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Commentary Question Analysis Argument in Favor Rebuttal in Favor Argument Against Rebuttal Against Full Text Tax Rate Resolution
Are you sure you want vote to support this extravagant measure? It has no accountability.
This campaign was designed by the Board. We figured out just the right words to get you to you to open up your checkbook.
We'd also like to introduce you to our partners -- bond lawyers, brokers, wealthy investors, architects, management firms, construction companies, and trade unions. We all stand to make a ton of money on these bonds. Our profits come right off the top, before a penny is actually spent on improving the facilities.
We're not just doing it for the money. We like to show off our work in Architectural Digest and other places where the rich and famous congregate.
Remember, we've taken a lot of risk. We gave money to get your governing board members elected, so they'd be sure to remember us when we came around for a hand-out later.
It's just business-as-usual, here in sunny Corruptifornia.
Please don't read the fine print. That's just put in by the lawyers to make what we're going to do to for you legal.
Commentary Question Analysis Argument in Favor Rebuttal in Favor Argument Against Rebuttal Against Full Text Tax Rate Resolution
MEASURE C
PROPOSAL TO ISSUE AND SELL BONDS FOR THE
PLACER UNION HIGH SCHOOL DISTRICT
To improve Colfax, Del Oro, Foresthill, Placer, Chana and Maidu high schools, and Placer Adult School by renovating/constructing classrooms/educational facilities including Career Technical Education and Science, Technology, Engineering, Arts, Math (STEAM); and upgrading/replacing emergency systems, technology infrastructure, electrical, plumbing, HVAC, and roofing; shall Placer Union High School District issue $135 million of bonds with interest rates below legal limits, no funds for teacher/administrator salaries, and citizen oversight guaranteeing funds spent only on our local schools?
BONDS -- YES ____ BONDS -- NO ____
Commentary Question Analysis Argument in Favor Rebuttal in Favor Argument Against Rebuttal Against Full Text Tax Rate Resolution
IMPARTIAL ANALYSIS BY PLACER COUNTY COUNSEL
This measure, if approved by fifty-five percent of the voters voting thereon, would authorize the sale of general obligation bonds by the Placer Union High School District (the "District") in the amount of up to $135,000,000 (one hundred thirty-five million dollars) in aggregate principal amount. The proceeds of the bonds would be used for the purposes described in the text of Measure C, which follows this analysis. Principal and interest on the bonds would be paid from a tax placed on the taxable property within the District. The District's estimate of the highest tax rate that would be required to fund this bond issue also follows this analysis.
A general obligation bond is a form of borrowing used to fund school facilities. By law, local general obligation bonds, financed through an increase in local property taxes, can be used for renovating, reconstructing, and building new facilities and for acquiring certain new equipment. To authorize such bond issuance, school districts can seek either two-thirds or 55% voter approval. If districts seek the 55% approval, as has been done by the District, they must meet additional accountability requirements.
In order to meet these additional accountability requirements, the District Board of Trustees has committed to the following:
The District has confirmed that the proposed bonds would bear interest at a rate not exceeding the statutory limit per annum and the maturity of the bonds will not exceed the statutory maximum.
A "YES" vote on this Measure would authorize the District to borrow money through the sale of bonds in an amount not exceeding $135,000,000, such bonds to be repaid by revenue derived from an annual tax levied upon the taxable property within the District.
A "NO" vote on this Measure is a vote against authorizing the sale of bonds by the District.
This analysis is submitted by the Office of the County Counsel of Placer County pursuant to the requirements of Section 9500 of the Elections Code of the State of California.
Gerald O. Carden, County Counsel
By: Brian R. Wirtz, Deputy County Counsel
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ARGUMENT IN FAVOR OF MEASURE C
Schools are the heart of our communities while our communities are the life-blood of our schools. This reciprocal arrangement has been nurtured for years. Your neighborhood high school is a safe, inviting hub for families to learn, play and celebrate. However, after an inclusive community feedback process, it has become clear our students' classrooms do not reflect the changing world of a 21st Century education.
Significant innovations in instruction, technology and programs have been made, but our students need facilities that support their career and college goals. We need to provide our students modern, safe learning spaces to encourage collaboration, critical expression and discovery that mimic today's workplaces. Classrooms must be renovated or replaced and the infrastructure improved to modern standards especially in Career Technical Education (CTE) and Science, Technology, Engineering, Art and Mathmatics (STEAM) instruction.
The Placer Union High School District is committed to the development of young people who will participate as informed, engaged global citizens. Clearly our schools cannot do this alone; healthy communities have healthy schools.
Generations of families, as well as new residents drawn by community pride, support and care deeply for their local high school. Past generations provided the best for the children of yesterday, and we must fully prepare our students for the challenges and opportunities of today and tomorrow.
Vote YES on Measure C to address the critical needs of all our high school campuses: Placer, Del Oro, Colfax, Foresthill, Chana, Maidu and the Placer School for Adults.
Randy B. Tooker, CEO, Boys & Girls Club of Placer County
James W. Holmes, Placer County Supervisor
Bart O'Brien, Retired Superintendent
Edward N. Bonner, Placer County Sheriff
Carolyn Metzker, Realtor
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REBUTTAL TO THE ARGUMENT IN FAVOR OF MEASURE C
The proponents do not even mention that Measure C is a MASSIVE PROPERTY TAX INCREASE. If they cannot be straightforward and honest about that, why would you trust them to spend another $135,000,000.00 of taxpayers' money? With interest and other costs, this bond might cost more than twice that amount.
TAXPAYERS ARE ALREADY SPENDING OVER $10,000.00 FOR EVERY STUDENT IN OUR SCHOOL DISTRICT EVERY YEAR. We are currently spending well over $300,000.00 for each classroom of thirty kids, every single year! $300,000.00 per classroom is enough to hire the best teachers, obtain the best facilities, and purchase even the most extravagant educational technology, such as new laptops for every student every year, with Internet access. Clearly, more money will not solve this district's real problems.
Measure C is shockingly irresponsible. It would authorize the district to borrow well over $32,000.00 for every current student. Interest costs and bond expenses could double that amount. This is in addition to over $10,000.00 per student that taxpayers are already spending each year. ENOUGH IS ENOUGH!
Instead of tax increases, we need financially-responsible administrators who can live within their generous budgets. Our district needs leaders who respect our community and realize that we have neighbors on fixed incomes who cannot afford such a giant tax increase. Our district needs real reform, not long-term debt that today's schoolchildren will still be paying off long after their own children have graduated!
VOTE NO on Measure C. We cannot afford this bond!
Tom Hudson, Executive Director and Treasurer of the California Taxpayer Protection Committee
Jean Pagnone, Treasurer of the Placer County Taxpayers Association
Ed Rowen, President of the Placer County Republican Assembly
Debra Jackson, Chairman, Placer Tea Party
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ARGUMENT AGAINST MEASURE C
Measure C is a MASSIVE PROPERTY TAX INCREASE that our district cannot afford. This would be the largest tax increase in the district's history and it comes at a time when tax revenues are already breaking previous records. The LAST thing we need is higher taxes and more debt!
(Proposition 13 does not protect us from this voter-approved tax increase.)
We need to reform this district from top to bottom before we give the bureaucrats more of our hard-earned money to squander.
It is immoral and reckless to leave our children and grandchildren burdened with irresponsible debt for on-going maintenance projects and technology improvements that should have been funded with current revenues. Instead of using the district's unanticipated revenue increases to pay for improvements -- or to pay off the debt from the previous bond -- they are asking us to borrow even more money. Today's schoolchildren will still be paying for this bond long after their own children have graduated!
Our district does not even have the "bonding capacity" to borrow the $135,000,000.00 that this measure would authorize. This means that they cannot borrow what Measure C would allow because they cannot afford to pay it all back. The district says that they will borrow only a portion of the money now, then borrow the rest many years from now when new developments are built and their "bonding capacity" improves.
THIS CRAZY SCHEME SHOULD BE ILLEGAL. Today's voters should never be asked to approve bonds that cannot be issued until 2024 or 2030 or whenever the district's "bonding capacity" allows such massive borrowing.
Remember that this bond creates a tax increase. Once issued, bonds can never be cancelled. Bonds can only be repaid with interest.
VOTE NO on Measure C. We cannot afford this bond!
Tom Hudson, Executive Director and Treasurer of the California Taxpayer Protection Committee
Jean Pagnone, Treasurer of the Placer County Taxpayers Association
Ed Rowen, President of the Placer County Republican Assembly
Debra Jackson, Chairman, Placer Tea Party
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REBUTTAL TO THE ARGUMENT AGAINST MEASURE C
The argument filed against Measure C was written and signed by people who are NOT residents NOR registered voters in our district. Consistently, the Placer Union High School District has shown fiscal responsibility and maintained quality programs.
These are the facts about the Placer Union High School District's Measure C.
Measure C WILL:
Measure C WILL NOT:
Our children, the leaders of tomorrow, need our support and investment to upgrade and improve their educational opportunities. We have the responsibility to fully prepare our children for the future challenges that lay before them.
These are OUR LOCAL SCHOOLS. The benefits of quality public schools go beyond just education. Effective schools help protect housing values, create a healthy local economy, lead to safe neighborhoods and are a resource we must protect.
Vote YES on Measure C!
Mike Holmes, Former Mayor of Auburn/Placer High School Graduate
Kathleen Shaffer, American Association of University Women (AAUW) President-Elect
David Johnson, Past President, Auburn Chamber of Commerce
Grace Kamphefner, Community Philanthropist
Brandee Ambrosia, Independent College-Consultant-College-Bound
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FULL TEXT OF MEASURE C SUBMITTED BY THE DISTRICT
Upon the passage of Measure C, the Placer Union High School District (the "District") shall be authorized to issue bonds in the aggregate amount of $135,000,000, bearing interest at rates not exceeding the statutory limit, for the purpose of funding the school facilities projects listed below under the heading "School Facilities Projects to Be Funded with Proceeds of Bonds" (the "Bond Project List").
Background
The Board of Trustees (the "Board") and administration recognize the need to modernize facilities so Placer Union High School District schools can meet the demands of current and future students. As a result, the District initiated a long-term planning process and commissioned a report detailing all facilities needs. Said report is available for review at the District office and incorporated into the Bond Project list by this reference.
Proposition 39 Bond Accountability Measures
At its January 26, 2016 meeting, the Board certified that it evaluated safety, class size reduction, and information technology needs in developing the Bond Project List set forth below. The proceeds of the Bonds shall be used only for the projects identified in the Bond Project List
CriticalNotice how the board has altered the statement required by 15272 to allow anything it wants. 15272 says: "the board will appoint a citizens' oversight committee and conduct annual independent audits to assure that funds are spent only on school and classroom improvements and for no other purposes.", and not for any other purpose (i.e., teacher and administrative salaries and other school operating expenses).
The District will deposit the proceeds of the bonds in a separate account. The Board is bound to conduct financial and performance audits annually to account for the bond funds and to assure that funds have only been expended on the specific projects authorized. The District shall prepare and deliver an annual report to the Board containing the amount of funds collected and expended as well as the status of school facilities projects authorized to be funded by proceeds of the Bonds.
The Board will appoint a citizen's oversight committee (the "Committee") having a minimum of seven members and including at least one member active in a business organization representing the business community located within the District, one member active in a senior citizens' organization, one member active in a bona fide taxpayers' organization, one member who is the parent or guardian of a child enrolled in the District, and one member who is both a parent or guardian of a child enrolled in the District and active in a parent-teacher organization
School Facilities Projects to Be Funded with Proceeds of Bonds
To improve the overall educational experience for students in the District, Bond proceeds will be expended to modernize, replace, renovate, construct, acquire, equip, furnish and otherwise improve the existing facilities of the District and supply interim student housing due to construction if necessary. Such projects shall include, but shall not be limited to:
Colfax High School Built in 1959
Del Oro High School Built in 1959
Placer High School Built in 1906
Foresthill High School Built in 2004
Chana & Maidu High Schools and Placer School for Adults
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TAX RATE STATEMENT PREPARED BY THE DISTRICT
An election will be held in the Placer Union High School District (the "District") on June 7, 2016, to authorize the sale of up to $135,000,000 in bonds of the District to modernize and improve schools within the District. Specifically, bond proceeds shall be utilized for the purposes of financing 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.
If the 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 Elections Code of the State of California. It is anticipated that the District will sell the bonds in four (4) separate series.
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 property'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, the years in which they will apply, and the total debt service may vary 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 amount 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 County Assessor in the annual assessment and the equalization process.
Dated: 1/26, 2016
George S. Sziraki, Jr., Ed.D., Superintendent
Placer Union High School District
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1415882.2 10612-004 A-1
BEFORE THE BOARD OF TRUSTEES
OF THE PLACER UNION HIGH SCHOOL DISTRICT
PLACER COUNTY, CALIFORNIA
Resolution No. 13:15-16
In the Matter of: RESOLUTION OF THE BOARD OF TRUSTEES OF THE PLACER UNION HIGH SCHOOL DISTRICT ORDERING A SCHOOL BOND ELECTION, ESTABLISHING SPECIFICATIONS OF THE ELECTION ORDER AND REQUESTING CONSOLIDATION WITH OTHER ELECTIONS
WHEREAS, the Placer Union High School District (the "District") Board of Trustees (the "Board") is authorized to order elections within the District and to designate the specifications thereof, pursuant to Education Code sections 5304 and 5322;
WHEREAS, the Board is further authorized to order elections, pursuant to Education Code sections 15264 et seq., for the purpose of submitting to the electors the question of whether District bonds ("Bonds") shall be issued and sold for specified purposes;
WHEREAS, the Board deems it necessary and advisable to submit a bond measure to the electors that, if approved by the requisite number of electors voting on the measure, would permit the District to issue the Bonds; and
WHEREAS, it is desirable that the election to determine whether the Bonds shall be issued and sold be consolidated with such other election or elections as may be held on the same day in the same territory or in territory that is in part the same;
NOW, THEREFORE, the Board does hereby resolve, determine, and order as follows:
Section 1. Election Order; Ballot Measure. Pursuant to Education Code sections 5304, 5322 and 15264 et seq. and Article XVI, Section 18(b), of the California Constitution, an election shall be held within the boundaries of the District on June 7, 2016, submitting to the voters of the District the question of whether Bonds of the District in the amount of $135,000,000 shall be issued and sold for the purposes of modernizing and improving District schools. Specifically, Bond proceeds shall be utilized for the purposes of financing 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, all as identified in the full text of the ballot measure, set forth in Exhibit A attached hereto and incorporated herein by reference, under the heading "School Facilities Projects to Be Funded with Proceeds of Bonds" (the "Financed Facilities"). The Bonds proposed to be issued and sold shall bear interest at a rate not exceeding the statutory limit, and the number of years any Bonds are to run shall not exceed twenty-five (25) years from the date of the Bonds or the date of 1415882.2 10612-004 A-2 any series thereof in the event the Bonds are issued pursuant to the Education Code and shall not exceed forty (40) years from the date of the Bonds or the date of any series thereof in the event the Bonds are issued pursuant to Government Code sections 53506 et seq.
Section 2. Use of Bond Proceeds; Facilities Specifications; Audit Requirements.
Section 3. Government Code Accountability Requirements. Pursuant to Government Code sections 53410 and 53411, the District hereby finds or directs that:
Section 4. Vote Required. Pursuant to Section 18(b) of Article XVI and Section 1 of Article XIII A of the California Constitution, the bond measure shall become effective only upon the affirmative vote of fifty-five percent (55%) of those voters voting on the measure.
1415882.2 10612-004 A-3Section 5. County Registrar of Voters to Conduct Election. Pursuant to Education Code section 5303, the Placer County (the "County") Registrar of Voters is hereby requested to take all steps to prepare for and hold the election within the boundaries of the District in accordance with law and these specifications.
Section 6. Consolidation with Other Elections. Pursuant to Sections 5342, 15121, and 15266 of the Education Code and Part 3 (commencing with Section 10400) of Division 10 of the Elections Code, the County Board of Supervisors is requested to order consolidation by the County Registrar of Voters of the school bond election with the other elections to be held on the same day in the same territory or in territory that is in part the same. Pursuant to Section 10403 of the Elections Code, the Board hereby acknowledges that the consolidated election will be held and conducted in the manner prescribed by Section 10418 of the Elections Code.
Section 7. Canvass of Returns. The County Board of Supervisors is authorized to canvass the returns of the election pursuant to Section 10411 of the Elections Code.
Section 8. Services of Registrar of Voters. Pursuant to Section 5303 of the Education Code and Section 10002 of the Elections Code, the County Board of Supervisors is requested to permit the County Registrar of Voters to render all services incident to the preparation for and holding of the election, for which services the District agrees to reimburse the County with such services to include the publication of a notice of school bond election, and the mailing of the sample ballot and tax rate statement (described in Section 9401 of the Elections Code) pursuant to the terms of Section 5363 of the Education Code and the Elections Code.
Section 9. Abbreviated Statement of the Bond Measure. The abbreviated statement of the bond measure is included in Exhibit A under the heading "Abbreviated Ballot Measure." The District hereby requests the County Registrar of Voters to publish the abbreviated statement of the bond measure, as appropriate, and to designate the measure on the ballot by a letter printed on the left margin of the square containing the abbreviated statement of the measure as provided in Section 13116 of the Elections Code.
Section 10. Full Text of the Measure. The District hereby requests the Registrar of Voters to publish the full text of the measure set forth in Exhibit A in the ballot pamphlet materials as appropriate.
Section 11. Specifications of the Election Order. The foregoing specifications of the election order are made pursuant to Section 5322 of the Education Code.
Section 12. Delivery of Specifications of the Election Order. The District's Superintendent is hereby directed to deliver not later than February 3, 2016, a certified copy of this resolution and the tax rate statement to the County Registrar of Voters and a copy of this resolution to the County Board of Supervisors.
1415882.2 10612-004 A-4Section 13. General Authorization with Respect to the Bond Election. The members of the District's Board, the Superintendent and the other officers of the District are hereby authorized and directed, individually and collectively, to do any and all things, to execute, deliver, and perform any and all agreements and documents they deem necessary or advisable in order to effectuate the purposes of this Resolution, including, without limitation, to prepare and submit for inclusion in the voter information pamphlet a tax rate statement and an argument in favor of passage of the ballot measure. All actions heretofore taken by the officers and agents of the District that are in conformity with the purposes and intent of this Resolution are hereby ratified, confirmed, and approved in all respects.
Section 14. Encumbrance of Bond Funds. For the purpose of making bond funds unavailable as rent within the meaning of Education Code section 17032, the Board hereby encumbers all funds to be generated by the sale of the bonds in order to pay for the acquisition and construction of the Financed Facilities authorized by the ballot measure.
Section 15. State Matching Funds. Certain of the Financed Facilities require state matching funds for the completion of any phase thereof. Approval of the District's bond measure does not guarantee that the proposed Financed Facilities will be funded beyond the local revenues generated by the measure. The District's proposal for the Financed Facilities may assume receipt of matching state funds, which could be subject to appropriation by the Legislature or approval of a statewide bond measure.
Section 16. Citizens' Oversight Committee. It is the intent of the Board that a citizens' oversight committee be appointed to ensure that the proceeds of the Bonds are spent only for the specific purposes and projects identified in this Resolution. The membership requirements and operating procedures for such committee shall be established in the bylaws of such committee, as approved by the Board, in accordance with the requirements of law.
Section 17. Official Intent to Reimburse Expenditures.The District intends to undertake the acquisition, construction, renovation, furnishing, and equipping of the Financed Facilities projects as described in Exhibit A. The District intends to use the proceeds of its general obligation bonds described in this resolution to finance the Financed Facilities projects. The District may pay certain capital expenditures (the "Reimbursement Expenditures") in connection with the Financed Facilities projects prior to the issuance of the Bonds. The District reasonably expects that Bonds in an amount not expected to exceed $135,000,000 will be issued by it for the purpose of financing the Financed Facilities projects on a long-term basis and that certain of the proceeds of such debt obligations may be used to reimburse the District for the Reimbursement Expenditures.
The Board hereby declares the District's official intent to use a portion of the proceeds of the Bonds to reimburse the District for the Reimbursement Expenditures. The foregoing statement is a declaration of official intent that is 1415882.2 10612-004 A-5 made under and only for the purpose of establishing compliance with the requirements of Treasury Regulations section 1.150-2.
Section 18. Tax Rate Statement. The Board hereby approves the form of the tax rate statement attached hereto as Exhibit B and incorporated herein by reference. The District hereby requests the County Registrar of Voters to publish the tax rate statement contained in Exhibit B.
Section 19. Identification of Professional Service Firms. Kronick, Moskovitz, Tiedemann & Girard, a Professional Corporation, is bond and disclosure counsel to the District for the issuance and sale of the bonds. Dale Scott & Company is financial advisor to the District for the issuance and sale of the bonds.
Section 20. Effective Date. This Resolution shall take effect immediately upon its adoption.
[Remainder of Page Intentionally Left Blank]
1415882.2 10612-004 A-6PASSED AND ADOPTED by the following vote of the members of the Board of Trustees of the Placer Union High School District this 26th day of January, 2016:
Member AYES NOES ABSENT ABSTENTIONS Geary
MacDonald
Oates
Underwood
Ward
Attest:
__________________________________ ____________________________________
Kathleen Geary, President George S. Sziraki, Jr., Ed.D.,
Superintendent
PUHSD Board of Trustees Placer Union High School District
[Remainder of Page Intentionally Left Blank]
1415882.2 10612-004 A-7
EXHIBIT A
FULL TEXT OF THE MEASURE
Upon the passage of Measure _____, the Placer Union High School District (the "District") shall be authorized to issue bonds in the aggregate amount of $135,000,000, bearing interest at rates not exceeding the statutory limit, for the purpose of funding the school facilities projects listed below under the heading "School Facilities Projects to Be Funded with Proceeds of Bonds" (the "Bond Project List").
Background
The Board of Trustees (the "Board") and administration recognize the need to modernize facilities so Placer Union High School District schools can meet the demands of current and future students. As a result, the District initiated a long-term planning process and commissioned a report detailing all facilities needs. Said report is available for review at the District office and incorporated into the Bond Project list by this reference.
Proposition 39 Bond Accountability Measures
At its January 26, 2016 meeting, the Board certified that it evaluated safety, class size reduction, and information technology needs in developing the Bond Project List set forth below. The proceeds of the Bonds shall be used only for the projects identified in the Bond Project List, and not for any other purpose (i.e., teacher and administrative salaries and other school operating expenses).
The District will deposit the proceeds of the bonds in a separate account. The Board is bound to conduct financial and performance audits annually to account for the bond funds and to assure that funds have only been expended on the specific projects authorized. The District shall prepare and deliver an annual report to the Board containing the amount of funds collected and expended as well as the status of school facilities projects authorized to be funded by proceeds of the Bonds.
The Board will appoint a citizen's oversight committee (the "Committee") having a minimum of seven members and including at least one member active in a business organization representing the business community located within the District, one member active in a senior citizens' organization, one member active in a bona fide taxpayers' organization, one member who is the parent or guardian of a child enrolled in the District, and one member who is both a parent or guardian of a child enrolled in the District and active in a parent-teacher organization
1415882.2 10612-004 A-8
School Facilities Projects to Be Funded with Proceeds of Bonds
To improve the overall educational experience for students in the District, Bond proceeds will be expended to modernize, replace, renovate, construct, acquire, equip, furnish and otherwise improve the existing facilities of the District and supply interim student housing due to construction if necessary. Such projects shall include, but shall not be limited to:
Colfax High School Built in 1959
Del Oro High School Built in 1959
1415882.2 10612-004 A-9
Placer High School Built in 1906
Foresthill High School Built in 2004
Chana & Maidu High Schools and Placer School for Adults
1415882.2 10612-004 A-10
Abbreviated Ballot Measure
The abbreviated ballot measure reads as follows:
MEASURE ___:
To improve Colfax, Del Oro, Foresthill, Placer, Chana and Maidu high schools, and Placer Adult School by renovating/constructing classrooms/educational facilities including Career Technical Education and Science, Technology, Engineering, Arts, Math (STEAM); and upgrading/replacing emergency systems, technology infrastructure, electrical, plumbing, HVAC, and roofing; shall Placer Union High School District issue $135 million of bonds with interest rates below legal limits, no funds for teacher/administrator salaries, and citizen oversight guaranteeing funds spent only on our local schools?
BONDS - YES BONDS - NO
1415882.2 10612-004 B-1
EXHIBIT B
TAX RATE STATEMENT
An election will be held in the Placer Union High School District (the "District") on June 7, 2016, to authorize the sale of up to $135,000,000 in bonds of the District to modernize and improve schools within the District. Specifically, bond proceeds shall be utilized for the purposes of financing 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.
If the 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 Elections Code of the State of California. It is anticipated that the District will sell the bonds in four (4) separate series.
1. The best estimate of the tax that would be required to be levied to fund this bond issue during the first fiscal year after the first sale of the bonds, based on estimated assessed valuations available at the time of filing of this statement, is .03’ per $100 ($30.00 per $100,000) of assessed valuation in fiscal year 20172018.
2. The best estimate of the tax that would be required to be levied to fund this bond issue during the first fiscal year after the sale of the last series of bonds, based on estimated assessed valuations available at the time of filing of this statement, is .02984’ per $100 ($29.84 per $100,000) of assessed valuation in fiscal year 20262027.
3. The best estimate of the highest tax rate that 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 .03’ per $100 ($30.00 per $100,000) of assessed valuation.
4. The best estimate of the average tax rate that 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 .02526’ per $100 ($25.26 per $100,000) of assessed valuation.
5. The best estimate of the total debt service, including principal and interest, that would be required to be repaid if all the bonds are issued and sold is $270,671,993
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 property'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, the years in which they will apply, and the total debt service may vary 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.
1415882.2 10612-004 B-2
The dates of sale and the amount 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 County Assessor in the annual assessment and the equalization process.
Dated: __________, 2016
George S. Sziraki, Jr., Ed.D., Superintendent
Placer Union High School District
CERTIFICATION
I, George S. Sziraki, Jr., Ed.D., Secretary of the Board of Trustees of the Placer Union High School District, Placer County, California, do hereby certify that the foregoing is a full, true, and correct copy of a resolution duly approved and adopted by the Board of Trustees of the District at a regular meeting held on ____________________, 2016, of which meeting all the members of the Board of Trustees had due notice and at which a majority thereof were present, and that at the meeting the resolution was adopted by the following vote:
Member AYES NOES ABSENT ABSTENTIONS Geary
MacDonald
Oates
Underwood
Ward
An agenda for the meeting was provided at least seventy-two (72) hours before the regular meeting to all members of the Board of Trustees and was available to local media outlets. Further the agenda was posted at least seventy-two (72) hours before the regular meeting at the District at 13000 New Airport Road, Auburn, California, a location freely accessible to members of the public, and a brief description of the resolution appeared on the agenda.
I have carefully compared the foregoing resolution with the original minutes of the meeting on file and of record in my office, and the foregoing is a full, true, and correct copy of the original resolution adopted at the meeting and entered in the minutes.
Dated: __________, 2016
George S. Sziraki, Jr., Ed.D.,
Secretary of the Board of Trustees
Placer Union High School District
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