This measure was placed on the ballot by the Board of Trustees of the Allan Hancock Joint Community College District, which is the governing board of the District.
If approved by 55% of the voters voting on the proposition, this measure would authorize the District to issue and sell bonds of up to $75,000,000 in aggregate principal amount, at legal rates, to provide financing for the specific college facilities projects listed in the District’s Project List. The Project List, as well as the full text of the measure, are printed in the voter information guide. None of the proceeds from the sale of bonds may be used for teacher or administrator salaries or operating expenses.
The bonds and interest thereon would be payable from property taxes levied on taxable property in the District. These taxes would be in addition to the property taxes currently levied on taxpayers in the District; however, the measure, if approved, provides for cancellation of the District’s remaining Measure I2006 bond authorization. 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’s estimate of the final fiscal year in which the tax is anticipated to be collected is 2049-2050.
The bond measure includes the following accountability requirements:
A. A requirement that the proceeds from the bond sale be used only for the above purposes and not for any other purpose, including teacher and administrator salaries, and other college operating expenses.
B. A list of the specific college facilities projects to be funded and certification that the college district board has evaluated safety, class size reduction and information technology needs in developing that list.
C. A requirement that the college district board conduct an annual, independent performance audit to ensure that the funds have been spent only on the specific college facilities projects listed in the Project List.
D. A requirement that the college district board conduct an annual, independent financial audit of the proceeds from the sale of the bonds until all of such proceeds have been spent for the college facilities projects listed in the Project List.
E. If the measure is approved, the District Board of Trustees will also establish an independent citizens’ oversight committee to ensure bond proceeds are used only to fund the specific projects listed in the Project List, as printed in the voter information guide.
/s/ Michael C. Ghizzoni County Counsel July 26, 2018