Santa Rosa, California, Measure N, Housing Bonds (November 2018)
| Measure N: Santa Rosa Housing Bonds |
|---|
|
| The basics |
| Election date: |
| November 6, 2018 |
| Status: |
 DefeatedMajority required: 66.67% |
| Topic: |
| City bonds |
| Related articles |
| City bonds on the ballot November 6, 2018 ballot measures in California Sonoma County, California ballot measures City bonds on the ballot |
| See also |
| Santa Rosa, California |
A bond issue was on the ballot for Santa Rosa voters in Sonoma County, California, on November 6, 2018. It was defeated.
| A yes vote was a vote in favor of authorizing the city to issue up to $124 million in bonds at an estimated tax rate of $29 per $100,000 in assessed value to fund property acquisition and improvement for housing. |
| A no vote was a vote against authorizing the city to issue up to $124 million in bonds at an estimated tax rate of $29 per $100,000 in assessed value to fund property acquisition and improvement for housing. |
A two-thirds (66.67%) vote was required for the approval of Measure N.
Election results
|
Santa Rosa, California, Measure N, Housing Bonds (November 2018) |
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|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 40,243 | 61.66% | ||
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|
25,018 | 38.34% | ||
Text of measure
Ballot question
The ballot question was as follows:[1]
| “ |
To aid recovery and provide affordable housing for low- and middle-income families, veterans, seniors, disabled, and other vulnerable populations, provide supportive housing for the homeless; and help low- and middle-income households purchase homes in their communities, shall the City of Santa Rosa's measure to issue $124 million in bonds, levying approximately $8.6 million annually at approximately $29 per $100,000 of assessed value through final maturity, with oversight and audits, be adopted?[2] |
” |
Impartial analysis
The following impartial analysis of the measure was prepared by the office of the Santa Rosa City Attorney:
| “ |
By this measure, the City of Santa Rosa seeks voter authorization to issue and sell up to $124 million in general obligation bonds, with an interest rate of up to 12% per annum. The sole object and purpose of the bonds is to advance housing recovery by financing the acquisition and improvement of real property for affordable housing for low-income and middle-income families, veterans, seniors, persons with disabilities and other vulnerable populations, and supportive housing for persons experiencing homelessness. The bond proceeds may be used only for the purposes set forth in the measure. Under the measure, proceeds may be used by the City either: (a) directly to acquire, rehabilitate, preserve, or construct affordable housing and/or supportive housing; and/or (b) indirectly to provide loans, grants or other disbursements to qualified individuals (low-and middle-income), business entities, corporations, partnerships, associations and government agencies for the acquisition, rehabilitation, preservation or construction of such housing. If approved, the bonds will be issued in one or more series, and will be general obligations of the City, payable solely from an ad valorem tax to be levied upon the assessed value of taxable property in the City. The tax will be equal to the amount needed to pay the principal and interest on the bonds in each year that the bonds are outstanding. The Tax Rate Statement, included in the sample ballot pamphlet, reflects the City’s best estimates of the tax rates and duration needed for the measure. The estimates are based upon currently available data and projections, and do not bind the City. The Statement estimates that the annual tax rate required to service the bonds will be $29.00 per $100,000 of assessed valuation. (For example, a property assessed at $500,000 would pay $145 annually). The tax is based upon the assessed value of the property on Sonoma County’s tax rolls, not the property’s market value. The Statement estimates that the final fiscal year of taxation will be 2048-49; and that, if all the bonds are issued and sold, the total debt service, including principal and interest, will be $258.5 million. An oversight committee will be appointed by the Santa Rosa City Council to ensure that the bond proceeds are expended only as allowed by the measure. All expenditures will be subject to an annual independent financial audit. The City Manager will be required to file an annual report with the City Council, setting forth the amount of funds collected and expended, as well as the status of all acquisitions and improvements funded under the measure. This measure will become effective only upon the affirmative vote of at least two-thirds of the qualified electors voting on the measure. This measure was placed on the ballot on July 24, 2018, by the affirmative vote of all six members of the Santa Rosa City Council present at the Council meeting. One Council member was absent.[2] |
” |
| —Santa Rosa City Attorney[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 Santa Rosa, California.
See also
External links
Footnotes
- ↑ 1.0 1.1 City of Santa Rosa, "Ballot Measure Filings," accessed October 11, 2018
- ↑ 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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