Pass: 2530 / 78.33% Yes votes ...... 700 / 21.67% No votes

See Also: Index of all Measures

Impartial Analysis from County Counsel

Under this measure, the Ocean View School District ("District") is submitting a bond measure, described below, to the voters for approval. The measure will become effective only if fifty-five percent (55%) of the voters vote "Yes" on the measure.

The measure would reauthorize the District to issue $4,200,000 in bonds that were authorized by voter approval of Measure J6 (2006), at an interest rate not exceeding the legal rate (12%) with maturity dates not greater than 40 years from date of issuance. The District seeks reauthorization because, as a result of economic downturn and declines in the assessed valuations of property in the District, the District determined that it will be unable to issue unissued Measure J6 bonds in the immediate future.

Bond proceeds will be used to fund projects included in the Bond Project List set forth in the measure. Bond proceeds may be used to modernize, replace, renovate, construct, equip, rebuild, and furnish the facilities described in the Bond Project List. 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 Bond Project List.

Approval of the bond measure does not guarantee that any particular project will be funded beyond the local revenues generated by the bond measure. The District's proposal for the projects may assume the receipt of matching state funds, which could be subject to appropriation by the Legislature or approval of a statewide bond measure. Bond proceeds may also be used for other 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 to pay teacher or administrator salaries or for 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 initial tax rate that will be necessary to fund this bond issue will be $20.94 per year for every $100,000 of assessed valuation and that the average tax rate will be $15.36 for every $100,000 of assessed valuation. The tax rate in any given year may not exceed $30 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.

Ocean View School District