Measure E, if approved by the voters, would allow the Los Rios Community College District (“District”) to incur bonded indebtedness up to a maximum amount of $650,000,000. The proceeds from the issuance and sale of such general obligation bonds could only be used 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.
No funds derived from bond sales may be used for general school operating expenses, including administrator and teacher salaries, or for any purpose or project other than those expressly stated in the measure. Measure E lists the school facility improvement projects within the District intended to be financed by bond sales.
To assure that funds are spent only as specified in the measure, Measure E requires: 1) the appointment of a citizen’s oversight committee and 2) completion of annual independent performance and financial audits. If Measure E is passed, the actual dates of sale and the amount of bonds sold would be governed by the District based on the need for construction funds and other factors.
If Measure E is approved, the tax rates necessary for payment of principal and interest on any bonds sold will be largely dictated by the timing of the bond sales, the amount sold at a given sale, market interest rates at the time of each sale (although in no event greater than the maximum bond interest rate allowed by law), as well as actual assessed valuation of taxable property in the District over the term of repayment.
Passage of Measure E requires approval by 55% of the voters voting thereon.
A “YES” vote on Measure E means you wish to allow the District to incur bonded indebtedness.
A “NO” vote on Measure E means you do not wish to allow the District to incur bonded indebtedness.