Martinez Unified School District bond proposition, Measure K (November 2010)
The ballot measure asked voters to allow the Martinez Unified School Board to borrow $45 million.
The $45 million bond will be repaid over 25 years at a total projected cost of $99 million. There is a pre-existing school bond debt in the district of $48 million, due to expire in 2014, that is currently adding about $62 per $100,000 of assessed valuation to property tax bills in the district. The Measure K repayment schedule will not require taxpayers to pay more than the current $62 per $100,000.
A 55% supermajority vote was required for Measure K to pass.
Voters in the Martinez Unified School District most recently approved Measure B, a parcel tax of $50, in November 2008 by a margin of 69.59-30.41%.
Results are from the Contra Costa County election results website, as of November 8, 2010. Vote totals may increase if additional absentee ballots are counted and added to the total.
MUSD school board member Kathi McLaughlin said, "I am excited because this bond, while providing the District with funds to partially compensate for the significant loss in state funding does not increase the existing tax rate for the residents of Martinez. This was a major consideration in determining the total amount of the bond. In addition to providing relief to our general fund this bond affords us new avenues for continuous academic growth and improvement."
Text of measure
The question on the ballot:
|To qualify for State grants; install solar energy improvements; provide and upgrade classrooms; rehabilitate infrastructure; improve school grounds; enhance Alhambra’s performing arts building; add culinary arts, career and technical education classrooms, and furnish computers and other electronic equipment, shall Martinez Unified School District be authorized to issue up to $45,000,000 in bonds at legal interest rates, with citizens’ oversight, independent annual performance and financial audits and no increase in the estimated tax rate?|