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Measure I Repair, rehabilitate and construct facilities San Jose City College/Evergreen Community College District Bonds 97,031 / 74.3% Yes votes ...... 33,484 / 25.7% No votes
See Also:
Index of all Measures |
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| Infomation shown below: Impartial Analysis | Arguments | Tax Rate Statement | | |||||
Shall San Jose/Evergreen Community College District repair and
rehabilitate its San Jose City College and Evergreen Valley College
facilities to meet current health, safety, accessibility, and instructional
standards; replace aging roofs, inadequate lighting, deteriorated plumbing,
heating, ventilation and electrical systems; refurbish classrooms,
laboratories, restrooms, vocational training facilities, and construct technology
centers, libraries and classrooms by issuing $135,750,000 of bonds
at interest rates within the legal limit with no proceeds used for administrator
salaries?
The San Jose/Evergreen Community College District proposes to issue bonds not to exceed $135.75 million with maturity not to exceed twenty-five years for bonds issued pursuant to Education Code section 15100 and forty years for bonds issued pursuant to Government Code section 53506 with annual interest within the legal limit. The bonds would be repaid through a property tax based upon the taxable value of real property and the improvements thereon. A "yes" vote is a vote to authorize the issuance and sale of the general obligation bonds not to exceed the principal amount of $135,750,000.00. The funds derived from the sale of the bonds would be expended to repair and rehabilitate facilities to meet current health, safety, accessibility, and instructional standards; replace aging roofs, inadequate lighting, deteriorated plumbing, heating, ventilation and electrical systems; refurbish classrooms, laboratories, restrooms, vocational training facilities, and construct technology centers, libraries and classrooms. None of the proceeds shall be used for administrator salaries. A "no" vote is a vote not to authorize the issuance and sale of said bonds.
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| Arguments For Measure I | ||||||||
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San Jose/Evergreen Community College District has served our communities
since 1921. Our campuses, Evergreen Valley College and San Jose City College,
train students for jobs such as emergency medical technicians, dental assistants,
nurses, and computer programmers.
Our college system is one of the best-managed in California. However, our schools are old and need repair. Classrooms are 23 - 45 years old. Science labs built in the 1950's are outdated. Electrical systems and wiring are obsolete and can't accommodate computers or new technology. Some facilities only meet 1950's building and seismic safety standards. Over-crowding is a problem. Today, more than 20,000 students use our colleges. We don't have the facilities to meet the demand. Passage of Measure l will provide money to repair, renovate, and build modern facilities to meet enrollment needs and allow our students to keep up with changing technology. By law, Measure I funding can only be used for facilities renovation, not for administrative overhead. All Measure I funding will be audited regularly to ensure funds are spent properly, and that renovations are completed on time and within budget.
All money raised by Measure I is tax deductible. Please support Measure I
(No arguments against Measure I were submitted) |
| Tax Rate Statement |
| An election will be held in the San Jose/Evergreen Community College
District (the "District") on November 3, 1998, to authorize the sale of
up to $135,750,000 in general obligation bonds of the District to finance
the acquisition and improvement of real property for District purposes.
It is expected that bonds would be issued in series over time. If such
bonds are authorized and sold, the principal thereof and interest thereon
will be payable from the proceeds of tax levies made upon the taxable property
in the District. The following information regarding tax rates is given
to comply with Sections 9400 et seq. of the California Elections Code.
Such information is based upon the best estimates and projections presently
available from official sources, upon experience within the District, and
upon other demonstrable factors.
Based upon the foregoing and projections of the District's assessed valuation, and assuming the entire debt service will be amortized through property taxation: 1. The best estimate of the tax rate that would be required to be levied to fund the bond issue during the first fiscal year after the sale of the first series of bonds is 1.25 per $100 of assessed valuation (or, stated another way,
2. The best estimate of the tax rate that would be required to be levied to fund the bond issue during the first fiscal year after the sale of the last series of bonds and an estimate of the year in which that rate will apply is 1.50 per $100 of assessed valuation (or, stated another way, $15.00 per $100,000 of assessed valuation) in the fiscal year 2007/08.
3. The best estimate of the highest tax rate that would be required to be levied to fund the bond issue and an estimate of the year in which that rate will apply is 1.50 per $100 assessed valuation (or, stated another way, $15.00 per $100,000 of assessed valuation) for the fiscal year 2007/08.
4. The best estimate of the average tax rate that would be required to be levied to fund the bond issue and an estimate of the years in which a tax rate would be required to be levied to fund the bond issue (the years over which the tax rate would be averaged) is 1.25 per $100 of assessed valuation (or, stated another way, $12.50 per $100,000 of assessed valuation) for the fiscal years 1999/00 through 2031/32.The attention of all voters is directed to the fact that the foregoing information is based upon projections and estimates only, which are not binding upon the District. Such projections and estimates may vary due to variations in timing of bond sales, the amount of bonds sold at each bond sale, market interest rates at the time of each bond sale, and actual assessed valuation over the term of repayment of the bonds. The actual date of the sales of said bonds and the amount sold on any given date will be governed by the needs of the District and other factors. The actual interest rates at which the bonds will be sold, which in any event will not exceed the maximum permitted by law, will depend upon the market for the bonds at the time of each sale. Actual assessed valuation in future years will depend upon the value of property within the District as determined in the assessment and the equalization process. Hence, the actual tax rates and the years in which such rates are applicable may vary from those presently estimated above.
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Created: February 16, 1999 18:55
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