Commentary on Measure H

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

This campaign was designed by Caldwell Flores Winters Inc. 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, hover overCriticalExample commentary. it to see the commentary.

Measure H Question

To modernize, construct and acquire classrooms and school facilities, replace portables and older schools with new permanent facilities, improve student safety, modern technology and classroom environments, and qualify for matching State grants, shall Robla Elementary School District issue $46,200,000 in bonds with legal interest rates, estimated annual repayments averaging $2.6 million through maturity, a projected rate of 5.8 cents per $100 of assessed valuation, annual audits, an independent Citizens' Oversight Committee and no money for administrator salaries?

Full Text of Measure H

EXHIBIT A

FULL TEXT BALLOT PROPOSITION
OF THE ROBLA SCHOOL DISTRICT
BOND MEASURE ELECTION FOR NOVEMBER 6, 2018

"To modernize, construct and acquire classrooms and school facilities, replace portables and older schools with new permanent facilities, improve student safety, modern technology and classroom environments, and qualify for matching State grants, shall Robla Elementary School District issue $46,200,000 in bonds with legal interest rates, estimated annual repayments averaging $2.6 million through maturity, a projected rate of 5.8 cents per $100 of assessed valuation, annual audits, an independent Citizens' Oversight Committee and no money for administrator salaries?"

BONDS - YES
BONDS - NO

A-1
4835-8996-2093.3

Measure H Tax Rate Statement

EXHIBIT B

TAX RATE STATEMENT CONCERNING MEASURE __

An election will be held in Robla School District (the "District") on November 6, 2018, for the purpose of submitting to the electors of the District the question of issuing bonds of the District in the principal amount of $46,200,000. If such bonds are authorized and sold, the principal thereof and interest thereon will be payable from the proceeds of taxes levied on the taxable property in the District. The following information regarding tax rates is given to comply with Section 9401 of the California Elections Code. This information is based upon the best estimates and projections presently available from official sources, upon experience within the District and other demonstrable factors.

Based upon the foregoing and projections of the assessed valuations of taxable property in the District, and assuming the entire debt service on the bonds will be paid through property taxation:

1. 1. The best estimate from official sources of the average annual tax rate that would be required to be levied to fund the bond issue over the entire duration of the bond debt service, based on estimated assessed valuations available at the time of the filing of this statement, or on a projection based on experience within the District or other demonstrable factors, is $0.058 per $100 ($58.00 per $100,000) of assessed valuation of all property to be taxed. The final year in which the tax is anticipated to be collected is 2055-56.
2. 2. The best estimate from official sources of the highest tax rate that would be required to be levied to fund the bond issue, and an estimate of the year in which that rate will apply, based on estimated assessed valuations available at the time of the filing of this statement, or on a projection based on experience within the District or other demonstrable factors, is $0.058 per $100 ($58.00 per $100,000) of assessed valuation of all property to be taxed and the year is 2019-20.
3. 3. The best estimate from official sources of the total debt service, including principal of and interest on the bonds, that would be required to be paid if all of the bonds are issued and sold under the authorization, is $99,600,000.

B-1
4835-8996-2093.3

Attention of voters is directed to the fact that the foregoing information is based upon projections and estimates. The actual timing of sales of the bonds and the amount to be sold at any time will be governed by the needs of the District and other factors. The actual interest rates at which the bonds will be sold, which will not exceed the maximum permitted by law, will depend upon the bond market at the time of sale. The actual assessed valuations in future years will depend upon the value of property within the District as determined in the assessment and the equalization process. Therefore, the actual tax rates and the years in which those tax rates will be applicable may vary from those presently estimated and stated above.

Dated: _07_ _19_ 2018

/sRuben Reyes
Superintendent
Robla School District

B-2
4835-8996-2093.3

Measure H Agenda Description

Agenda of July 19, 2018 (complete item)

Special Board Meeting Agenda
Thursday, July 19, 2018
5:30 p.m. – Open Session

3.0 INFORMATION

3.1 Bond Survey Results

4.0 ACTION

4.1 Adopt Resolution of the Board of Trustees of Robla School District ordering an election to authorize the issuance of not to exceed $46,200,000 of general obligation bonds, establishing specifications of the election order, and requesting consolidation with other elections occurring on November 6, 2018
M S V

4.2 Adopt Resolution of the Board of Trustees of Robla School District ordering an election to authorize the issuance of not to exceed $20,100,000 of general obligation bonds, establishing specifications of the election order, and requesting consolidation with other elections occurring on November 6, 2018
M S V

4.3 Approve Engagement of Nixon Peabody, LLP as bond counsel in connection with an election to approve Robla School District General Obligation Bonds
M S V

Measure H Resolution

RESOLUTION NO. 806

RESOLUTION OF THE BOARD OF TRUSTEES OF
ROBLA SCHOOL DISTRICT
ORDERING AN ELECTION TO AUTHORIZE THE
ISSUANCE OF NOT TO EXCEED $46,200,000 OF GENERAL OBLIGATION BONDS,
ESTABLISHING SPECIFICATIONS OF THE ELECTION ORDER, AND REQUESTING
CONSOLIDATION WITH OTHER ELECTIONS OCCURRING ON NOVEMBER 6, 2018

WHEREAS, the Robla School District (the "District") wishes to provide additional funding for the improvement, modernization and construction of its facilities, to insure that District students have modern, safe and efficient classrooms, security systems and other school facilities and that they have access to technology necessary for them to compete for good jobs and higher education; and

WHEREAS, in the judgment of the Board of Trustees of the District (the "Board"), it is advisable to call an election to submit to the electors of the District the question of whether bonds of the District shall be issued and sold for the purpose of funding the construction, reconstruction, rehabilitation, replacement and modernization of District facilities, the acquisition or lease of real property for school facilities, including through the purchase of leased facilities and the refinancing of outstanding lease obligations of the District, which may include the prepayment, refunding, or exercise of purchase options for certificates of participation, lease revenue bonds, or other lease obligations and paying costs incident thereto; and

WHEREAS, pursuant to the provisions of Proposition 46, adopted by the voters of the State of California (the "State") on June 3, 1986 ("Proposition 46"), amending Article XIIIA, Section 1, paragraph (b) of the California Constitution ("Article XIIIA"), the District may incur bonded indebtedness upon the vote of two-thirds (2/ 3) or more of the qualified electors of the District voting on the proposition; and

WHEREAS, pursuant to California Education Code ("Education Code") Section 15100 et seq. (the "Act"), the Board is specifically authorized, upon approval by the members of the Board, to submit to the electorate of the District the question of whether bonds of the District shall be issued and sold for specified purposes pursuant to paragraph (2) of said subdivision (b) of Section 1 of Article XIIIA; and

WHEREAS, the Board desires to make certain findings to be applicable to the within election order and to establish compliance with the applicable requirements of the Education Code and the Elections Code of the State (the "Elections Code"), as further specified herein; and

WHEREAS, pursuant to Section 10403 et seq. of the Elections Code, the Board now deems it appropriate and necessary to request consolidation of the election authorized hereby (the "Election") with any and all other elections to be held on November 6, 2018, and to request the Registrar of Voters (the "Registrar of Voters") of the County of Sacramento (the "County") to perform certain election services for the District; and

4835-8996-2093.3

WHEREAS, the Board may elect to apply certain proceeds of sale of the general obligation bonds issued following a successful Election (the "Bonds"), or certain other moneys available to the District, to establish a tax rate stabilization fund for the benefit of the taxpayers within the District, to act as a reserve for certain outstanding general obligation bonds of the District, under certain circumstances;

NOW, THEREFORE, THE BOARD OF TRUSTEES OF ROBLA SCHOOL DISTRICT HEREBY RESOLVES, DETERMINES, AND ORDERS AS FOLLOWS:

Section 1. Call for Election. 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 one or more series from time to time in the aggregate principal amOunt not to exceed $46,200,000 for the purpose of raising money for construction, reconstruction, modernization, rehabilitation and replacement of school facilities or the acquisition or lease of real property for District facilities and paying costs incident thereto, as set forth more fully in a ballot proposition approved pursuant to Section 4 below. The Board has previously obtained reasonable and informed projections of assessed property valuations that take into consideration projections of assessed property valuations made by the Assessor of the County.

Section 2. Order of Election. This Resolution shall stand as the order to the Registrar of Voters to call the Election within the boundaries of the District on November 6, 2018. The Registrar of Voters is hereby requested, pursuant to Section 5322 of the Education Code, to take all steps to call and hold the Election in accordance with law and these specifications.

Section 3. Election Date and Consolidation. The date of the Election shall be November 6, 2018, and the Election shall be held solely within the boundaries of the District. Pursuant to Section 15121 of the Education Code and Part 3 (commencing with Section 10400) of Division 10 of the Elections Code, the Board of Supervisors of the County is requested to order consolidation of the school bond election ordered herein with such other elections as may be held on the same day in the same territory or in territory that is in part the same.

Section 4. Purpose of Election; Ballot Proposition. The purpose of the Election shall be for the voters of the District to vote on a proposition, a full copy of which is attached hereto as Exhibit A (the "Bond Measure"), containing the question of whether the District shall issue the Bonds for the purposes stated therein. The Registrar of Voters is hereby requested to reprint Exhibit A hereof in its entirety in the voter information pamphlet to be distributed to voters. As required by Elections Code Section 13247, the form of the Bond Measure to appear on the ballot is attached hereto as Exhibit A. The District's Superintendent (or designee) is hereby authorized and directed to make any changes to the text of the proposition or its abbreviated form as required to comply with the intent of this Resolution, the requirements of election officials, and requirements of law.

Section 5. The Bonds. (i) The maturity of any bonds issued pursuant to the Bond Measure and under Chapter 1, Part 10, Division 1, Title 1 of the Education Code (commencing with Section 15100), as amended, and Article XIIIA shall not exceed twenty-five (25) years and shall bear or accrete interest at a rate not to exceed the maximum legal interest rate per annum, and (ii) the maturity of any bonds issued pursuant to the Bond Measure and under Article 4.5 of Chapter 3 4835-8996-2093.3 5 of Part 1 of Division 2 of Title 5 of the California Government Code, as amended, applicable provisions of the Education Code and Article XIIIA of the California Constitution shall not exceed forty (40) years, or, in the case of bonds, the interest on which is compounded, twenty-five (25) years, and shall bear or accrete interest at a rate not to exceed the maximum legal interest rate per annum.

Section 6. Authority for Election. The authority for ordering the Election is contained in the Act, Article XIIIA, Section 1, paragraph (b), subsection (2) of the California Constitution, and Section 53506 et seq. of the California Government Code. The authority for the specification of this election order is contained in Education Code Section 5322.

Section 7. Covenants of the Board upon Approval of the Bonds by the Electorate. As required by Article XIIIA and Section 15100 of the Education Code, if two-thirds (2/3) or more of the voters of the District voting on the Bond Measure approve the Bond Measure, the Board shall use the bond proceeds only for the purposes of construction, reconstruction, rehabilitation, or replacement of school facilities or the acquisition of real property for school facilities and not for any other purpose, including teacher and administrator salaries and other school operating expenses.

The Board additionally shall:

1. (a) Conduct an annual, independent performance audit to ensure that the Bond proceeds have been expended only on the Projects;
2. (b) Conduct an annual, independent financial audit of the proceeds from the sale of the Bonds until all of those proceeds have been expended for Projects; and
3. (c) Establish and appoint members to an independent citizens' oversight committee.

Section 9. State Matching Funds. The allocation of Bond proceeds may be affected by the District's receipt of State matching funds and the final costs of each project. In the absence of State matching funds, which the District will aggressively pursue to reduce the District's share of the costs of the projects, the District may undertake fewer than all of the projects considered herein. Some projects may be undertaken as ' joint use projects in cooperation with other local public or non-profit agencies.

Section 10. Delivery of this Resolution. The Clerk of this Board is hereby authorized and directed to send or hand-deliver a completed and certified copy of this Resolution to each of the Superintendent of Schools of the County, the Clerk of the Board of Supervisors of the County and the Registrar of Voters no later than August 10, 2018.

Section 11. Tax Rate Statement; Ballot Arguments. Any one of the Superintendent, the Chief Business Official, the President of the Board, or their designees, is hereby authorized to execute the Tax Rate Statement attached hereto as Exhibit B and any other required documents and to perform all acts necessary to place the Bond Measure on the ballot. The Tax Rate Statement shall be delivered to the Registrar of Voters on or before August 10, 2018. Any member of the Board is hereby authorized to act as an author of or signer to any ballot argument prepared in connection with the Election, including a rebuttal argument.

4835-8996-2093.3

Section 12. Consolidation of Election; Election Services. Pursuant to Section 5303 of the Education Code and Section 10002 of the Elections Code, the Board of Supervisors is requested to permit the Registrar of Voters, or other appropriate officials of the County, to render all services necessary in connection with the Election including, but not limited to, publication of a Formal Notice of School Bond Election pursuant to Education Code 5363 and related law, the mailing of the sample ballot and tax rate statement (described in Section 9401 of the Elections Code), the opportunity to submit ballot arguments in connection with the Election, the canvassing and certification of the returns of the Election, and other ballot requirements pursuant to Education Code Section 15123, for which services the District agrees to reimburse the County as required by law.

Section 13. Reimbursement of Qualified Project Expenditures. The Board presently intends and reasonably expects to issue tax-exempt obligations (the "Obligations") in the maximum amount of $46,200,000 with respect to the capital projects described in the Ballot Measure (the "Projects") no later than 18 months of (i) the date of the, expenditure of moneys for the Projects, if any; or (ii) the date upon which the Project component for which expenditures are to be reimbursed is placed in service or abandoned, whichever is later (but in no event more than 3 years after the date the original expenditure of such moneys is paid), and to allocate an amount of the proceeds thereof to reimbursable expenditures in connection with the Projects, as may be qualified under the provisions of Section 1.150-2 of the Treasury Regulations of the Internal Revenue Service (the "Reimbursable Expenditures"). All of the Reimbursable Expenditures covered by this Section were paid not earlier than 60 days prior to the date of this Resolution or constitute preliminary expenditures within the meaning of Section 1.15s0-2 of the Treasury Regulations. The Board intends to allocate within 30 days after the date of issue of the Obligations, the proceeds therefrom to reimburse the District for the Reimbursable Expenditures. With respect to the proceeds of the Obligations allocated to reimburse the District for prior expenditures, the Board hereby covenants not to employ an abusive device under Treasury Regulation Section 1.148-10, including using within one year of the reimbursement allocation, the funds corresponding to the proceeds of the Obligations in a manner that results in the creation of replacement proceeds, as defined in Treasury Regulation Section 1.148-1, of the Obligations or another issue of tax-exempt obligations.

The above provisions are made solely for the purpose of establishing compliance with the requirements of said Section 1.150-2 of the Treasury Regulations. This provision does not bind the District or the Board to make any expenditure, incur any indebtedness, or proceed with the financing, acquisition or construction of the Projects.

Section 14. Bond Counsel and Municipal Advisor. The Board hereby approves the retention of Nixon Peabody LLP as bond counsel and the retention of Caldwell Flores Winters, Inc. as municipal advisor in connection with the Election.

Section 15. Effective Date. This Resolution shall take effect immediately upon its adoption.

4835-8996-2093.3

PASSED AND ADOPTED by the Board of Trustees of the Robla School District at a regular meeting thereof held on the 19th day of July 2018, at a location freely accessible to the public and at which a quorum of the Board of Trustees was present and acting throughout, by the following vote.

AYES: MEMBERS: _Barnes, Boyd, Cardona, DeLuz, Howard_

NOES: MEMBERS: _None_

ABSENT: MEMBERS: _None_

ABSTAIN: MEMBERS: _None_

/s
President of the Board of Trustees

ATTEST:

/s
Clerk of the Board of Trustees

4835-8996-2093.3