Vallecitos Elementary School District Bond Issue, Proposition O (November 2014)

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A Vallecitos Elementary School District Bond Issue, Proposition O ballot question was on the November 4, 2014 election ballot for voters in the Vallecitos Elementary District in San Diego County, California. It was defeated.

If approved, Proposition O would have authorized the school district to incur $2 million in new debt through issuing general obligation bonds in that amount.

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

Election results

City of Escondido, Proposition O
Result		Votes	Percentage
d No		260	46.51%
Yes		299	53.49%

Election results via: San Diego County Registrar of Voters

Text of measure

Ballot question

The question on the ballot:

“

To improve educational facilities with funding that cannot be taken by the State; repair or replace leaky roofs; increase student access to computers and modern technology; modernize outdated classrooms, restrooms and school facilities; replace outdated heating, ventilation and air-conditioning systems; and make health and safety improvements; shall the Vallecitos School District issue $2,000,000 of bonds at legal interest rates, have an independent citizens' oversight committee and with NO money used for administrative salaries?

”

Impartial analysis

The following impartial analysis was prepared for Measure O:

“	This measure was placed on the ballot by the governing board of the Vallecitos School District (“District”). This measure, if approved by 55% of the votes cast on the measure, will authorize the District to issue and sell up to $2,000,000 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 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 measure may be used by the District 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. 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 annual, independent performance audits, and (4) the District will conduct annual, independent financial audits. If a bond measure is approved, state law requires the District to establish an independent citizens’ oversight committee. The District has made this bond measure subject to these requirements. Approval of this measure does not guarantee that the proposed projects 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 up to $2,000,000 in general obligation bonds. A “NO” vote is a vote against authorizing the District to issue and sell up to $2,000,000 in general obligation bonds.	”
—County Counsel

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