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Proposition K School Bonds San Marcos Unified School District 55% Approval Required
See Also:
Index of all Propositions |
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League of Women Voters of California Education Fund
Pass:
20,082 /
63.4% Yes votes ......
11,600 /
36.6% No votes
| Information shown below: Summary | Yes/No Meaning | Impartial Analysis | Arguments | Tax Rate Statement | | ||||||
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To maintain excellent local schools, repair aging, deteriorating classrooms/schools, attract quality teachers and offset State cuts by: removing asbestos, lead paint, repairing roofs, plumbing, wiring; preventing overcrowding; upgrading instructional technology, libraries, science labs; improving seismic, fire and student safety; and improving disabled access; shall San Marcos Unified School District issue $287 million in bonds, at legal interest rates, with citizens' oversight, mandatory audits, no money for District salaries, and all funds remaining local?
If this Bond measure is approved, the San Marcos Unified School District Governing Board will appoint a citizens' oversight committee and conduct annual independent audits to assure that bond funds are spent only on school and classroom improvements and for no other purposes.
Voter approval of this proposition also will authorize an annual tax to be levied upon the taxable property within the District. The purpose of this tax is to generate revenue to pay the principal and interest on the bonds, and such tax revenue will be an amount sufficient to pay the interest as it becomes due and to provide a fund for payment of the principal on or before maturity. Proceeds from the sale of bonds authorized by this proposition may be used by the District 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. The interest rate on any bond, which is established at the time of bond issuance, cannot exceed 12% per annum. The final maturity date of any bond could be no later than 25 years or 40 years after the date the bonds are issued as determined by the District. The tax authorized by this proposition is consistent with the requirements of the California Constitution. The California Constitution permits property taxes, above the standard one percent (1%) limitation, to be levied upon real property to pay the interest and redemption charges on any bonded indebtedness for the acquisition or improvement of real property, including the furnishing and equipping of school facilities, when approved by 55% of the voters if:
(1) the proceeds from the sale of the bonds are used only for the purposes If a bond proposition is approved, state law requires the District to establish an independent citizens' oversight committee. The District has made this ballot proposition subject to these requirements. Approval of this proposition does not guarantee that the proposed projects in the District that are the subject of these bonds will be funded beyond the local revenues generated by this proposition.
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News and Analysis San Diego U-T
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| Arguments For Proposition K | Arguments Against Proposition K | ||||||||||||||
| Join the San Diego County Taxpayers Association, civic leaders, parents, and thousands of concerned residents in support of Proposition K, to repair aging classrooms and labs and upgrade educational technology.
Our local schools need Proposition K! Modern Classrooms: Half of our students are in old, deteriorating or temporary classrooms that pose a risk to student health and safety. Prevent Overcrowding: District-wide student enrollment has grown consistently since 1995 and will continue to grow over the next decade. Classroom overcrowding is an ever-growing problem. Essential Technology: Over half our classrooms are too outdated to accommodate modern technology standards. Proposition K will repair and upgrade local schools, some over 40 years old, to meet 21st-Century educational and safety standards, while taking advantage of current, and historically low construction rates. High quality local schools improve local property values. Proposition K will help offset State budget cuts and ensure that local students learn in competitive classrooms by:
in the office of the Registrar of Voters. | A bond is a tax. This tax will cost the residents of San Marcos $287 million plus an estimated $951 million in interest payments on the bond. That is a total of over $1.2 billion in taxes to the homeowners of San Marcos.
The estimated interest to be paid over the next 40 years came from the District's official sources and documented in the "SAN MARCOS UNIFIED SCHOOL DISTRICT Preliminary General Obligation Bond Modeling & Tax Rate Analysis For Bond Authorization Estimates" dated June 21, 2010. The District states that "all funds will remain local". The estimated $951 million dollars in interest will not remain local. The interest payments will leave San Marcos and will never be available for any repairs, upgrades or technology improvements to our schools. The District's 2010-2011 adopted budget has revenues of over $123 million. The District has options. The District can delay improvements and set aside money to pay for these improvements on a "pay as you go" basis. The District can also scale back its wish list of improvements. Do the San Elijo schools and Mission Hills High School, that were just recently built, really have upgrade needs that justifies this huge tax increase? I ask each resident of San Marcos to consider if being taxed an estimated $1.2 billion is fiscally responsible when we can only keep less than 25 percent (or $287 million) of that money locally.
Why now?
Visit YesonKforKids.org to learn more.
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| Tax Rate Statement |
| As shown on the enclosed official ballot, an election is being held in the San Marcos Unified School District ("District") on November 2, 2010, 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 $287,000,000 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 proposition will authorize a tax sufficient for interest on, and redemption of, 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 $0.04028 per $100 ($40.28 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 $0.04399 per $100 ($43.99 per $100,000) of assessed valuation.
(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 $0.04400 per $100 ($44.00 per $100,000) of assessed valuation. It is estimated that the highest tax rate would apply in the 2019-2020 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 San Diego 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. Certain taxpayers may also be eligible to postpone the payment of taxes. 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 San Diego County Assessor in the annual assessment and the equalization process. Dated: July 12, 2010
Gary Hamels, Assistant Superintendent, Business Services |
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