Approval of Measure S ("Measure") would authorize the Board of Education ("Board") of the San Marino Unified School District ("District"), which placed the Measure on the ballot by Resolution No. 12, to issue general obligation bonds in a maximum principal amount of $200,000,000.
Proceeds from the sale of bonds authorized by the Measure shall be used only for the purposes specified in the Measure, including, but not limited to, repairing and replacing existing buildings, portable classrooms, shelters, parking areas, facilities and building systems and equipment; adding classrooms, including those that support science, engineering, and learning technology centers; and repairing, building and constructing athletic, visual performing arts, an aquatics complex, and pool facilities; and making exterior and interior improvements for power conservation, roofing, earthquakes, fires, security and alarm features; providing information, technology systems, and equipment for cable infrastructure, network expansion, wireless access points, and communication administrative systems. Bond proceeds may not be expended on teacher or administrator salaries or other operating expenses.
The Board shall establish an independent Citizens' Oversight Committee and cause independent performance and financial audits to be conducted annually to ensure bond proceeds are expended as specified in the Measure. An annual report shall be filed regarding status of projects and funds collected and expended. The Board shall deposit bond proceeds into a Building Fund held by the Los Angeles County Treasurer and Tax Collector.
Approval of the Measure does not guarantee proposed projects described will be funded beyond the local revenues generated by the Measure. The District's project proposals may assume receipt of matching State funds which may be subject to appropriation by the Legislature or approval of a statewide bond measure.
Bonds may be issued pursuant to the California Constitution, Education Code, Government Code and other laws. The bonds may be issued in series by the District over time. The interest rate and maturity date on any bond shall not exceed the maximum allowed by law. According to the District's Tax Rate Statement, the best estimate of the average annual tax rate required to fund the bonds, based on assessed valuations available when the District filed the statement, is $0.06 per $100 of assessed valuation. The best estimate of the highest tax rate required to fund the bonds is $0.06 per $100 of assessed valuation in each year the tax is anticipated to be collected. The final fiscal year the tax is estimated to be collected is 2057-58. The estimated total debt service required to be repaid if all bonds are issued and sold is $413.6 million, including principal and interest. Estimated tax rates are based on the assessed value of the property in the District.
This Measure requires a fifty-five percent (55%) vote for passage.
