tax Rate Statement from Christine McCloskey Assistant Superintendent, Business Services Hueneme Elementary School District |
| As shown on the enclosed official ballot, an election is being held in
the Hueneme Elementary School District ("District") on November 6,
2012, for the purpose of submitting to the registered voters within the
District the question of whether the District shall issue and sell bonds
in an amount not to exceed $19,600,000 for the purpose of providing
funds for the specified school facilities and school projects as set
forth in the resolution of the District calling such bond election. This
measure will authorize a tax sufficient for payment of principal and
interest on the bonds. The bonds shall bear interest at a rate, or
rates, to be established at such time as the bonds are sold, in one or
more series, at fixed or variable interest rates not to exceed the
maximum applicable statutory rate for such bonds. If such bonds
are authorized and sold, the principal thereof and the interest
thereon are a general obligation of the District, payable from the
proceeds of ad valorem taxes on taxable real property located within
the District.
The following information is submitted in compliance with California Elections Code Sections 9401 through 9404 based on estimates of assessed valuations available at the time of filing of this statement: (a) The best estimate from official sources of the tax rate that would be required to be levied to fund the bond issue during the first fiscal year after the first sale of the bonds based on estimated assessed valuations available at the time of filing of this statement or a projection based on experience within the same jurisdiction or other demonstrable factors is $0.025 per $100 ($25.00 per $100,000) of assessed valuation. (b) It is anticipated that the bonds will be sold in more than one series. The best estimate from official sources of the tax rate which would be required to be levied to fund such bond issues during the first fiscal year after the last sale of the bonds based on estimated assessed valuations available at the time of filing of this statement or a projection based on experience within the same jurisdiction or other demonstrable factors is $0.025 per $100 ($25.00 per $100,000) of assessed valuation. It is estimated that this tax rate would apply in the 2017-2018 tax year. (c) The best estimate from official sources of the highest tax rate which would be required to be levied to fund the bond issues during the term of the bond issues, based on estimated assessed valuations available at the time of filing of this statement or a projection based on experience within the same jurisdiction or other demonstrable factors, is $0.025 per $100 ($25.00 per $100,000) of assessed valuation. It is estimated that the highest tax rate would apply in the 2013-2014 tax year based on assessed valuations available at the time of this filing or a projection based on experience within the same jurisdiction or other demonstrable factors. Voters should note that these estimated tax rates are based on the assessed value of taxable property within the District as shown on the official rolls of Ventura 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 rate than described above. Actual future assessed valuation will depend upon the amount and value of taxable property within the District as determined by the Ventura County Assessor in the annual assessment and the equalization process. Property owners should consult their own property tax bills and/or tax advisors to determine their property's assessed value and any applicable tax exemptions. Attention of all voters is directed to the fact that these estimates are based on assumptions and projections derived from information obtained from official sources. The actual tax rates and the years in which they will apply may vary depending on the timing of any bond sales, the amount of bonds sold, market interest rates at the time of each sale of bonds and actual assessed valuations over the term of repayment of the bonds. The timing of the bond sales and the amount of bonds sold at any given time will be governed by the needs of the District, 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 such sale. Actual future assessed valuation will depend upon the amount and value of taxable property within the District as determined by the Ventura County Assessor in the annual assessment and the equalization process. Dated: June 25, 2012 |
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Created: December 17, 2012 13:48 PST
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