Measure E:Stockton Unified School Bonds
In order to repair, equip, acquire and construct classrooms, school facilities, playgrounds and athletic fields; replace portables with permanent classrooms; and reduce overall borrowing costs, shall $156,000,000 of Stockton Unified School District bonds, approved by voters in February 2008, be reauthorized through issuance of new bonds, with no increase in total authorized District debt, interest rates below legal limits, independent citizen oversight, no money for administrator salaries, and all funds spent locally and not taken by the State?
In February 2008, Stockton Unified School District voters overwhelmingly passed a general obligation bond to improve our children's schools. Since that time, tremendous improvements have been made in repairing and rehabilitating our children's schools and classrooms. But much remains to be done.
Measure E will reauthorize $156 million of the previously approved 2008 bonds. By voting YES on Measure E, we can continue to improve our local elementary schools and high schools while at the same time saving millions of taxpayer dollars.
Measure E will let Stockton USD continue the job of improving our children's schools by modernizing and updating existing elementary schools and high schools; upgrading, improving and constructing athletic fields, playfields, and playgrounds; constructing additional classrooms; and upgrading and modernizing aging classrooms.
Additionally, Measure E will allow Stockton USD to continue to upgrade and repair restrooms and plumbing throughout the District, replace temporary portable classrooms, and construct and renovate school facilities throughout the District.
Measure E makes financial sense and has taxpayer protections in place. By reauthorizing the 2008 bonds, the District can borrow at much lower interest rates, saving taxpayers millions of dollars in interest and the reauthorized bonds will not cause any increase in total District debt.
Funds can only be spent on improving Stockton's schools and facilities and cannot be spent on administrator salaries, pensions, or benefits. Additionally, all expenditures must be reviewed by an independent citizens' oversight committee and annually audited. All funds must be used to improve our children's schools and cannot be taken away by the state and spent elsewhere.
Measure E will improve our children's schools. It will help protect our community, improve housing values, save taxpayers millions of dollars in interest and stimulate our local economy. Plese join us by voting YES on Measure E!
Submitted by: /s/ Frank L. Ruhstaller, Supervisor, District 2, San Joaquin County Board of Supervisors; Diane Vigil, Board Member, Greater Stockton Chamber of Commerce; Jose R. Rodriguez, President/CEO, El Concilio; Edward I. Leland, Chairperson, Measure C/Measure Q Citiznes Oversight Committee; Gloria Nomura, Former Vice Mayor, City of Stockton
No arguments against Measure E were submitted.
In 2008, voters aproved Measure Q, which authorized the Stockton Unified School District (the "District") to incur bonded indebtedness up to four hundred sixty-four million five hundred thousand dollars and no cents ($464,500,000.00). Presently, the District is unable to issue any additional series of bonds under its remaining Measure Q authority of approximately three hundred twelve million dollars and no cents ($312,000,000.00) due to an inability to make the tax rate projections required under California Education Code Section 15264 et. seq. Approval of Measure E would allow the District to reauthorize bonded indebtedness up to a maximum amount of one hundred fifty-six million dollars and no cents ($156,000,000.00). The issuance and sale of such reauthorized general obligation bonds, which does not exceed the original authorized amount of the Measure Q bonds, would be for completing the District projects which Measure Q authorized, including replacement, renovation and/or improvement of facilities, classrooms, athletic fields, playgrounds and equipment throughout the District. Bond proceeds could also be used to qualify for State of California matching funds.
No funds derived from bond sales could be used for District administrators' salaries or for any purpose or project other than those expressly stated in the measure.
To assure that funds derived from bond sales authorized by Measure E are spent only for the purposes expressly stated in Measure E, and for no other purposes, Measure E would require the District to: (1) appoint an independent citizens' oversight committee; and (2) conduct annual independent performance and financial audits.
If Measure E is approved, and bonds are authorized and sold, the principal thereof and interest thereon shall be payable from the proceeds of tax levies made upon the taxable property in the District. If Measure E is approved, the tax rate 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 tine of each sale (although in no event greater than the maximum bond net interest rate allowed by law), as well as actual assessed valuation of taxable property in the District over the term of repayment. A statement of the tax rate data required by Elections Code Section 9401 will be provided to all registered voters with the sample ballot for the bond election.
Approval of Measure E does not guarantee that the projects proposed by the District to be funded from the proceeds of bonds authorized and sold will be funded beyond the local revenues generated by the bond sales authorized by Measure E. The District's proposal for such projects assumes the receipt of matching State of California funds that could be subject to appropriation by the State Legislature or to approval by a statewide bond measure.
Passage of Measure E reqires approval by fifty-five percent (55%) of voters voting thereon.
DAVID WOOTEN San Joaquin County Counsel
tax rate statement
An election will be held in the Stockton Unified School District (the "District") on November 6, 2012, to authorize the sale of up to $156,000,000.00 in bonds of the District to continue improving the quality of education in local schools. Specifically, bond proceeds shall be utilized for the purposes of increasing student computer/technology access; expanding vocational education facilities; and acquiring, construction and modernizing classrooms and school facilities throughout the District.
If bonds are authorized and sold, debt service thereon will be payable from the proceeds of tax levies made upon the taxable property in the District. The following information is provided in compliance with Sections 9400-9404 of the Election Code of the State of California.
1. The best estimate of the tax which would be required to be levied to fund this bond issue during the first fiscal year after the sale of the first series of bonbds, based on estimated assessed valuations available at the time of filing of this statement, is 6-cents per $100 ($60.00 per $100,000) of assessed valuation in fiscal year 2013-2014.
2. The best estimate of the tax which would be required to be levied to fund this bond issue during the first fiscal year after sale of the last series of bonds, based on estimated assessed valuations available at the time of filing of this statementm, is 6-cents per $100 ($60.00 per $100,000) of assessed valuation in fiscal year 2019-2020.
3. The best estimate of the highest tax rate which would be required to be levied to fund this bond issue, based on estimated assessed valuations available at the time of filing of this statement, is 6-cents per $100 ($60.00 per $100,000) of assessed valuation in fiscal year 2013-2014.
4. The best estimate of the average tax rate which would be required to be levied to fund this bond issue during the life of the bonds, based on estimated assessed valuations available at the time of filing of this statement, is 6-cents per $100 ($60.00 per $100,000) of assessed valuation.
Voters should note that the estimated tax rates are based on the ASSESSED VALUE of taxable property on the County's official tax rolls, NOT on the property's market value. Property owners should consult their own property tax bills to determine their peoperty's assessed value and any applicable tax exemptions.
Attention of all voters is directed to the fact that the foregoing information is based upon the District's projections and estimates only, which are not binding upon the District. The actual tax rates and the years in which they will apply may vary from those presently estimated, due to variations from these estimates in the timing of bond sales, the amount of bonds sold and market interest rates at the time of each sale, and actual assessed valuations over the term of repayment of the bonds. The dates of sale and the amoung of bonds sold at any given time will be determined by the District based on the need for construction funds and other factors, 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 sale. Actual future assessed valuation will depend upon the amount and value of taxable property within the District as determined by the Countty Assessor in the annual assessment and the equalization process.
Dated: July 10, 2012
Dr. Steven Lowder, Superintendent, Stockton Unified School District
|2||Tumer Construction Company||$15,000|
|3||Roebbelen Contracting, Inc.||$15,000|
|5||Kronick, Moskovitz, Tiedemann, & Girard Attorneys at Law||$11,250|
No reports filed.
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