Patterson Joint Unified School District, California, Measure V, Bond Issue (June 2018)

Yes

To repair Patterson’s classrooms, construct classrooms for 21st Century learning/reduce overcrowding, make fire safety/security improvements, replace aging plumbing/sewer/electrical systems, acquire, construct/repair classrooms, sites, facilities/equipment, shall the measure be adopted to reauthorize the $33,852,058.10 Patterson Joint Unified School District bonds approved in 2008 as new bonds, at legal rates, levy on average 6 cents/$100 assessed value ($2,600,000 annually) while bonds are outstanding, with taxpayer oversight, audits, no increase in total authorized District debt?^[2]

The Board of Trustees of District submits this measure to reauthorize and reapprove District to issue $33,852,058.10 in bonds that were authorized by voter approval of Measure V (2008) (“2008 Measure V”), with interest rates and maturity dates not to exceed the legal maximums. District seeks reauthorization because it cannot access the remaining authorization on terms acceptable to the District and advantageous to the taxpayers without increasing the total amount of authorized debt. The new bonds will be issued within the authorized debt limit.

If this measure passes, District shall cancel and not authorize the issuance of 2008 Measure V bonds in a like amount. The District will issue new bonds to pay the bond principal and interest and associated costs for the specifically listed projects. The projects include construct new classrooms and laboratories to relieve overcrowding; repair, upgrade and improve equipment, classrooms, laboratories, athletic and other school facilities; improve student safety by repairing and modernizing aging infrastructure, including gas, sewer, electrical and plumbing; and replace aging roofs. See the bond “Project List” in this measure for further details.

Proceeds may not be used for other purposes such as teacher or administrator salaries, or school operating expenses. Based on the final costs of each project, allocation of bond proceeds may be affected, and certain listed projects may be delayed or may not be completed.

District’s best estimate for the average annual tax rate in any given year will be $59.00 per $100,000 of assessed valuation, with the final fiscal year anticipated to be 2040-41. District estimates the highest tax rate to be levied to fund the bond issue will be $60.00 per $100,000 assessed valuation and will start in fiscal year 2018-2019. The actual amount of tax levied may be higher than the estimate if funds due for payment of principal and interest on the bonds exceed the best estimate of the tax rate.

The measure requires District be accountable for the use of the proceeds from the sale of the bonds as required by the California Constitution and Education Code. Expenditure of bond revenues will be actively reviewed by an independent citizens’ oversight committee. Annual independent performance and financial audits will be conducted to assure the funds are spent only for the purposes included in the measure.

________A “yes” vote is a vote to reauthorize District to issue up to and sell $33,852,058.10 in bonds for the purposes listed in the “Project List” and levy related taxes.

________A “no” vote is a vote against authorizing Patterson Joint Unified School District to issue the bonds.

Submitted by County Counsel pursuant to Elections Code section 9500. ^[2]