Ballico-Cressey School District, California, Bond Issue, Measure U (June 2016)
| Measure U: Ballico-Cressey School District Bond Issue |
|---|
|
| The basics |
| Election date: |
| June 7, 2016 |
| Status: |
 ApprovedMajority required: 55% |
| Topic: |
| Local school bonds Tax: $30 per $100,000 in value Matures in: Legal limit |
| Related articles |
| Local school bonds on the ballot June 7, 2016 ballot measures in California Merced County, California ballot measures |
| See also |
| Ballico-Cressey School District, California |
A bond issue measure was on the ballot for Ballico-Cressey School District voters in Merced County, California, on June 7, 2016. It was approved.
| A yes vote was a vote in favor of increase the district's debt by $6.5 million through issuing general obligation bonds in that amount and increasing property taxes to pay for the bonds. |
| A no vote was a vote against increase the district's debt by $6.5 million through issuing general obligation bonds in that amount and increasing property taxes to pay for the bonds. |
District officials estimated the total debt service cost for the loan—including principal and interest—at $13 million. District officials also estimated that a property tax rate of $30 per $100,000 in assessed value would be required to repay the bonds.
A 55 percent supermajority vote was required for the approval of Measure U.
Election results
| Ballico-Cressey School District, Measure U | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 260 | 61.32% | ||
| No | 164 | 38.68% | ||
- Election results from Merced County Elections Office
Text of measure
Ballot question
The following question appeared on the ballot:[1]
| “ |
To improve the quality of education with funding that cannot be taken by the State; repair/replace outdated heating, ventilation and air-conditioning systems; construct/modernize classrooms, restrooms and school facilities; upgrade P.E. fields and facilities for school and community use; and make health, safety and security improvements; shall the Ballico-Cressey School District issue $6,500,000 of bonds at legal interest rates, with annual audits, citizens’ oversight and NO money used for administrator or teacher salaries?[2] |
” |
Impartial analysis
The following impartial analysis of the measure was prepared by the office of the Humboldt County Counsel:
| “ |
This analysis of the general obligation bond measure for the Ballico-Cressey School District (“District”), Measure U (the “Measure”), is provided in accordance with Elections Code section 9500, et seq. Section 1 of Article XIIIA and section 18 of Article XVI of the California Constitution and Education Code Section 15264, et seq., which authorize a school district, subject to the approval of the District’s voters, to authorize issuance of general obligation bonds for specific school district purposes. Specifically, this Measure is to authorize issuing and selling District bonds in amounts not to exceed $6,500,000.00 ($6.5 million) to raise money for the Measure’s “Bond Project List”, and incidental expenses and debt service of the bonds issued for such District modernization, renovation, acquisition, construction, reconstruction, rehabilitation, and/or replacement of school facilities, located or to be located in the District. Issued bonds would be repaid by tax levies on non-exempt taxable real property parcels within the District. There is no assurance or guarantee the District will issue the maximum amount of the bonded indebtedness authorized; or that beyond revenues generated, the proposed projects will be funded by matching State funds sufficient to complete them. According to the Tax Rate Statement submitted by Bryan Ballenger, Superintendent of the Ballico- Cressey School District, the best estimate of the maximum ad valorem tax which would be levied on taxable real property to repay the bonds over their term is $30.00 per year per $100,000 ($0.03 per $100) of assessed value. The best estimate from official sources of the total debt service, including principal and interest, is that $13,000,000 ($13 million) would be required to be repaid if all the bonds are issued and sold. These calculations are estimates only and are not binding upon the District. The tax rates may vary due to the bond amounts sold, market interest rates at the time of the sales, and the assessed valuation of the real property set by the Assessor or through the property tax equalization process. The bonds may not exceed the District’s bonding capacity of 2.5% of the annual assessed values of real property as set by the Assessor or through the property tax equalization process, including any other outstanding bond indebtedness, and the interest rate may not exceed the legal maximum. No proceeds authorized by this Measure can be used for District salaries or administrative and operating expenses; and can only be used for the purposes stated in the Measure. Both annual and independent financial audits and oversight by an appointed citizen’s committee for performance, utilization, and compliance must be conducted under the Measure and by law. The citizen’s committee cannot include any District vendors or employees. Approval of this Measure requires the affirmative vote of 55% of the qualified voters. A “YES” vote is a vote in favor of authorizing the Ballico-Cressey School District to issue and sell up to $6,500,000.00 in general obligation bonds. A “NO” vote means the voter is against authorizing the Ballico-Cressey School District to issue and sell up to $6,500,000.00 in general obligation bonds.[2] |
” |
| —Humboldt County Counsel[1] | ||
Full text
The full text of the measure is available here.
Path to the ballot
This measure was put on the ballot through a vote of the governing officials of Ballico-Cressey School District, California.
Recent news
The link below is to the most recent stories in a Google news search for the terms Ballico-Cressey School District bond issue Measure U. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.
See also
External links
Footnotes
- ↑ 1.0 1.1 Merced County Elections, "2016 Measure U," accessed May 29, 2016
- ↑ 2.0 2.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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