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National Elementary School District Bond Issue, Proposition N (November 2014)
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A National Elementary School District Bond Issue, Proposition N ballot question was on the November 4, 2014 election ballot for voters in the National Elementary School District in San Diego County, California. It was approved.
Proposition N authorized the district to increase its debt by $26.1 million through issuing general obligation bonds in that amount.[1]
A 55 percent supermajority vote was required for the approval of Proposition N.
Election results
| National Elementary School District, Proposition N | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
 Yes | 4,620 | 78.58% | ||
| No | 1,259 | 21.42% | ||
Election results via: San Diego County Registrar of Voters
Text of measure
Ballot question
The question on the ballot:[1]
| “ |
To repair and rebuild aging classrooms and facilities throughout the District; meet handicapped access requirements, increase student access to computers and modern technology; and upgrade outdated heating and air conditioning systems; shall the National School District be authorized to issue $26.1 million of bonds with legal interest rates, annual audits, an independent citizens' oversight committee, all funds spent locally and no money used for administrative salaries or taken by the State and spent elsewhere?[2] |
” |
Impartial analysis
The following impartial analysis was prepared for Measure N:[3]
| “ |
This measure was placed on the ballot by the governing board of the National School District (“District”). This measure, if approved by 55% of the votes cast on the measure, will authorize the District to issue and sell $26,100,000 in general obligation bonds. 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 holders, the District promises to pay the holders of the bonds an amount of interest for a certain period of time, and to repay the bonds on the maturity date. Voter approval of this measure also will 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 measure may be used by the District to modernize, replace, renovate, construct, acquire, rebuild, improve, furnish, and equip 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 or 40 years after the date the bonds are issued as determined by the District. 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 the 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, 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 measure subject to these requirements. Approval of this measure does not guarantee that the proposed projects in the District that are the subject of these bonds will be funded beyond the local revenues generated by this measure. A “YES” vote is a vote in favor of authorizing the District to issue and sell $26,100,000 in general obligation bonds. A “NO” vote is a vote against authorizing the District to issue and sell $26,100,000 in general obligation bonds. [2] |
” |
| —County Counsel[3] | ||
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
Footnotes
- ↑ 1.0 1.1 League of Women Voters of California Education Fund, "San Diego County Local Propositions," archived September 22, 2014
- ↑ 2.0 2.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
- ↑ 3.0 3.1 San Diego County, "Measure N Ballot Information," accessed October 17, 2014
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