League of Women Voters of California
Belmont Library Bonds
City of Belmont
Special Tax (2/3 Approval Required)
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?
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:
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.
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.
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.
|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:
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.
(No arguments against Measure C were submitted)