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Measure E Educational Facilities Bond Contra Costa Community College District Bond Measure - 55% Approval Required Pass: 82464 / 57.60% Yes votes ...... 60704 / 42.40% No votes
See Also:
Index of all Measures |
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Results as of Jul 9 6:42pm, 100.0% of Precincts Reporting (648/648) |
Information shown below: Impartial Analysis | Arguments | Tax Rate Statement | Full Text | ||||
To upgrade educational facilities at Diablo Valley, Contra Costa, and Los Medanos Colleges, and the San Ramon and Brentwood centers, and help prepare students for jobs and college transfer by modernizing classrooms and labs, building facilities for health, medical, science, and technology training, and implementing earthquake safety, accessibility, and infrastructure improvements, shall the Contra Costa Community College District issue $450 million of bonds at legal interest rates with independent oversight, audits, and all funds spent on local sites?
The measure provides that proceeds from the sale of the bonds will generally be used to upgrade school sites, school facilities and support facilities at Diablo Valley, Contra Costa, and Los Medanos colleges and the San Ramon and Brentwood centers. The specific projects are set forth in the Bond Project List attached to the Board's resolution. The proceeds from the sale of bonds may be used only forthose purposes. Approval of the measure does not guarantee that all of the projects listed in the Bond Project List will be funded or completed. The Bond Project List states that it includes more projects than the District estimates can be funded with proceeds from the sale of bonds under this measure.
Under State law, interest on the bonds would not exceed 12% per year. Bonds could have a maturity of up to 25 years if issued under authority of the California Education Code, or up to 40 years if issued under authority of the California Government Code.
Approval of this measure authorizes the District to levy a tax on each parcel of taxable real property within the District to generate revenue to repay the bonded indebtedness until all bonds are repaid. The District's Tax Rate Statement estimates that the highest tax rate thatwould need to be levied to repay bonds issued under this measure would be $13.00 per $100,000 of assessed valuation beginning in fiscal year 2014. The District's Tax Rate Statement states that the amount of the tax would depend on the timing of bond sales, the amount of bonds sold, the market interest rate at the time of each bond sale, and the actual assessed valuation of taxable real property within the District during the repayment period.
State law requires the District to conduct an annual performance audit, and, as long as any funds remain unspent, an annual independent financial audit, to ensure funds are used only for the purposes described in the measure. The measure also would require the District to establish an independent citizens' oversight committee that would ensure bond proceeds are spent only for the projects listed in the measure.
A "yes" vote on this measure authorizes the issuance of the bonds and the levy of taxes as estimated in the Tax Rate Statement to repay the bonds. Fifty-five percent (55%) of those voting on the ballot measure must approve the measure for it to pass. A "no" vote on this measure disapproves the issuance of the bonds and the levy of taxes.
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Arguments For Measure E | Arguments Against Measure E | ||
Diablo Valley College, Contra Costa College, Los Medanos College, and the San Ramon and Brentwood education centers are essential safety nets providing affordable education and job training to over 55,000 students locally + many of whom cannot afford four year colleges and universities. YES on E ensures OUR local students have the opportunity to continue their education and be ready to compete in today's competitive job market!
Local community college students are the backbone of our Contra Costa County workforce. YES on E updates classrooms and labs to maintain high quality career training programs in fields including healthcare, sciences, technology, and public safety.
YES on E improves our colleges, helping students prepare for 21st century jobs and careers or transfer to 4-year universities.
YES on E updates facilities and classrooms for science, technology, and training programs in nursing, dental hygiene, and health administration.
YES on E makes college buildings, classrooms, and facilities accessible to people with disabilities.
YES on E updates and maintains technology for modern, hands-on career training. Too many core academic classes are currently conducted in overcrowded, deteriorating facilities. YES on E monies will be managed with the highest levels of accountability, consistent with practices that have saved local taxpayers $14.5 million recently. YES on E funds are legally required to be spent in Contra Costa County to improve our local community colleges. An Independent Oversight Committee and regular audits will ensure the monies are spent as promised, consistent with our College's prudent, fiscally responsible practices. YES on E is supported by a broad coalition of local employers, educators, students and community leaders. Please join us. For questions or to volunteer, please visit http://www.ContraCostaColleges2014.com Linda Best, Fmr CEO, East Bay Leadership Council (Retired) Jim Russey, Fmr Local Fire Captain (Retired) J. Dale Hudson, Former Chair, Contra Costa Community College District Independent Citizens' Oversight Committee Kitty Guptill, Healthcare Executive Cynthia Egan, 2013 Contra Costa County Teacher of the Year (San Ramon Valley USD)
Residents oppose this bond because:
CONTRA COSTA TAXPAYERS ASSOCIATION Alex Aliferis, Executive Director | Bonds are an expensive form of debt. As with a home mortgage, bonds are repaid with interest, over time. Since 2002, District voters have approved bonds totaling $406.5 million that will cost taxpayers OVER ONE BILLION DOLLARS.
Now the District is asking for $450 million in NEW DEBT that will cost taxpayers ANOTHER BILLION DOLLARS. This bond is TOO BIG and TOO EXPENSIVE, especially given today's taxpayer burdens. Residents OPPOSE this bond because:
Residents expect and deserve to get the best value for every tax dollar. Vote NO on Measure E! Contra Costa Taxpayers Association Alex Aliferis, Executive Director
FACT: Diablo Valley College, Contra Costa College, Los Medanos College, San Ramon Campus, and Brentwood Center provide essential education and job training + keeping our economy moving forward and local workforce strong. FACT: 55,000 local students rely on Contra Costa Community Colleges each year for affordable education and job training. YES on E improves academic facilities to help students prepare for 21st century careers and transfer to 4-year universities, and updates classrooms/labs to support job training in important fields including healthcare, sciences, technology, and public safety. FACT: YES on E continues to invest in our local community colleges and will do so consistent with practices that recently saved local taxpayers $14.5 million through a bond refunding. FACT: By law, no funds can go toward administrator salaries or pensions! Every dime of YES on E is required to be spent in Contra Costa County to improve facilities at Diablo Valley College, Contra Costa College, Los Medanos College, San Ramon Campus, and Brentwood Center. FACT: YES on E is fiscally accountable and includes Independent Citizens' Oversight, independent annual audits, and a public expenditure plan to ensure funds are spent as promised. Join a broad coalition of community leaders in Voting YES on E for affordable education and job training. J. Dale Hudson, Fmr. Chair, Contra Costa Community College District Independent Citizens' Oversight Committee Sandy Johnson-Shaw, Mt. Diablo Unified School District Teacher/DVC Hall of Famer Sandra Castillo, Registered Nurse/Brentwood Resident McKinley Williams, Retired President, Contra Costa Community College/Longtime West County Resident Matthew Rinn, Business owner/Former Chair, Pleasant Hill Chamber of Commerce |
Tax Rate Statement from The Chancellor of the District |
An election will be held in the Contra Costa Community College District (the "District") on June 3, 2014, to authorize the sale of up to $450,000,000 in bonds of the District to finance community college facilities as described in the proposition. If the bonds are approved, the District expects to sell the bonds in series over time. Principal and interest on the bonds will be payable from the proceeds of tax levies made upon the taxable property in the District. The following information is provided in compliance with Sections 9400-9404 of the Elections Code of the State of California.
1. The best estimate of the tax which would be required to be levied to fund this bond issue during the first fiscal year after the sale of the first series of bonds, based on estimated assessed valuations available at the time of filing of this statement, is 1.3 tenths cents per $100 ($13.00 per $100,000) of assessed valuation in fiscal year 2014.
2. The best estimate of the tax rate which would be required to be levied to fund this bond issue during the first fiscal year after the sale of the last series of bonds, based on estimated assessed valuations available at the time of filing of this statement, is 1.3 tenths cents per $100 ($13.00 per $100,000) of assessed valuation in fiscal year 2020.
3. The best estimate of the highest tax rate which would be required to be levied to fund this bond issue, based on estimated assessed valuations available at the time of filing of this statement, is 1.3 tenths cents per $100 ($13.00 per $100,000) of assessed valuation in fiscal year 2020.
Voters should note that the estimated tax rates are based on the ASSESSED VALUE of taxable property on the County's official tax rolls, not on the property's market value. Property owners should consult their own property tax bills to determine their property's assessed value and any applicable tax exemptions.
The foregoing information is based upon the District's projections and estimates only. The actual tax rates and the years in which they will apply may vary from those presently estimated, due to variations from these estimates in the timing of bond sales, the amount of bonds sold and market interest rates at the time of each sale, and actual assessed valuations over the term of repayment of the bonds. The dates of sale and the amount of bonds sold at any given time will be determined by the District based on need for construction funds and other factors, including the legal limitations on bonds approved by a 55% vote. The actual interest rates at which the bonds will be sold will depend on the bond market at the time of each sale. Actual future assessed valuation will depend upon the amount and value of taxable property within the District as determined by the County Assessor in the annual assessment and the equalization process. Dated: February 26, 2014.
Helen Benjamin, Chancellor, |
Full Text of Measure E |
BOND AUTHORIZATION
By approval of this proposition by at least 55% of the registered voters voting on the proposition, the Contra Costa Community College District (the "District") shall be authorized to issue and sell bonds of up to $450,000,000 in aggregate principal amount to provide financing for the specific school facilities projects listed in the Bond Project List below, and in order to qualify to receive State matching grant funds, subject to all of the accountability safeguards specified below.
To provide safe, modern facilities and equipment needed for career and technology education classes so students within the District are prepared for college and good paying jobs in fields like science, technology, and skilled trades, funds from the sale of general obligation bonds issued by the District would be used to finance the design, construction, acquisition, improvement, installation, restoration, rehabilitation, modernization and improvement of school sites, school facilities and support facilities of the District and to provide facilities improvements, upgrades, and related facilities and facilities costs as further described below. ACCOUNTABILITY SAFEGUARDS
The provisions in this section are specifically included in this proposition in order that the District's voters and taxpayers may be assured that their money will be spent wisely to address specific facilities needs of the District, all in compliance with the requirements of Article XIII A, Section 1(b)(3) of the State Constitution, and the Strict Accountability in Local School Construction Bonds Act of 2000 (codified at Education Code Sections 15264 and following). Evaluation of Needs. The Governing Board hereby certifies that it has evaluated the facilities needs of the District, and the priority of addressing each of these needs. In the course of its evaluation, the Governing Board took safety, class size reduction and information technology needs into consideration while developing the Bond Project List.
Limitation on Use of Bond Proceeds. The State of California does not have the legal authority to take locally approved school district bond funds for any State purposes. The Constitution allows proceeds from the sale of bonds authorized by this proposition to be used only for the construction, reconstruction, rehabilitation, or replacement of school facilities listed in this proposition, including the furnishing and equipping of school facilities, or the acquisition or lease of real property for school facilities, and not for any other purpose, including teacher and administrator salaries and other school operating expenses. Proceeds of the bonds may be used to pay or reimburse the District for the cost of District staff only when performing work on or necessary and incidental to the bond projects.
Independent Citizens' Oversight Committee. The Governing Board shall establish an independent Citizens' Oversight Committee (pursuant to Education Code Section 15278 and following), to ensure bond proceeds are spent only for the school facilities projects listed in the Bond Project List. The committee shall be established within 60 days of the date on which the Governing Board enters the election results on its minutes.
Annual Performance Audits. The Governing Board shall conduct an annual, independent performance audit to ensure that the bond proceeds have been expended only on the school facilities projects listed in the Bond Project List.
Special Bond Proceeds Account; Annual Report to Board. Upon approval of this proposition and the sale of any bonds approved, the Governing Board shall take actions necessary pursuant to Government Code Section 53410 and following to establish an account in which proceeds of the sale of bonds will be deposited. As long as any proceeds of the bonds remain unexpended, the Chancellor or the Executive Vice Chancellor, Administrative Services of the District (or such other employee as may perform substantially similar duties) shall cause a report to be filed with the Board no later than January 31 of each year, commencing January 31, 2015, stating (1) the amount of bond proceeds received and expended in that year, and (2) the status of any project funded or to be funded from bond proceeds. The report may relate to the calendar year, fiscal year, or other appropriate annual period as such officer shall determine, and may be incorporated into the annual budget, audit, or other appropriate routine report to the Board. FURTHER SPECIFICATIONS
Specific Purposes. All of the purposes enumerated in this proposition shall be united and voted upon as one single proposition, pursuant to Education Code Section 15100, and shall constitute the specific purposes of the bonds, and proceeds of the bonds shall be spent only for such purposes, pursuant to Government Code Section 53410.
Joint Use. The District may enter into agreements with the County of Contra Costa or other public agencies or nonprofit organizations for joint use of school facilities financed with the proceeds of the bonds in accordance with Education Code Section 17077.42 (or any successor provision). The District may seek State grant funds for eligible joint-use projects as permitted by law, and this proposition hereby specifies and acknowledges that bond funds will or may be used to fund all or a portion of the local share for any eligible joint-use projects identified in the Bond Project List or as otherwise permitted by California State regulations, as the Governing Board shall determine.
Rate of Interest. The bonds shall bear interest at a rate per annum not exceeding the statutory maximum, payable at the time or times permitted by law.
Term of Bonds. The number of years the whole or any part of the bonds are to run shall not exceed the legal limit, though this shall not preclude bonds from being sold which mature prior to the legal limit. BOND PROJECT LIST
The Bond Project List below describes the specific projects the Contra Costa Community College District proposes to finance with proceeds of the bonds. Listed projects will be completed as needed at a particular District site according to District Governing Board-established priorities, and the order in which such projects appear on the Bond Project List is not an indication of priority for funding or completion. The final cost of each project will be determined as plans are finalized, construction bids are awarded, and projects are completed. Certain construction funds expected from non-bond sources, including State grant funds for eligible projects, have not yet been secured. Until all project costs and funding sources are known, the Governing Board cannot determine the amount of bond proceeds available to be spent on each project, nor guarantee that the bonds will provide sufficient funds to allow completion of all listed projects. Completion of some projects may be subject to further government approvals by State officials and boards, to local environmental review, and to input from the public. For these reasons, inclusion of a project on the Bond Project List is not a guarantee that the project will be funded or completed. The Bond Project List contains more projects than the District currently estimates the Bonds can fund to provide flexibility should additional efficiencies be realized or should Board priorities change. The Governing Board may make changes to the Bond Project List in the future consistent with the projects specified in the proposition. Bond Projects ALL COLLEGES AND DISTRICT SITES
Each project listed above includes allocable costs such as election and bond issuance costs, architectural, engineering, inspection and similar planning costs, construction management (whether by the District or a third-party), annual financial and performance audits, a contingency for unforeseen design and construction costs and other costs necessary or incidental to the completion of the listed projects and otherwise permitted by law, including, but not limited to:
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