Approval of Measure M ("Measure") would authorize the Board of Education ("Board") of the Mountain View School District ("District"), which placed the Measure on the ballot by Resolution 20-014, to issue general obligation bonds in a maximum principal amount of $56,000,000.
Proceeds from the sale of the bonds authorized by the Measure shall be used only for the purposes specified in the Measure, including construction, reconstruction, rehabilitation or replacement of school facilities, including, but not limited to, installing seismic reinforcements and replacing building materials, making Americans with Disabilities Act accessibility improvements, repairing or replacing heating, ventilation and air-conditioning systems, plumbing and sewers system, roofs and electrical systems, acquiring or installing infrastructure, hardware, wiring, security systems, communications systems, security cameras, lighting, fencing, and other instructional equipment for use in school facilities, constructing, repairing, replacing, expanding and/or renovating classrooms, restrooms, libraries, computer and science labs, playgrounds, gyms or other athletic facilities, parking areas and walkways. Bond proceeds may not be expended on teacher or administrator salaries or other operating expenses.
The Board shall authorize the District Facility Committee to make periodic public reports regarding progress of bond financed projects and expenditure of bond funds. The Board shall cause independent performance and financial audits to be conducted annually to ensure that bond proceeds are spent only for projects identified in the Measure. The District shall create an account into which proceeds of the bond shall be deposited and shall comply with the reporting requirements of Government Code section 53410.
Approval of the Measure does not guarantee that proposed projects described in the Measure will be funded beyond the local revenues generated by the Measure. District's proposal for certain projects may assume receipt of matching State funds that are subject to appropriation by the Legislature or approval of a statewide bond measure.
The bonds may be issued in series by the District over time. The bonds shall not exceed the maximum interest rate or maturity as allowed by law. According to the District's Tax Rate Statement, the best estimate of the average tax rate required to fund the bond issue, based on assessed valuations available at the time when the District filed the statement, is $41 per $100,000 of assessed valuation. The best estimate of the highest tax rate required to fund the bonds is $45 per $100,000 of assessed valuation. The final fiscal year the tax is estimated to be collected is 2053-2054. The estimated total debt service, including principal and interest, is $109,800,000.
This Measure requires a two-thirds (2/3) vote for passage.
