Franklin-McKinley School District, California, Bond Issue, Measure H (June 2016)
| Measure H: Franklin-McKinley School District Bond Issue |
|---|
|
| The basics |
| Election date: |
| June 7, 2016 |
| Status: |
 ApprovedMajority required: 55% |
| Topic: |
| Local school bonds Tax: Up to $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 Santa Clara County, California ballot measures |
| See also |
| Franklin-McKinley School District, California |
A measure to issue bonds in order to fund school renovation and construction was on the ballot for Franklin-McKinley School District voters in Santa Clara County, California, on June 7, 2016. It was approved.
| A yes vote was a vote in favor of increasing the districts debt by $67.4 million through issuing bonds in that amount to fund school renovations and construction. |
| A no vote was a vote against issuing the school bonds. |
District officials estimated the total debt service cost for the loan—including principal and interest—at $155.5 million. District officials also estimated that the highest property tax rate required to repay the bond over the life of the loan at $30 per $100,000.[1]
As of the 2013-2014 academic year the Franklin-McKinley School District served 11,269 students in 17 schools and was the 152nd-largest by enrollment in the state of California. From 1993 to 2013, the Franklin-McKinley School District had an average of $79,704,143 in revenue and $81,878,857 in expenditures, according to the United States Census Bureau's survey of school system finances. The district had a yearly average of $49,966,905 in outstanding debt. The district retired $4,514,143 of its debt and issued $8,053,000 in new debt each year on average.[2][3]
A 55 percent supermajority vote was required for the approval of Measure H.
Election results
| Franklin-McKinley School District, Measure H | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 10,443 | 78.18% | ||
| No | 2,914 | 21.82% | ||
- Election results from Santa Clara County Elections Office
Text of measure
Ballot question
The following question appeared on the ballot:[4]
| “ |
To upgrade/renovate classrooms/school facilities and improve the quality of education with funding that cannot be taken by the State, shall Franklin-McKinley School District construct classrooms, improve student access to modern technology, replace leaky roofs, old portable classrooms, outdated electrical/plumbing systems, improve safety/access for students with disabilities, acquire, construct, repair classrooms, sites, facilities/equipment by issuing $67,400,000 of bonds at legal rates, with independent citizens’ oversight, annual audits, and no money for administrative salaries?[5] |
” |
Impartial analysis
The following impartial analysis of the measure was prepared by the office of the Santa Clara County Counsel:
| “ |
Upon approval of 55 percent of the votes cast by voters in an election and subject to specified accountability measures, California law permits school districts to issue bonds, secured by the levy of ad valorem taxes on property within a district, for the purpose of 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 Board of Education (Board) of the Franklin-McKinley School District (District) proposes issuing bonds in the amount of $67,400,000. As identified in the Measure, bond proceeds would be used for purposes including, but not limited to: (1) modernizing, replacing, or constructing classrooms, science labs, and other school facilities; (2) improving student safety and security; and (3) fixing outdated electrical wiring, improving science and computer labs, and improving access to computers. A detailed list of projects and allowed expenditures is included within the full text of the measure. The District's resolution authorizing the sale and issuance of bonds does not include information about any other District debt obligations that may exist. The California Constitution provides that proceeds of school district bond measures cannot be used for teacher and administrator salaries and other school operating expenses, and requires independent annual performance and financial audits. State law requires the establishment of an independent citizens' oversight committee for ensuring that bond proceeds are expended only for the school facilities on the bond project list included in the Measure. The District's stated estimate of the highest tax rate to be levied to fund the proposed bonds is $30.00 per $100,000 of assessed value based on estimated assessed valuations available at the time of the filing of tax rate statement of the Measure. Measure H was placed on the ballot by the Board. A "yes" vote is a vote to authorize the issuance of the bonds in the amount of $67,400,000 to be secured by the levy of ad valorem taxes on property located within the District. A "no" vote is a vote to not authorize the issuance of the bonds in the amount of $67,400,000 to be secured by the levy of ad valorem taxes on property located within the District. [5] |
” |
| —Santa Clara County Counsel[1] | ||
Full text
The full text of the measure is available here.
Support
Supporters
The following individuals signed the official argument in favor of the measure:[1]
- Charles Guardino, CEO and president, Silicon Valley Leadership Group
- Tam Nguyen, San Jose City Council member
- Corazon B. Tomalines, community member
- Van Le, East Side District Board Member
- Muhammed Chaudhry, CEO, Silicon Valley Education Foundation
Arguments in favor
Official argument
The following official argument was submitted in favor of the measure:[1]
| “ |
Vote Yes on Measure H - repair and update local schools to give all our students the tools they need for success. Franklin-McKinley School District provides a high quality education that prepares students for high school, college, and future careers. However, our schools require essential repairs and upgrades to improve student safety and ensure that all students have equal access to modern classrooms and labs. Whether or not you have children in school, investing in our elementary and middle schools makes sense. By keeping neighborhood schools strong, we help maintain property values in our community. Measure H provides locally controlled funding that the state cannot take away to upgrade school facilities in our community. Measure H will repair leaky roofs, outdated electrical systems, deteriorating plumbing and sewer systems, and ensure safety and accessibility upgrades are made. Measure H will also provide the additional classrooms needed to reduce overcrowding and provide top quality science, technology, engineering, and math (STEM) education so that our students are prepared to excel in the 21st-century, global economy. Vote YES on H to:
Measure H includes Strict Fiscal Accountability
Measure H repairs and updates local schools, improves the education of local students, and maintains the quality of our community. Please join parents, teachers, and community leaders in voting YES on Measure H! [5] |
” |
Opposition
Opponents
Mark W.A. Hinkle, president of the Silicon Valley Taxpayers Association, signed the official argument against the measure.[1]
Arguments against
Official argument
The following official argument was submitted in opposition to the measure:[1]
| “ |
In 2008, voters in Franklin-McKinley School District approved a $150,000,000 bond measure, meant to "improve classrooms, libraries, and infrastructure." That's just 8 years ago. Were the construction projects funded by that $150,000,000 so shoddy that it all has to be done over again? lf so, why should we trust the proponents, this time around, to get it right? Answer: We shouldn't. If you wanted a personal computer for your home or business, would you take out a 30-year loan at an unknown interest rate to pay for it? That would be nuts, right? Especially because most technology is obsolete in 3-5 years. But, decades of debt are what the proponents of Measure H want to push on us, with this bond. Bond interest rates can legally go as high as 12% per year. Would you buy a house or condo without knowing the interest rate? That would be nuts, right? But Measure H's proponents are asking us to accept that uncertainty, that risk. And because bonds are like mortgages - they have to be paid back with interest - what is the real cost of this $67,400,000 bond measure? If we assume a 3% rate, that's $2,022,000 per year, just in interest. Over 30 years, that adds up to $60,660,000 in interest, plus the original bond amount of $64,400,000, for a total cost of $125,060,000. What makes schools great is great teachers. Not fancy classrooms or the trendiest computer technology. By the time this bond is paid off, the technology it funded will be long obsolete, probably rotting in some landfill dump. School funding should be used to pay teachers, not squandered on bond interest for the next 30 years. Just say NO to more debt. Vote NO on Measure H. For more information, please see: www.SVTaxpayers.org/2016-franklin-mckinnley-school-bond-measure |
” |
Path to the ballot
This measure was put on the ballot through a vote of the governing officials of Franklin-McKinley School District, California.
Recent news
The link below is to the most recent stories in a Google news search for the terms Franklin-McKinley School District Local school bonds. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.
See also
External links
Footnotes
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 Santa Clara County Elections Office, "June 7th Primary Measures - Analyses and Arguments," accessed April 21, 2016
- ↑ Ed Data, "District Reports: Profile of District," accessed November 21, 2014
- ↑ United States Census Bureau, "Public School System Finances: Historical Data," accessed December 1, 2015
- ↑ Santa Clara County, California, "List of Local Measures," March 30, 2016
- ↑ 5.0 5.1 5.2 5.3 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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