ANALYSIS BY THE COUNTY COUNSEL FOR THE COUNTY OF ALAMEDA OF A
PLEASANTON UNIFIED SCHOOL DISTRICT BOND MEASURE
Measure M (“Measure”), a Pleasanton Unified School District (“District”) bond measure, seeks voter approval to authorize the District to issue and sell bonds of up to $323,000,000 in aggregate principal amount at interest rates not to exceed the legal limits.
Pursuant to provisions of the California Constitution and the California Education Code, if 55% of those who vote on the Measure vote “yes,” the District will be authorized to issue bonds in the amount noted above. Approval of this Measure will authorize a levy on the assessed value of taxable property within the District by an amount needed to pay the principal and interest on these bonds in each year that the bonds are outstanding.
If approved, the District’s best estimates of the property tax rates required to be levied to fund the bond issue are as follows: the average annual tax rate estimate is 4.31 cents per $100 ($43.10 per $100,000) of assessed valuation. The highest tax rate estimate is also 4.31 cents per $100 ($43.10 per $100,000) of assessed valuation. The final fiscal year anticipated to collect the tax is 2051/52, and the total debt service estimate to repay all of the bonds (including principal and interest) is $661,000,000.
California Education Code Section 15100 restricts the use of the proceeds from the bondsale to items such as building school buildings, improving school grounds,supplying school buildings and grounds with equipment, and the acquisition of real property for school facilities. In addition, proceeds may only be used for the projects listed in the Measure and not for any other purpose, such as teacher and administrator salaries.
This Measure, printed in full in this sample ballot, provides that its proceeds may fund projects at all school facility sites. Those projects include, but are not limited to, modernizing, upgrading, renovating, rehabilitating, re-configuring,or expanding classrooms, restrooms, common areas, play areas, and gymnasiums.
Certain accountability measures apply, such as establishing an account to deposit the proceeds from the sale of the bonds. To ensure that the proceeds are spent only for the projects listed in the Measure, it provides for an Independent Citizens’ Oversight Committee, an annual independent performance audit, and an annual independent financial audit. Finally, the District’s Chief Fiscal Officer shall file a report no later than January 1 of each year stating the amount of the bond proceeds received and expended and the status of any project funded from the proceeds.
This Measure is placed on the ballot by the governing board of the District.
DONNA R. ZIEGLER
County Counsel
The above statement is an impartial analysis of Measure M, which is printed in full in this sample ballot pamphlet. If you desire an additional copy of the Measure, please call the Elections Official's office at (510) 272-6933 and a copy will be mailed at no cost to you. You may also access the full text of the Measure on the Alameda County website at the following address: www.acvote.org.
