City of Grover Beach Bond Issue, Measure K (November 2014)

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A City of Grover Beach Bond Issue, Measure K ballot question was on the November 4, 2014, election ballot for voters in the city of Grover Beach in San Luis Obispo County, California. It was approved.

Measure K authorized the city to increase its debt by up to $48 million through issuing general obligation bonds in that amount in order to improve and repair streets and increase street safety. City officials estimated that an average additional annual property tax rate of $77.66 per $100,000 of assessed property value would be required to repay these bonds.

A two-thirds (66.67%) vote was required for the approval of Measure K.

Election results

City of Grover Beach, Measure K
Result		Votes	Percentage
a Yes		2,337	68.02%
No		1,099	31.98%

Election results via: San Luis Obispo County Registrar of Voters

Text of measure

Ballot question

The question on the ballot:

“

GROVER BEACH STREET REHABILITATION; SAFETY IMPROVEMENT BOND MEASURE: To rehabilitate/resurface deteriorating residential and major streets to improve drivability; maintain emergency response times; enhance safety for pedestrians, bicyclists, drivers, neighborhood school crosswalks; and promote economic/job growth; shall the City incrementally issue up to $48,000,000 of bonds at tax-exempt interest rates, requiring funds go directly into the Street Construction Designated Fund with all funds used exclusively for Grover Beach streets; subject to independent audits/citizens’ oversight committee?

”

Impartial analysis

The following impartial analysis was prepared for Measure K:

“	Introduction. This bond measure, placed on the ballot by the action of the City Council, if approved by two-thirds of the voters would authorize the issuance of up to $48 million of general obligation bonds. Bond proceeds would be deposited into a designated Street Construction Designated Fund and could only be used to rebuild City streets. The bonds would be issued incrementally over a period of years, as work on the rehabilitation of City streets progresses forward. Though authorized up to $48 million, the total amount of Bonds issued could be less depending on the progress of work on the streets. Each series of Bonds would be authorized for issuance by the City Council. Accountability Measures. The following accountability requirements were installed as part of the Bond measure: Separate account for the bond proceeds called Street Construction Designated Fund will be established. Starting in January of 2016 and each year thereafter for the duration of the project, City’s Finance Director shall file a report with the City Council showing the amount of Bond proceeds collected and expended and progress of the street work financed by the Bonds. A Citizen Oversight Committee, composed of three qualified voters of the City, shall be formed to review all Bond proceeds expenditures and annually file a written report with the City Council regarding Committee’s findings with regard to those expenditures. Financial Implications to Property Owners. The year after the first bonds are issued, the estimated tax rate required to meet the debt service would be $24.43 per $100,000 of assessed valuation (not property market value) of the dwelling, prorated for any portion thereof. This estimated rate is expected to rise to up to $147.34 (based on the latest tax rate) per $100,000 of assessed valuation in 20 years, and then decrease gradually. The average annual assessment over the life of the Bonds is estimated to be $77.66 per $100,000 of assessed valuation ending in 2054. The estimated annual tax for a home with an assessed valuation of $225,000 would be $54.00 the first year after bonds are issued and an average of $174.74 per year over the life of the bonds. If approved by Grover Beach’s voters, the Bonds would be issued in 2015 with the work on the streets beginning later that year.	”
—Martin D. Koczanowicz, Grover Beach City Attorney

Full text

The full text of the bond measure ordinance is available here.

See also

• City bonds on the ballot
• San Luis Obispo County, California ballot measures
• November 4, 2014 ballot measures in California

External links

Suggest a link

• San Luis Obispo Elections Office website