Lakeside Union Elementary School District Bond Issue Renewal, Proposition L (November 2014)

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A Lakeside Union Elementary School District Bond Issue Renewal, Proposition L ballot question was on the November 4, 2014 election ballot for voters in the Lakeside Union Elementary School District in San Diego County, California. It was approved.

Proposition L reauthorized the district to issue $31 million in general obligation bonds that were previously approved by voters under Proposition V in 2008.

District voters approved a $79.55 million bond issue in 2008 under Proposition V. The bonds proposed by Proposition L are a portion of that bond amount approved in 2008. Because the time frame for issuing the bonds expired, the district required voters to re-approve them.

A 55 percent supermajority vote was required for the approval of Proposition L.

Election results

Lakeside Union Elementary School District, Proposition L
Result		Votes	Percentage
a Yes		5,640	58.57%
No		3,990	41.43%

Election results via: San Diego County Registrar of Voters

Text of measure

Ballot question

The question on the ballot:

“

To increase student access to classroom computers; upgrade /construct science labs throughout the district; renovate /modernize classrooms/facilities; and reduce overall borrowing costs, shall $31,000,000 of Lakeside Union School District bonds, previously approved by voters in November 2008, be reauthorized through issuance of new bonds, with no increase in total authorized District debt, interest rates below legal limits, independent citizen oversight, and no money taken by the State and spent elsewhere or used for administrator salaries?

”

Impartial analysis

The following impartial analysis was prepared for Measure L:

“	This measure was placed on the ballot by the governing board (“Board”) of the Lakeside Union School District (“District”). This measure, if approved by 55% of the votes cast on the proposition, will re-authorize the District to issue and sell $31,000,000 in general obligation bonds that were previously approved by District voters in a bond election held in November 2008. The sale of these bonds by the District is for the purpose of raising money for the District, and represents a debt of the District. In exchange for the money received from the bond holders, the District promises to pay the holders an amount of interest for a certain period of time, and to repay the bonds on the maturity date. Voter approval of this measure will also authorize an annual tax to be levied upon the taxable property within the District. The purpose of this tax is to generate sufficient revenue to pay interest on the bonds as it becomes due and to provide a fund for payment of the principal on or before maturity. Proceeds from the sale of bonds authorized by this proposition may be used by the District to modernize, replace, renovate, construct, equip, furnish, rebuild, and improve the District’s educational facilities. The interest rate on any bond, which is established at the time of bond issuance, could not exceed 12% per annum. The final maturity date of any bond could be no later than 25 years after the date of issuance as determined by the District, with the exception of the bonds issued to fund certain technology equipment and projects, which shall mature not more than 5 years from the date of issuance. The tax authorized by this measure is consistent with the requirements of the California Constitution. The California Constitution permits property taxes, above the standard one percent (1%) limitation, to be levied upon real property to pay the interest and redemption charges on any bonded indebtedness for, inter alia, the rehabilitation, furnishing and equipping of school facilities, when approved by 55% of the voters if: (1) the proceeds from the sale of the bonds are used only for the purposes specified, (2) the District, by evaluating safety, class size reduction, and information technology needs, has approved a list of specific projects to be funded, (3) the District will conduct an annual, independent performance audit, and (4) the District will conduct an annual, independent financial audit. If a bond measure is approved, state law requires the District to establish an independent citizens’ oversight committee. The District has made this ballot proposition subject to these requirements. Approval of this proposition does not guarantee that the proposed projects that are the subject of these bonds will be funded beyond the local revenues generated by this proposition. A “YES” vote is a vote in favor of authorizing the District to issue and sell $31,000,000 in general obligation bonds. A “NO” vote is a vote against authorizing the District to issue and sell $31,000,000 in general obligation bonds.	”
—County Counsel

Related measures

a Lakeside Union Elementary School District bonds, Proposition V (November 2008)

See also

• Local school bonds on the ballot
• School bond elections in California
• San Diego County, California ballot measures
• November 4, 2014 ballot measures in California

External links

Suggest a link

• San Diego County Elections Office website