Wasco Union High Schools: Vote Yes on Measure E Bonds - Kern County - 2018 General Election
Your school/college is counting its winnings from the November 6th lottery. Is its ticket forged? Join the #HonestBallots Movement.                                        Catch Them Following the Law Contest! Is your school/college district complying with the new (effective date: January 1, 2019) meeting notice requirements at Government Code 54964.2? How about your oversight committee? Call 909-378-5401 to claim your prize!                                        Are you a good listener? Keep your ear to the ground and let us know. Sign Up                                        Do you have an oversight or transparency nightmare to report about your district? Let the whole world know! Oversight Report Card                                        
Sign In

Use Ctrl-- (ctrl minus sign) to reduce text size, or Crtl-+ (ctrl plus sign) to increase.


  Commentary    Question    Argument in Favor    Argument Against    Full Text    Tax Rate    Resolution  

Commentary on Measure E

#HonestBallots Movement

Your Kern County Registrar of Voters printed and circulated ballots for this measure that didn't conform to the law. The registrar ignored our Notice and Demand to follow the law. The legislature makes this a crime. (See: How 25 County Registrars Committed A Crime.)

If you want to get really steamed up about the collusion between your Registrar and Wasco Union High Schools to lie and cheat in order to steal your taxes, you can read the letter for yourself.

Do you want to give this district a Thanksgiving surprise? Please call or text me (with #HonestBalllots, Kern, 0641430, and your name) at 909-378-5401 right now for details. It's urgent and very time-sensitive.

Are you sure you want vote to support this extravagant measure? It has no accountability.

This campaign was designed by Government Financial Strategies (Lori Raineri, Matthew Kolker). 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.

When you see highlighting in the documents below, it to see the commentary.

  Commentary    Question    Argument in Favor    Argument Against    Full Text    Tax Rate    Resolution  

Measure E Question

To improve Wasco Union High School by upgrading facilities, including new gymnasium and swimming pool; repairing, constructing, reconstructing and equipping educational facilities to better serve students and community; to qualify for potential State matching funds, shall Wasco Union High School District issue $40,500,000 in bonds repaying an annual average of $2,650,000, at approximately $29.65 per $100,000 of assessed value, while bonds are outstanding, at legal interest rates, with no funding for employee salaries or pensions, and required audits and citizens' oversight?

  Commentary    Question    Argument in Favor    Argument Against    Full Text    Tax Rate    Resolution  

Argument in Favor of Measure E

Arguments FOR

A "Yes" vote on MEASURE E will provide much needed school and athletic facilities improvements to Wasco High School.

MEASURE E creates local funding to improve Wasco High School by upgrading facilities, including a new gymnasium and swimming pool; additionally, funds will be used for repairing, constructing, reconstructing and equipping educational facilities to better serve students and the community.

MEASURE E provides up to $40.5 million from local general obligation bonds to complete much needed upgrades at Wasco High School.

MEASURE E will also give Wasco Union High School District the ability to receive additional State facility matching funds.

MEASURE E requires mandatory fiscal accountability, including an independent citizens' oversight committee and annual audits to ensure that funds are spent appropriately.

MEASURE E prohibits any funds from being used for salaries or pensions, guaranteeing that all funds are dedicated to our schools. Also by law, funds cannot be taken by the State.

YOUR YES VOTE ON MEASURE E WILL PROVIDE FOR:

  • Construction of a new gymnasium facility
  • Modernization and renovation of existing gymnasium facilities
  • Construction of a swimming pool complex
  • Construction, modernization, and/or relocation of classrooms and facilities that will accommodate future student population growth and create improved school safety and security

MEASURE E is based on the assessed value of properties within the Wasco Union High School District, meaning the average cost for each property owner will be approximately $30.00 per year per $100,000 of assessed property value.

Please join parents, teachers, seniors, business owners, and community leaders in VOTING YES ON MEASURE E.

s/Juan Bernal,
Board Member

s/Tilo Cortez, Jr,
City Councilman

s/Anita Gaston,
Community Member

s/Vickie Hight,
District Manager Wasco Recreation and Park Dist.

s/Wayne Wallace,
Retired Teacher

Kern County Registrar of Voters

  Commentary    Question    Argument in Favor    Argument Against    Full Text    Tax Rate    Resolution  

Argument Against Measure E

Arguments AGAINST

NO ARGUMENT AGAINST THIS MEASURE WAS SUBMITTED

Kern County Registrar of Voters

  Commentary    Question    Argument in Favor    Argument Against    Full Text    Tax Rate    Resolution  

Full Text of Measure E

Proposed legislation

EXHIBIT A

BALLOT MEASURE E

WASCO UNION HIGH SCHOOL DISTRICT

FULL TEXT OF THE MEASURE

Upon the passage of Measure E, as set forth in the ballot, the Wasco Union High School District (the "District") shall be authorized to issue bonds in the aggregate amount of $40,500,000 (the "Bonds"), bearing interest at rates not exceeding the statutory limit, for the purpose of funding the school facilities projects listed below (the "Bond Projects") at the District's school sites and properties.

Bond Accountability Measures

The Board certifies that it evaluated safety, class size reduction, and information technology needs in developing the list of the Bond Projects set forth below.

The Board will conduct financial and performance audits annually to account for the Bond funds and for their expenditure on the specific authorized projects.

The Board will appoint a citizens' oversight committee (the "Citizens' Oversight 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.

The Bond Project List set forth below describes the specific projects the District proposes to finance with proceeds of the Bonds.

Proceeds from the sale of bonds authorized by this measure shall be used only for the construction, reconstruction, rehabilitation, or replacement, along with related costs of school facilities as set forth herein, including the furnishing and equipping of said school facilities, or the acquisition or lease of real property for said school facilities.

Bond Project List

Specific projects that may be funded by the Bonds include without limitation, the following:

Construction of new gymnasium facilities and modernization, renovation and reconstruction of existing gymnasium facilities

Construction of a swimming pool complex

Modernization and reconstruction of existing classrooms and facilities

The cost of all the Bond Projects set forth in the list above may exceed the amount of bonds authorized by Measure E. Approval of the District's Measure E does not guarantee that the proposed school facilities projects in the District that are the subject of bonds under Measure E will be funded beyond the local revenues generated by Measure E, or at all. The District's proposal for the school facilities projects may assume receipt of matching state funds, which could be subject to appropriation by the Legislature or approval of a statewide bond measure. The allocation of bond proceeds may also be affected by the final costs of each project.

Each of the Bond Projects described in the list above include all costs incidental but directly related to the specific projects described above. Such costs include, but are not limited to, demolition and relocation of existing structures, including but not limited to administrative support buildings, rental or construction of storage facilities and other space on an interim basis for materials and other equipment and furnishings displaced during construction, interim classrooms and facilities for students, administrators, and school functions but only to the extent such facilities are deemed necessary by the Board as a result of unforeseen conditions, addressing unforeseen conditions revealed by construction/modernization and other necessary improvements required to comply with existing building codes, including the Field Act, access requirements of the Americans with Disabilities Act, costs of the election, bond issuance costs and project administration during the duration of such projects, including administration by District personnel.

The Bond Projects may also include the construction, reconstruction, and modernization of facilities at District sites to accommodate future student population growth, including but not limited to a central corridor area project, school security improvements including fencing, along with the relocation of existing facilities.

For any of the Bond Projects described above with respect to construction at an existing District site, the District is authorized to identify an alternate site and/or acquire land for such purpose and construct the approved project at such site if the District has determined that the existing site does not satisfy the requirements of the Division of State Architect or other State laws, codes, and regulations applicable to public school sites.

The allocation of Bond proceeds may also be affected by the final costs of each project.

Necessary site preparation/grading/restoration and relocation of facilities, may occur in connection with new construction, reconstruction, rehabilitation or replacement, furnishing and equipping, including ingress and egress, removing, replacing or installing irrigation, utility lines, trees and landscaping, relocating fire access roads, and acquiring any necessary easements, leases, licenses, or rights of way to the property.

The Board of Trustees of the Wasco Union High School District ("District") placed the measure on the ballot. A "Yes" vote by at least fifty-five percent (55%) of the voters voting on this measure will authorize the District to issue bonds to benefit the District in the maximum amount of 40.5 million dollars ($40,500,000).

The bond proceeds may only be used to fund 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. The measure lists the specific projects for which the proceeds will be used. The proceeds may not be used for any other purposes, including teacher and administrator salaries and other school operating expenses.

The Board of Trustees will conduct financial and performance audits annually and will appoint a citizens' oversight committee to ensure that bond proceeds are spent only on the school facilities projects listed in the measure.

The bonded debt will be a general obligation of the District and will be financed by taxes levied annually on taxable property located within the District in an amount necessary to pay the annual debt obligation. The District estimates that the average annual tax rate necessary to fund the bonds issued will be $0.02965 per $100 of assessed property value. The District anticipates that the final fiscal year in which the tax will be collected is 2048-2049.

Bond Program Management Costs

Bond Project expenditures may also include:

Program Costs: Staffing and other general and administrative costs to manage and execute the Bond Program.

Escalation Reserve: Reserve for unanticipated price inflation costs.

Program Reserve: Reserve for unanticipated scope costs or for unanticipated opportunities to enhance project scope or schedules.

Additional Specifications

Listed projects may be completed at any and all district sites where such project is determined necessary. Where economically feasible, buildings, fixtures, and equipment may be replaced rather than modernized, renovated, or repaired. Each project is assumed to include its share of costs of the election and bond issuance, architectural, engineering, and similar planning costs, construction management, bond project staff, staff training expenses associated with new bond-funded equipment and systems, and a customary contingency for unforeseen design and construction costs. In addition to the projects listed above, the Bond Projects also include the acquisition of land, instructional, maintenance and operational furniture and equipment, payment of the costs of preparation of all facilities planning and project implementation studies, feasibility and assessment reviews, master planning, environmental studies, and temporary housing for dislocated programs or activities caused or necessitated by construction projects.

Listed projects, repairs, improvements, rehabilitation projects, and upgrades will be completed only as feasible, and the Bond Project list does not imply a particular prioritization among such improvements, which remains the province of the Board by subsequent action.

The order in which the Bond Projects are listed above does not suggest an order of priority. Project priorities will be determined by the District Board. The District is unable to anticipate all unforeseen circumstances which may prevent some of the projects listed above from being undertaken or completed.

The cost of all the Bond Projects set forth in the list above may exceed the amount of bonds authorized by Measure E. Approval of the District's Measure E does not guarantee that the proposed school facilities projects in the District that are the subject of bonds under Measure E will be funded beyond the local revenues generated by Measure E. The District's proposal for the school facilities projects may assume receipt of matching state funds, which could be subject to appropriation by the Legislature or approval of a statewide bond measure. The allocation of bond proceeds may also be affected by the final costs of each project.

Single Purpose. All of the purposes enumerated in this proposition shall be united and voted upon as one single proposition, pursuant toSection 15100 of the Education Code, and all the enumerated purposes shall constitute the specific single purpose of the Bonds and proceeds ofthe Bonds shall be spent only for such purpose.

Other Terms of the Bonds. When sold, the Bonds shall bear interest at an annual rate not exceeding the statutory maximum. The Bonds may be issued and sold in several series and in accordance with a plan of finance determined by the Board pursuant to requirements of law.

Project Requiring State Matching Funds. Approval of the District's Bond Measure does not guarantee that the proposed District projects that are the subject of the Measure will be funded beyond the local revenues generated by the Measure, or at all. Some of the District's projects may assume the receipt of state matching funds, which could be subject to appropriation by the Legislature or approval of a statewide bond measure.

  Commentary    Question    Argument in Favor    Argument Against    Full Text    Tax Rate    Resolution  

Measure E Tax Rate Statement

Tax rate

An election will be held in the Wasco Union High School District (the "District") on November 6, 2018, to authorize the sale of up to $40,500,000 in bonds (the "Bonds") of the District to continue improving the quality of education in local schools of the District. Specifically, Bond proceeds shall be utilized for the purposes of acquisition, construction, renovation, furnishing, and equipping of school facilities, support facilities, and equipment.

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 separate series.

  1. 1. The best estimate of the average tax rate that would be required to be levied to fund the Bonds issued during the life of the Bonds, based on estimated assessed valuations available at the time of filing of this statement, is 2.965 per $100 ($29.65 per $100,000) of assessed valuation. The final fiscal year in which the tax is anticipated to be collected is 2048-2049.
  2. 2. The best estimate of the highest tax rate that would be required to be levied to fund the Bonds, based on estimated assessed valuations available at the time of filing of this statement, is 2.999 per $100 ($29.99 per $100,000) of assessed valuation which would first occur in fiscal year 20212022.
  3. 3. The best estimate of total debt service, including principal and interest, that would be required to be repaid if all the Bonds are issued and sold is $79.504 million. This estimate results in a debt service to principal ratio of 1.96:1, which is significantly less than the maximum ratio of 4.00:1 allowed by State law. This estimate is based on the assumption that interest rates will increase over time, and the Bonds will have a maximum term of 30 years per 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 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 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.

Read less

Superintendent of Wasco Union High School District

  Commentary    Question    Argument in Favor    Argument Against    Full Text    Tax Rate    Resolution  

Measure E Resolution

1

WASCO UNION HIGH SCHOOL DISTRICT

RESOLUTION NO. 1819-01

RESOLUTION OF THE BOARD OF TRUSTEES OF THE WASCO UNION HIGH
SCHOOL DISTRICT AMENDING RESOLUTION No. 1718-08, ORDERING A
SCHOOL BOND ELECTION, ESTABLISHING SPECIFICATIONS OF THE
ELECTION ORDER AND REQUESTING CONSOLIDATION WITH OTHER
ELECTIONS OCCURING ON NOVEMBER 6, 2018

WHEREAS, the Wasco Union High School District (the "District") is a high school district serving 9th through 12th grade, duly organized under the laws of the State of California;

WHEREAS, the Board of Trustees of the District (the "Board") is authorized, upon a two-thirds Vote of the Board, to pursue the approval and issuance of bonds by a 55% vote of the electorate on the question of whether bonds of the District (the "Bonds") shall be issued and sold for specified purposes, under Article XIIIA Section 1 paragraph (b) of the California a Constitution ("Article XIIIA") and under the Strict Accountability in Local School Construction Bonds Act of 2000 at Education Code Section 15264 et seq. (the "Strict Accountability Act");

WHEREAS, the Board of Trustees of the District (the "Board") previously authorized by way of a unanimous vote, Resolution No. 1718-08 ordering a school bond election (the "Measure") on the question of whether bonds of the District (the "Bonds") shall be issued and sold for specified purposes under Article XIIIA and under the Strict Accountability Act;

WHEREAS, recent proposed State legislation if enacted, would have established new requirements for ballot summaries in school bond elections called under Article XIIIA. As a result of such State legislation not having been approved and signed into law, the Board, in an effort to comply with current statutory requirements, desires to amend and restate the ballot summary applicable to the Measure as now set forth at Exhibit A-1 hereto;

WHEREAS, under Elections Code Section 10403 et seq., it is appropriate for the Board by way of this Resolution (the "Amended Resolution") to request consolidation of the election With any and all other elections to be held on Tuesday November 6, 2018, and to request the Kern County Registrar of Voters (the "County Registrar") to perform certain election services for the District;

WHEREAS, the assessed valuation on taxable property within the District is subject to change and fluctuation such that it may not be possible to issue all Bonds following a successful election within the time period anticipated by the Board;

WHEREAS, by adopting this Amended Resolution, the Board intends. to establish limitations on the Measure's Bonds that remain unissued after December 31, 2033 as further set forth at Section 16 below; and

WHEREAS, the Board deems it necessary and advisable to reconfirm its call of an election pursuant to Resolution No. 1718-08 and to submit to the electors of the District the question of whether bonds shall be issued and sold for the purpose of raising money for the 1
76814v6/WSCOUHSD.35.3
2 acquisition and improvement of real property and the furnishing and equipping of school facilities of the District. The Board declares that this Amended Resolution shall operate as full and complete authority for the purpose of calling the Measure as provided for herein.

NOW, THEREFORE, be it resolved by the Board of Trustees of the Wasco Union High School District, Kern County, California, as follows:

Section 1. Election Order. The Board hereby orders an election and submits to the electors of the District the question of Whether general obligation bonds of the District shall be issued and sold in the principal amount of $40,500,000 for the purposes described in the ballot measure approved under Section 3 and attached hereto as Exhibit A and Exhibit A-1 , and paying costs incident thereto. This Amended Resolution constitutes the order of the District to call such election and shall constitute the "specifications of the election order" pursuant to Education Code Section 5322.

Section 2. Authority for the Election; Election Date. Pursuant to Education Code Sections 5304 and 5322, the Strict Accountability Act, and Article XVI, Section 18(b) of the California Constitution, an election, shall be held Within the boundaries of the District on November 6, 2018.

Section 3. Purpose of Election; Ballot Measure. The purpose of the election shall be for the voters in the District to vote on the Measure, a full copy of which is attached hereto as Exhibit A and marked "Exhibit A, Ballot Measure, Full Text of the Measure" (the "Full Text of the Measure"), containing the question of whether the District shall issue the Bonds for the purposes stated therein, together with the accountability requirements of Article XIIIA and the requirements of Section 15272 of the Strict Accountability Act. The Full Text of the Measure shall be printed in the voter information pamphlet provided to voters, with such Measure designation as is assigned to the Measure. As required by Elections Code Section 13247 and Education, Code Section 5322, the abbreviated form of the Measure to appear on the ballot is attached hereto as Exhibit A-1 and is marked as "Exhibit A-1 , Ballot Measure, Abbreviated Form" (the "Abbreviated Ballot Measure").

Section 4. Use of Bond Proceeds.

a. Proceeds from the sale of the Bonds may be used only for the purposes specified in Article XIII A, section 1(b)(3) of the California Constitution.

b. The projects that may be funded with proceeds from the sale of Bonds (the "Projects"), are listed in the Full Text of the Measure.

  1. a. Accountability Requirements. Pursuant to Article XIIIA, section 1(b)(3), the Board shall conduct an annual, independent performance audit to ensure that the bond funds have been expended only on the specific Projects listed in the Full Text of the Measure.
  2. b. Pursuant to Article XIIIA, section 1(b)(3), the Board shall conduct an annual, independent financial audit of the proceeds from the sale of the Bonds until all of the proceeds have been expended for the Projects listed in the Full Text of the Measure.
  3. 2
    76814v6/WSCOUHSD.35.3

    3
  4. c. Pursuant to Government Code section 53411, the Director of Business Services of the District shall issue an annual report to the Board containing the amount of funds collected and expended as well as the status of the Projects authorized in the Full Text of the Measure. The District's adopted budget or Audit Report will suffice for this purpose.
  5. d. Pursuant to the Strict Accountability Act, if not already accomplished, within 60 days of the date the Board enters the election results on its minutes, the Board will appoint a citizens' oversight committee to review and report on the proper expenditure of taxpayers' money for school construction.

Section 5. 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.

Section 6. Delivery of this Amended Resolution; County Registrar of Voters to Call and Conduct Election. The Superintendent, or her designee, is hereby directed to send a copy of this Amended Resolution, along with the Tax Rate Statement described in Sections, 8 and 10 below (and defined therein) and attached hereto as Exhibit B to (1) the County Registrar, (2) the Superintendent of Schools of Kern County, and (3) the Clerk of the Board of Supervisors of Kern County by August 10, 2018, or such other date as is acceptable to each party.

Pursuant to Section 5303 of the Education Code, the County Registrar 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 7. 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 Registrar and the Board of Supervisors of Kern County (the "Board of Supervisors") are hereby requested to consolidate the election ordered hereby with any and all other elections to be held on November 6, 2018 Within the District 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 8. Services of County Registrar of Voters. Pursuant to Section 5303 of the Education Code and Section 10002 of the Elections Code, the Board of Supervisors is requested to permit the County Registrar to render all services incident to the preparation for and holding of the election, for which services the District agrees to reimburse Kern County in full from District funds upon presentation of a bill from the County, such services to include the publication of a formal notice of school bond election and the mailing of the Full Text of the Measure, the Abbreviated Measure, and the Tax Rate Statement (described in Elections Code Section 9401). The Board hereby requests the County Registrar to publish in the ballot materials, the Full Text of the Measure, the Abbreviated Ballot Measure, and the Tax Rate Statement attached hereto as Exhibits A, A-1 and B, respectively.

Section 9. Canvass of Returns. The Board of Supervisors is authorized to canvass the returns of the election pursuant-to Section 10411 of the Elections Code.

3
76814v6/WSCOUHSD.35.3

4

Section 10. Ballot Arguments; Tax Rate Statement. Any and all members of this Board are hereby authorized to act as an author of any ballot argument prepared in connection with the election, including a rebuttal argument. The Board hereby approves the form of the Tax Rate Statement. The Superintendent and the Director of Business Services, or any designee of the foregoing, are hereby authorized and directed to make any revisions to the Tax Rate Statement to make the statements therein accurate, and to conform to any requirements of applicable law including Article XIIIA, the Strict Accountability Act, the Elections Code, the County Registrar, the Office of the Kern County Counsel or the District's bond counsel. Further, the Superintendent and the Director of Business Services, or any designee of the foregoing, are hereby authorized to execute and deliver the Tax Rate Statement or other document and to perform all acts necessary to place the bond measure on the ballot.

Section 11. State Matching Funds. Some of the Projects may require state matching funds for completion. Approval of the District's Measure does not guarantee that the proposed Projects will be funded beyond the local revenues generated by the Measure, or at all. The District's completion of some of the Projects may depend on receipt of State funds.

Section 12. 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 cucumbers all funds to be generated by the sale of the Bonds in order to pay for the acquisition and construction of the Projects authorized by the Measure.

Section 13. Official Intent to Reimburse Expenditures. The District intends to undertake the acquisition, construction, renovation, furnishing, and equipping of the Projects as described in the Full Text of the Measure. The District intends to use the proceeds of its Bonds described in this Amended Resolution to finance the Projects. The District may pay certain capital expenditures (the "Reimbursement Expenditures") in connection with the Projects prior to the issuance of the Bonds. The Bonds, in the amount of $40,500,000 will be issued for the purpose of financing the Projects on a long-term basis and certain of the proceeds of such debt obligations may be used to reimburse the District for these 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 made under and only for the purpose of establishing compliance with the requirements of Treasury Regulations section 1.150-2.

Section 14. Timing of Bond Issues. If the District is unable to issue the bonds in accordance with the schedule as originally anticipated, the Board will invite public input and specifically invite consultation from KernTax to discuss the matter and to evaluate suitable alternatives.

Section 15. Covenant Relating to Unissued Bonds. The Board acknowledges that Section 15268 of the Strict Accountability Act limits the amount of bonds to be issued under the Measure to not exceed 1.25 percent of the taxable property of the District as shown on the last equalized assessment of the County. Such bonds may only be issued if the projected tax rate to be levied to repay the bonds, along with other Bonds from the same Measure does not exceed thirty dollars ($30) per year per one hundred thousand ($100,000) of taxable property when 4
76814v6/WSCOUHSD.35.3
5 assessed valuation is projected to increase in accordance with Article XIIIA of the California Constitution. The Board further acknowledges that assessed valuation in the District may not increase as expected or may decrease, potentially delaying the issuance of the Bonds. In the event that as of December 31, 2033, there are unissued Bonds from the Measure, the Board will take action to cancel such authorized but unissued Bonds.

Section 16. General Authorization with Respect to the Bond Measure and with Respect to this Amended Resolution. The Superintendent and the Director of Business Services or any designee of the foregoing, are hereby authorized and directed to undertake any and all actions and to modify, execute, and deliver any and all documents, and to perform or take any and all actions, deemed necessary to meet all requirements of applicable law, including any legislative changes, and to effectuate the purposes of this Amended Resolution and its accompanying documents. Such actions on the part of the Superintendent, the Director of Business Services, or any designee of the foregoing may include, but are not limited to, making any changes to this Amended Resolution, the Full Text of the Measure, the Abbreviated Ballot Measure, or the Tax Rate Statement (hereinafter the "Ballot Documents"). In the event of any such modifications to the Ballot Documents, the Superintendent, Director of Business Services, or any designee of the foregoing are hereby further authorized to supplement or replace the original versions of such documents with the versions modified pursuant hereto. Such modified versions shall thereafter be deemed to constitute the final, complete and approved version of the Ballot Documents for all intents and purposes, including for delivery of the Ballot Documents to the County Registrar and other parties as set forth in Section 6 above and for publication in the ballot materials as set forth in Section 8 above. All actions heretofore taken, by the Superintendent, the Director. of Business Services or any designee of the foregoing that are in conformity with the purposes and intent of this Amended Resolution are hereby ratified, confirmed, and approved in all respects.

Section 17. Effective Date. This Resolution shall take effect immediately upon its adoption.

5
76814v6/WSCOUHSD.35.3

6

PASSED AND ADOPTED by the following vote of the members of the Board of Trustees of the Wasco Union High School District, of Kern County, State of California, this 9th day of August, 2018:

AYES _5_

NOES _0_

ABSENT _0_

ABSTAIN _0_

BOARD OF TRUSTEES OF THE WASCO
UNION HIGH SCHOOL DISTRICT

s/
Patricia Sanchez
President of the Board of Trustees

ATTEST:

s/
Lori Albrecht
Secretary of the Board of Trustees

6
76814v6/WSCOUHSD.35.3

  Commentary    Question    Argument in Favor    Argument Against    Full Text    Tax Rate    Resolution  

 


Copyright © 2015-2019, Richard Michael. All Rights Reserved.