LWV League of Women Voters of California
Smart Voter
San Mateo County, CA March 6, 2001 Election
Measure C
Belmont Library Bonds
City of Belmont

Special Tax (2/3 Approval Required)

See Also: Index of all Measures

Information shown below: Fiscal Impact | Yes/No Meaning | Impartial Analysis | Arguments |

To qualify for State or other library improvement matching funds to build a new community library, wired for computers, with adequate space for books, children's activities, community meetings, and make surrounding site improvements, shall Belmont Community Facilities District No. 2000-1 issue $8,650,000 of bonds, levy special taxes to pay for facilities, maintenance, incidental expenses, including debt service; and establish the District's annual appropriations limit equal to $8,650,000, as provided in Resolutions 8917 and 8918?

Fiscal Impact:
TAX RATE STATEMENT As shown on the foregoing Sample Official Ballot, an election is being held in Community Facilities District No. 2000-1 of the City of Belmont ("CFD No. 2000- 1 ") on March 6, 2001, for the purpose of submitting to the registered voters of CFD No. 2000-1 the question of whether or not the City of Belmont shall issue and sell bonds of CFD No. 2000-1 in an amount not to exceed $8,650,000 to finance the acquisition and construction of capital improvements related to the City of Belmont library and to pay costs of issuance of the bonds and levy special taxes to (i) pay debt service on the bonds, (ii) pay for operation and maintenance costs of the library, (iii) fund a reserve fund and (iv) pay for incidental expenses.

The bonds will bear interest at a rate or rates established at the time the bonds are sold. The bonds will be sold in a single series and may be sold at a fixed or variable interest rate, provided that such interest rate shall not exceed the greater of 12 percent per annum or the maximum rate permitted by any then applicable provision of law limiting the maximum interest rate on the bonds. The City of Belmont expects to issue the bonds in an aggregate principal amount of approximately $8,650,000 in 2002.

If the bonds are authorized and sold, the principal thereof and interest thereon will be payable from the proceeds of a special tax (the "Special Tax") levied upon the taxable property in CFD No. 2000-1 in accordance with the Rate and Method of Apportionment of the Special Tax, as adopted by the City Council, which is available at the City Clerk's office.

The following information regarding the Special Tax rates is given to comply with Section 9400 to 9404 of the Elections Code. Such information is based upon the best estimates and projections presently available from official sources but is subject to change.

The tax rate under the Rate and Method of Apportionment is not based on the assessed valuation of land within CFD No. 2000-1. The actual amount of the Special Tax that will be levied to repay the bonds is dependent upon the type of development within CFD No. 2000-1, the interest rate of the bonds, the timing of the issuance of bonds, the terms of the bonds and the level of delinquencies in payment of the Special Tax. Based upon current development and currently available interest rates on the bonds, the estimated total Special Tax levy in the first fiscal year after the issuance for the bonds (the fiscal year 2003-04) is projected to be approximately $583,057.50 and the highest total estimated Special Tax levy during the term of the bonds is projected to occur in fiscal year 2022-23 and is projected to be approximately $584,517.50. Based on the foregoing, the highest Special Tax is projected to be the maximum tax rate, levied in fiscal year 2003-04 for each type of property as follows:

Type of PropertySpecial Tax
FacilitiesOperation and Maintenance
Residential Parcel$54 per taxable dwelling unit$17 per taxable dwelling unit
Commercial/Industrial Parcel$0.065 per taxable building area square foot$0.02 per taxable building area square foot

The estimates set forth above are estimates only but in no event will the Special Tax exceed the maximum Special Tax that the City of Belmont would be entitled to levy annually in CFD No. 2000-1 under the Special Tax submitted for approval by the voters of CFD No. 2000-1 in the Ballot Proposition.

Meaning of Voting Yes/No
A YES vote of this measure means:
A two-thirds "yes" vote on Measure C will allow the District to issue Bonds and to finance a portion of the costs of a new library in Belmont, and to cause the Special Tax Formula to become effective.

A NO vote of this measure means:
A "no" vote on Measure C means that the District could not issue the Bonds, finance a portion of the costs of a new library in Belmont , nor implement the Special Tax Formula.

Impartial Analysis
The City Council (the "Council") of the City of Belmont (the "City"), acting as the legislative body of Community Facilities District No. 2000-1 of the City of Belmont (the "District"), on December 12, 2000, adopted Resolution No. 8917 establishing the District pursuant to the Mello-Roos Community Facilities Act of 1982, which commences with Section 53311 of the California Government Code (the "Act").

The Council, by the adoption of Resolution No. 8918, has called for an election asking approval of Measure C. Measure C, if adopted, will authorize the District to issue up to $8,650,000 of bonds (the "Bonds") to finance a portion of the costs of a new library in Belmont.

Measure C also provides that if the Bonds are issued they would be paid by the levy of a special tax levied in accordance with a rate and method of apportionment of the special tax (the "Special Tax Formula") for the District. The Special Tax formula is attached as Exhibit A to Resolution No.
8919. The Special Tax Formula provides for a levy of special tax to both fund the debt service on the Bonds and the maintenance costs associated with the library.

The Bonds, if issued, cannot bear an interest rate that exceeds the maximum allowed by law (currently 12%) and cannot have a term greater than 40 years.

In order for Measure C to be approved, two-thirds of the votes cast must be in favor of Measure C.

A "yes" vote on Measure C is a vote to allow the District to issue Bonds and to finance a portion of the costs of a new library in Belmont, and to cause the Special Tax Formula to become effective.

A "no" vote on Measure C is a vote against the issuance of the Bonds, the financing of a portion of the costs of a new library in Belmont, and the implementation of the Special Tax Formula.

The above statement is an impartial analysis of Measure C. If you desire a copy of Resolutions 8917 and 8918, please call the City Clerk of the City of Belmont at 650.595.7413 and a copy will be mailed to you at no cost.

Suggest a link related to Measure C
Links to sources outside of Smart Voter are provided for information only and do not imply endorsement.

Arguments For Measure C
Measure C provides funding to rebuild Belmont Library.

Our library was built in 1960 and is the smallest in the County. Built to house 30,000 books, it now houses 45,000. There isn't enough space for more reference materials, quiet study/reading, or programs for children. Unfortunately, many Belmont residents and students must use other libraries for their needs.

Measure C earmarks new funding specifically for the improvement, expansion, and maintenance of Belmont Library. Measure C:

  • Allows expansion of our book, reference. periodical and audio-visual collection.
  • Creates more story-time space for children.
  • Creates space for quiet study, homework rooms, tutoring.
  • Allows creation of senior library programs such as services for homebound seniors.
  • Provides adequate seating for library users.
  • Upgrades outdated wiring for computers, the Internet, and new technology.
  • Ensures modem seismic, health/safety standards.

A Library Task Force composed of citizens who are parents, library users, financial experts, seniors, business and civic leaders evaluated our library services and helped develop a fiscally responsible plan to improve it.

To ensure funds are spent properly, the Finance Commission will monitor all Measure C funding and report to the community. All money raised by Measure C is tax deductible, and every dime stays in Belmont.

Our City has won numerous awards for fiscal accountability. By law, Measure C funding can only be spent on our library project - and no funds can be spent on administration.

State matching funds are available to help fund our library at up to 65% of the cost, but only if we adopt Measure C. We can only compete for these funds if you vote "YES" on Measure C.

Nearly 1,000 citizens already say our Library needs help, and our City Council unanimously agreed. Vote YES on Measure C.

/s/ Terri Cook
Councilmember, Frmr., Mayor
/s/ David Warden
Councilmember, Pres. Cipriani Homeowners Assoc.
/s/ Ed Rodriguez
Chair, Belmont Finance Commission
/s/ Elsa Raval
Fox Elementary School FITA
/s/ Gloria Purcell
Homeview Neighborhood Association

(No arguments against Measure C were submitted)

San Mateo Home Page || Statewide Links || About Smart Voter || Feedback
Created: March 13, 2001 02:34
Smart Voter <http://www.smartvoter.org/>
Copyright © League of Women Voters of California Education Fund   http://ca.lwv.org
The League of Women Voters neither supports nor opposes candidates for public office or political parties.