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2014 Election Ballot Bond Question #3B For the Elizabeth School District Explained.

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Presentation on theme: "2014 Election Ballot Bond Question #3B For the Elizabeth School District Explained."— Presentation transcript:

1 2014 Election Ballot Bond Question #3B For the Elizabeth School District Explained

2 What is Bonded Indebtedness? BONDED INDEBTEDNESS: a debt that is secured by an issued bond with the monies received to be used for corporate* purposes. The Colorado Taxpayer Bill of Rights (TABOR) requires voter approval to increase district bonded indebtedness. In the upcoming election, voters residing in the Elizabeth School District will be asked to authorize an increase in the bonded indebtedness in order to provide funding for specific, urgent and critical capital needs. Addressing these needs now will prevent the rapid deterioration of two key school buildings, increase safety and security throughout the district, and help reduce future operational costs to the taxpayer. *Under Colorado law, school districts are corporate entities.

3 How Much & For What Purpose? The district has identified an urgent and critical need for $2.5 million to preserve costly infrastructure, and ensure the safety and security of students and staff. The proposed projects and purchases are: Repair/Replacement of failing roofs at Singing Hills Elementary School and Elizabeth High School. Replacement of the obsolete and unreliable fire alarm panel at Running Creek Elementary School. Installation of an emergency responder radio signal amplifying system at Elizabeth Middle School and the elementary schools to ensure reliable communications for First Responders in the event of a crisis. District-wide installation of emergency communications for our classrooms. Replacement of up to five overage (20 years) and over-mileage (300K miles) buses.

4 What Will it Cost Taxpayers? The School Board has examined multiple options in order to find a solution that both addresses the district’s needs and minimizes the impact on taxpayers. For the past 15 years, community has paid ~$1.725 million dollars annually on the Bonds approved to construct Elizabeth High School in These payments will be completed in The bulk of the $2.5 million in additional debt will be repaid in 2020 and 2021 with minimal interest payments through At no time will the annual cost to the community exceed the $1.725 million amount that is currently collected. RO INCREASE There will be ZERO INCREASE in the amount of tax dollars collected required to pay off this newly authorized debt. - No annual effect on either home or business property taxes.

5 How do Voters Authorize? A vote of “YES on 3B” will authorize the district to obtain $2.5 million and make repayment over a 7 year period with no impact on current tax levels. The ballot question is complex, but includes all language needed to ensure the School Board can meet both the urgent capital needs of the district and minimize tax impact. The ballot language specifies the maximum amount to be borrowed, the projects/purchases to be funded, the maximum cost to pay off this debt, the maximum amount to be collected in taxes in any single year, and the maximum interest rate to be paid. The ballot language requires any excess funds not needed for the authorized projects and purchases will be placed in the bond redemption fund to reduce the pay back period. The ballot language also specifies that a Citizen Oversight Committee will be established to monitor the use of all taxpayer dollars authorized. Carefully read the ballot question and the additional information provided in the “Blue Book” that the county will provide. Contact a board member if you have any questions or concerns.

6 Understanding the Ballot Question In order to ensure the School Board can meet both the urgent capital needs of the district and minimize impact to the taxpayers, the ballot question was carefully written. Though complex, it - Meets the legal requirements of the Taxpayer Bill of Rights (TABOR) Provides the purpose of the measure and outlines the projects/purchases to be funded Explains how funds will be controlled and transparency will be provided to the public Allows maximum flexibility for repayment at the best possible value to our community’s taxpayers Limits the interest rate, and therefore total cost, to the taxpayer. The following slides explain all the language in the ballot question in detail.

7 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, INCLUDING: ACQUISITION OF EMERGENCY COMMUNICATION SYSTEMS AND INSTALLATION OF SUCH SYSTEMS IN CLASSROOMS AND UPDATING OF SCHOOL FACILITIES WITH EMERGENCY ALARM AND COMMUNICATION SYSTEMS TO ENHANCE SAFETY AND EMERGENCY RESPONSE; REPAIR OF LEAKING ROOFS AT SINGING HILLS ELEMENTARY AND ELIZABETH HIGH SCHOOL; ACQUISITION OF NEW SCHOOL BUSES TO REPLACE AGING AND OBSOLETE FLEET; AND PROVIDED, HOWEVER, THAT UPON DETERMINATION OF THE BOARD THAT THE ABOVE CAPITAL IMPROVEMENTS ARE COMPLETE, ANY REMAINING UNSPENT PROCEEDS OF SUCH DEBT SHALL BE DEPOSITED INTO THE BOND REDEMPTION FUND AND USED TO PAY SUCH DEBT AND PROVIDED FURTHER THAT SUCH EXPENDITURES SHALL BE MONITORED BY A BOARD APPOINTED CITIZEN’S BOND OVERSIGHT COMMITTEE; AND AND SHALL THE MILL LEVY BE INCREASED IN ANY YEAR, WITHOUT LIMITATION OF RATE BUT ONLY IN AN AMOUNT SUFFICIENT TO PAY THE DEBT SERVICE REQUIREMENTS ON SUCH DEBT OR ANY REFUNDING DEBT SUBJECT TO THE REPAYMENT COSTS SPECIFIED ABOVE (OR TO CREATE A RESERVE FOR SUCH PAYMENT), SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE OF GENERAL OBLIGATION BONDS, INSTALLMENT SALES AGREEMENTS, LEASE PURCHASE AGREEMENTS OR OTHER MULTIPLE-FISCAL YEAR FINANCIAL OBLIGATIONS; SUCH DEBT TO BE SOLD IN ONE SERIES OR MORE, FOR A PRICE ABOVE OR BELOW THE PRINCIPAL AMOUNT OF SUCH SERIES, ON TERMS AND CONDITIONS, AND WITH SUCH MATURITIES AS PERMITTED BY LAW AND AS THE DISTRICT MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION OF THE DEBT PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM OF NOT TO EXCEED THREE PERCENT? The Bond Question BALLOT QUESTION 3B

8 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, The Bond Question Explained BALLOT QUESTION 3B

9 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, TABOR Required Language TABOR: Taxpayer Bill of Rights The Bond Question Explained BALLOT QUESTION 3B

10 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, TABOR Required Language TABOR: Taxpayer Bill of Rights Authorization for a debt increase allows the district to borrow money to cover one-time expenses and repay over and extended period. The Bond Question Explained BALLOT QUESTION 3B

11 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, TABOR Required Language TABOR: Taxpayer Bill of Rights Authorization for a debt increase allows the district to borrow money to cover one-time expenses and repay over and extended period. Amount to be borrowed is $2.5M The Bond Question Explained BALLOT QUESTION 3B

12 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, TABOR Required Language TABOR: Taxpayer Bill of Rights Authorization for a debt increase allows the district to borrow money to cover one-time expenses and repay over and extended period. Amount to be borrowed is $2.5M Maximum repayment is $2.975M The Bond Question Explained BALLOT QUESTION 3B

13 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, TABOR Required Language TABOR: Taxpayer Bill of Rights Authorization for a debt increase allows the district to borrow money to cover one-time expenses and repay over and extended period. Amount to be borrowed is $2.5M Maximum repayment is $2.9575M Maximum amount of tax to be collected for repayment in any one year is $1.725M The Bond Question Explained BALLOT QUESTION 3B

14 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, Optional Language The Bond Question Explained BALLOT QUESTION 3B

15 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, Optional Language To clarify that though up to $1.725M may be collected in any one tax year, the total amount collected over time may never exceed $2.975M. The Bond Question Explained BALLOT QUESTION 3B

16 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, Optional Language To clarify that though up to $1.725M may be collected in any one tax year, the total amount collected over time may never exceed $2.975M. $2.975M total / $1.725M per year The Bond Question Explained BALLOT QUESTION 3B

17 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, Optional Language To clarify that though up to $1.725M may be collected in any one tax year, the total amount collected over time may never exceed $2.975M. $2.975M total / $1.725M per year < 2 years The Bond Question Explained BALLOT QUESTION 3B

18 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, The Bond Question Explained BALLOT QUESTION 3B

19 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, State Statutory Authority Colorado Revised Statutes (C.R.S.) (2) allow for districts to bond for capital expenditures for: The Bond Question Explained BALLOT QUESTION 3B

20 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, State Statutory Authority Colorado Revised Statutes (C.R.S.) (2) allow for districts to bond for capital expenditures for: (II) For enlarging, improving, remodeling, repairing, or making additions to any school building The Bond Question Explained BALLOT QUESTION 3B

21 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, State Statutory Authority Colorado Revised Statutes (C.R.S.) (2) allow for districts to bond for capital expenditures for: (II) For enlarging, improving, remodeling, repairing, or making additions to any school building Allows for investment in repairs and upgrades, and replacement of systems that will extend the life of a school building and increase safety and security The Bond Question Explained BALLOT QUESTION 3B

22 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, State Statutory Authority Colorado Revised Statutes (C.R.S.) (2) allow for districts to bond for capital expenditures for: (II) For enlarging, improving, remodeling, repairing, or making additions to any school building (VII) For acquiring, constructing, or improving any capital asset that the district is authorized by law to own The Bond Question Explained BALLOT QUESTION 3B

23 SHALL ELIZABETH SCHOOL DISTRICT C-1 DEBT BE INCREASED $2.5 MILLION, WITH A REPAYMENT COST OF UP TO $2.975 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1.725 MILLION ANNUALLY (PRINCIPAL AND INTEREST, BUT NEVER TO EXCEED A TOTAL REPAYMENT COST OF $2.975 MILLION), FOR CAPITAL IMPROVEMENT PURPOSES, State Statutory Authority Colorado Revised Statutes (C.R.S.) (2) allow for districts to bond for capital expenditures for: (II) For enlarging, improving, remodeling, repairing, or making additions to any school building (VII) For acquiring, constructing, or improving any capital asset that the district is authorized by law to own Allows for purchase of items not physically part of a school building but necessary for district operations The Bond Question Explained BALLOT QUESTION 3B

24 INCLUDING: - INSTALLATION OF SUCH SYSTEMS IN CLASSROOMS AND UPDATING OF SCHOOL FACILITIES WITH EMERGENCY ALARM AND COMMUNICATION SYSTEMS TO ENHANCE SAFETY AND EMERGENCY RESPONSE; - REPAIR OF LEAKING ROOFS AT SINGING HILLS ELEMENTARY AND ELIZABETH HIGH SCHOOL; - ACQUISITION OF NEW SCHOOL BUSES TO REPLACE AGING AND OBSOLETE FLEET; The Bond Question Explained BALLOT QUESTION 3B

25 INCLUDING: - INSTALLATION OF SUCH SYSTEMS IN CLASSROOMS AND UPDATING OF SCHOOL FACILITIES WITH EMERGENCY ALARM AND COMMUNICATION SYSTEMS TO ENHANCE SAFETY AND EMERGENCY RESPONSE; - REPAIR OF LEAKING ROOFS AT SINGING HILLS ELEMENTARY AND ELIZABETH HIGH SCHOOL; - ACQUISITION OF NEW SCHOOL BUSES TO REPLACE AGING AND OBSOLETE FLEET; How the $2.5M will be spent The Bond Question Explained BALLOT QUESTION 3B

26 INCLUDING: - INSTALLATION OF SUCH SYSTEMS IN CLASSROOMS AND UPDATING OF SCHOOL FACILITIES WITH EMERGENCY ALARM AND COMMUNICATION SYSTEMS TO ENHANCE SAFETY AND EMERGENCY RESPONSE; - REPAIR OF LEAKING ROOFS AT SINGING HILLS ELEMENTARY AND ELIZABETH HIGH SCHOOL; - ACQUISITION OF NEW SCHOOL BUSES TO REPLACE AGING AND OBSOLETE FLEET; How the $2.5M will be spent The Bond Question Explained BALLOT QUESTION 3B

27 INCLUDING: - INSTALLATION OF SUCH SYSTEMS IN CLASSROOMS AND UPDATING OF SCHOOL FACILITIES WITH EMERGENCY ALARM AND COMMUNICATION SYSTEMS TO ENHANCE SAFETY AND EMERGENCY RESPONSE; - REPAIR OF LEAKING ROOFS AT SINGING HILLS ELEMENTARY AND ELIZABETH HIGH SCHOOL; - ACQUISITION OF NEW SCHOOL BUSES TO REPLACE AGING AND OBSOLETE FLEET; How the $2.5M will be spent Installation of Bi-Directional Amplification (BDA) system at the elementary schools and middle school to ensure reliable first responder communications. The Bond Question Explained BALLOT QUESTION 3B

28 INCLUDING: - INSTALLATION OF SUCH SYSTEMS IN CLASSROOMS AND UPDATING OF SCHOOL FACILITIES WITH EMERGENCY ALARM AND COMMUNICATION SYSTEMS TO ENHANCE SAFETY AND EMERGENCY RESPONSE; - REPAIR OF LEAKING ROOFS AT SINGING HILLS ELEMENTARY AND ELIZABETH HIGH SCHOOL; - ACQUISITION OF NEW SCHOOL BUSES TO REPLACE AGING AND OBSOLETE FLEET; How the $2.5M will be spent Installation of Bi-Directional Amplification (BDA) system at the elementary schools and middle school to ensure reliable first responder communications. Replace the obsolete and unreliable fire alarm panel at Running Creek Elementary The Bond Question Explained BALLOT QUESTION 3B

29 INCLUDING: - INSTALLATION OF SUCH SYSTEMS IN CLASSROOMS AND UPDATING OF SCHOOL FACILITIES WITH EMERGENCY ALARM AND COMMUNICATION SYSTEMS TO ENHANCE SAFETY AND EMERGENCY RESPONSE; - REPAIR OF LEAKING ROOFS AT SINGING HILLS ELEMENTARY AND ELIZABETH HIGH SCHOOL; - ACQUISITION OF NEW SCHOOL BUSES TO REPLACE AGING AND OBSOLETE FLEET; How the $2.5M will be spent Installation of Bi-Directional Amplification (BDA) system at the elementary schools and middle school to ensure reliable first responder communications. Replace the obsolete and unreliable fire alarm panel at Running Creek Elementary Installation of common emergency classroom communication system throughout the schools of the district. The Bond Question Explained BALLOT QUESTION 3B

30 INCLUDING: - INSTALLATION OF SUCH SYSTEMS IN CLASSROOMS AND UPDATING OF SCHOOL FACILITIES WITH EMERGENCY ALARM AND COMMUNICATION SYSTEMS TO ENHANCE SAFETY AND EMERGENCY RESPONSE; - REPAIR OF LEAKING ROOFS AT SINGING HILLS ELEMENTARY AND ELIZABETH HIGH SCHOOL; - ACQUISITION OF NEW SCHOOL BUSES TO REPLACE AGING AND OBSOLETE FLEET; How the $2.5M will be spent The Bond Question Explained BALLOT QUESTION 3B

31 INCLUDING: - INSTALLATION OF SUCH SYSTEMS IN CLASSROOMS AND UPDATING OF SCHOOL FACILITIES WITH EMERGENCY ALARM AND COMMUNICATION SYSTEMS TO ENHANCE SAFETY AND EMERGENCY RESPONSE; - REPAIR OF LEAKING ROOFS AT SINGING HILLS ELEMENTARY AND ELIZABETH HIGH SCHOOL; - ACQUISITION OF NEW SCHOOL BUSES TO REPLACE AGING AND OBSOLETE FLEET; How the $2.5M will be spent The roof at Singing Hills Elementary has reached its expected lifespan and has begun to leak excessively. Repair / Replacement will extend the life of this valuable building. The Bond Question Explained BALLOT QUESTION 3B

32 INCLUDING: - INSTALLATION OF SUCH SYSTEMS IN CLASSROOMS AND UPDATING OF SCHOOL FACILITIES WITH EMERGENCY ALARM AND COMMUNICATION SYSTEMS TO ENHANCE SAFETY AND EMERGENCY RESPONSE; - REPAIR OF LEAKING ROOFS AT SINGING HILLS ELEMENTARY AND ELIZABETH HIGH SCHOOL; - ACQUISITION OF NEW SCHOOL BUSES TO REPLACE AGING AND OBSOLETE FLEET; How the $2.5M will be spent The roof at Singing Hills Elementary has reached its expected lifespan and has begun to leak excessively. Repair / Replacement will extend the life of this valuable building. The roof at Elizabeth High School has exceeded its expected lifespan and has begun to leak excessively. Repair / Replacement will extend the life of this valuable building. The Bond Question Explained BALLOT QUESTION 3B

33 INCLUDING: - INSTALLATION OF SUCH SYSTEMS IN CLASSROOMS AND UPDATING OF SCHOOL FACILITIES WITH EMERGENCY ALARM AND COMMUNICATION SYSTEMS TO ENHANCE SAFETY AND EMERGENCY RESPONSE; - REPAIR OF LEAKING ROOFS AT SINGING HILLS ELEMENTARY AND ELIZABETH HIGH SCHOOL; - ACQUISITION OF NEW SCHOOL BUSES TO REPLACE AGING AND OBSOLETE FLEET; How the $2.5M will be spent The Bond Question Explained BALLOT QUESTION 3B

34 INCLUDING: - INSTALLATION OF SUCH SYSTEMS IN CLASSROOMS AND UPDATING OF SCHOOL FACILITIES WITH EMERGENCY ALARM AND COMMUNICATION SYSTEMS TO ENHANCE SAFETY AND EMERGENCY RESPONSE; - REPAIR OF LEAKING ROOFS AT SINGING HILLS ELEMENTARY AND ELIZABETH HIGH SCHOOL; - ACQUISITION OF NEW SCHOOL BUSES TO REPLACE AGING AND OBSOLETE FLEET; How the $2.5M will be spent The district will replace up to five of the oldest/highest mileage buses currently in the fleet (at or nearing 300,000 miles) to both improve the safety of our students, reduce risks of breakdown, and lower both repair and operating costs. The Bond Question Explained BALLOT QUESTION 3B

35 AND PROVIDED, HOWEVER, THAT UPON DETERMINATION OF THE BOARD THAT THE ABOVE CAPITAL IMPROVEMENTS ARE COMPLETE, ANY REMAINING UNSPENT PROCEEDS OF SUCH DEBT SHALL BE DEPOSITED INTO THE BOND REDEMPTION FUND AND USED TO PAY SUCH DEBT AND PROVIDED FURTHER THAT SUCH EXPENDITURES SHALL BE MONITORED BY A BOARD APPOINTED CITIZEN’S BOND OVERSIGHT COMMITTEE; Control and Transparency The Bond Question Explained BALLOT QUESTION 3B

36 AND PROVIDED, HOWEVER, THAT UPON DETERMINATION OF THE BOARD THAT THE ABOVE CAPITAL IMPROVEMENTS ARE COMPLETE, ANY REMAINING UNSPENT PROCEEDS OF SUCH DEBT SHALL BE DEPOSITED INTO THE BOND REDEMPTION FUND AND USED TO PAY SUCH DEBT AND PROVIDED FURTHER THAT SUCH EXPENDITURES SHALL BE MONITORED BY A BOARD APPOINTED CITIZEN’S BOND OVERSIGHT COMMITTEE; Control and Transparency The Bond Question Explained BALLOT QUESTION 3B

37 AND PROVIDED, HOWEVER, THAT UPON DETERMINATION OF THE BOARD THAT THE ABOVE CAPITAL IMPROVEMENTS ARE COMPLETE, ANY REMAINING UNSPENT PROCEEDS OF SUCH DEBT SHALL BE DEPOSITED INTO THE BOND REDEMPTION FUND AND USED TO PAY SUCH DEBT AND PROVIDED FURTHER THAT SUCH EXPENDITURES SHALL BE MONITORED BY A BOARD APPOINTED CITIZEN’S BOND OVERSIGHT COMMITTEE; Control and Transparency The district will make every effort to get the best value for the projects and purchases authorized and all funds remaining will be applied to retiring the debt in order to further reduce costs to the taxpayer. The Bond Question Explained BALLOT QUESTION 3B

38 AND PROVIDED, HOWEVER, THAT UPON DETERMINATION OF THE BOARD THAT THE ABOVE CAPITAL IMPROVEMENTS ARE COMPLETE, ANY REMAINING UNSPENT PROCEEDS OF SUCH DEBT SHALL BE DEPOSITED INTO THE BOND REDEMPTION FUND AND USED TO PAY SUCH DEBT AND PROVIDED FURTHER THAT SUCH EXPENDITURES SHALL BE MONITORED BY A BOARD APPOINTED CITIZEN’S BOND OVERSIGHT COMMITTEE; Control and Transparency The district will make every effort to get the best value for the projects and purchases authorized and all funds remaining will be applied to retiring the debt in order to further reduce costs to the taxpayer. The Bond Question Explained BALLOT QUESTION 3B

39 AND PROVIDED, HOWEVER, THAT UPON DETERMINATION OF THE BOARD THAT THE ABOVE CAPITAL IMPROVEMENTS ARE COMPLETE, ANY REMAINING UNSPENT PROCEEDS OF SUCH DEBT SHALL BE DEPOSITED INTO THE BOND REDEMPTION FUND AND USED TO PAY SUCH DEBT AND PROVIDED FURTHER THAT SUCH EXPENDITURES SHALL BE MONITORED BY A BOARD APPOINTED CITIZEN’S BOND OVERSIGHT COMMITTEE; Control and Transparency The district will make every effort to get the best value for the projects and purchases authorized and all funds remaining will be applied to retiring the debt in order to further reduce costs to the taxpayer. A citizens oversight committee will be established to monitor all expenditures and ensure compliance with the language of this ballot measure. The Bond Question Explained BALLOT QUESTION 3B

40 AND SHALL THE MILL LEVY BE INCREASED IN ANY YEAR, WITHOUT LIMITATION OF RATE BUT ONLY IN AN AMOUNT SUFFICIENT TO PAY THE DEBT SERVICE REQUIREMENTS ON SUCH DEBT OR ANY REFUNDING DEBT SUBJECT TO THE REPAYMENT COSTS SPECIFIED ABOVE (OR TO CREATE A RESERVE FOR SUCH PAYMENT), SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE OF GENERAL OBLIGATION BONDS, INSTALLMENT SALES AGREEMENTS, LEASE PURCHASE AGREEMENTS OR OTHER MULTIPLE-FISCAL YEAR FINANCIAL OBLIGATIONS; Authority to Collect Revenue and Issue Bonds The Bond Question Explained BALLOT QUESTION 3[__]

41 AND SHALL THE MILL LEVY BE INCREASED IN ANY YEAR, WITHOUT LIMITATION OF RATE BUT ONLY IN AN AMOUNT SUFFICIENT TO PAY THE DEBT SERVICE REQUIREMENTS ON SUCH DEBT OR ANY REFUNDING DEBT SUBJECT TO THE REPAYMENT COSTS SPECIFIED ABOVE (OR TO CREATE A RESERVE FOR SUCH PAYMENT), SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE OF GENERAL OBLIGATION BONDS, INSTALLMENT SALES AGREEMENTS, LEASE PURCHASE AGREEMENTS OR OTHER MULTIPLE-FISCAL YEAR FINANCIAL OBLIGATIONS; Authority to Collect Revenue and Issue Bonds District may not collect more than needed to pay principal and/or interest required in any given year. The Bond Question Explained BALLOT QUESTION 3B

42 AND SHALL THE MILL LEVY BE INCREASED IN ANY YEAR, WITHOUT LIMITATION OF RATE BUT ONLY IN AN AMOUNT SUFFICIENT TO PAY THE DEBT SERVICE REQUIREMENTS ON SUCH DEBT OR ANY REFUNDING DEBT SUBJECT TO THE REPAYMENT COSTS SPECIFIED ABOVE (OR TO CREATE A RESERVE FOR SUCH PAYMENT), SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE OF GENERAL OBLIGATION BONDS, INSTALLMENT SALES AGREEMENTS, LEASE PURCHASE AGREEMENTS OR OTHER MULTIPLE-FISCAL YEAR FINANCIAL OBLIGATIONS; Authority to Collect Revenue and Issue Bonds District may not collect more than needed to pay principal and/or interest required in any given year. The levy rate may adjust if property values change – but only in order to collect the amount authorized by this ballot question. The Bond Question Explained BALLOT QUESTION 3B

43 AND SHALL THE MILL LEVY BE INCREASED IN ANY YEAR, WITHOUT LIMITATION OF RATE BUT ONLY IN AN AMOUNT SUFFICIENT TO PAY THE DEBT SERVICE REQUIREMENTS ON SUCH DEBT OR ANY REFUNDING DEBT SUBJECT TO THE REPAYMENT COSTS SPECIFIED ABOVE (OR TO CREATE A RESERVE FOR SUCH PAYMENT), SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE OF GENERAL OBLIGATION BONDS, INSTALLMENT SALES AGREEMENTS, LEASE PURCHASE AGREEMENTS OR OTHER MULTIPLE-FISCAL YEAR FINANCIAL OBLIGATIONS; Authority to Collect Revenue and Issue Bonds District may not collect more than needed to pay principal and/or interest required in any given year. The levy rate may adjust if property values change – but only in order to collect the amount authorized by this ballot question. The amount authorized to be borrowed by this ballot question may be obtained by issuing general obligation (low interest) bonds. The Bond Question Explained BALLOT QUESTION 3B

44 AND SHALL THE MILL LEVY BE INCREASED IN ANY YEAR, WITHOUT LIMITATION OF RATE BUT ONLY IN AN AMOUNT SUFFICIENT TO PAY THE DEBT SERVICE REQUIREMENTS ON SUCH DEBT OR ANY REFUNDING DEBT SUBJECT TO THE REPAYMENT COSTS SPECIFIED ABOVE (OR TO CREATE A RESERVE FOR SUCH PAYMENT), SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE OF GENERAL OBLIGATION BONDS, INSTALLMENT SALES AGREEMENTS, LEASE PURCHASE AGREEMENTS OR OTHER MULTIPLE-FISCAL YEAR FINANCIAL OBLIGATIONS; Authority to Collect Revenue and Issue Bonds District may not collect more than needed to pay principal and/or interest required in any given year. The levy rate may adjust if property values change – but only in order to collect the amount authorized by this ballot question. The amount authorized to be borrowed by this ballot question may be obtained by issuing general obligation (low interest) bonds. The “without limitation” language is required to issue this type of bond The Bond Question Explained BALLOT QUESTION 3B

45 SUCH DEBT TO BE SOLD IN ONE SERIES OR MORE, FOR A PRICE ABOVE OR BELOW THE PRINCIPAL AMOUNT OF SUCH SERIES, ON TERMS AND CONDITIONS, AND WITH SUCH MATURITIES AS PERMITTED BY LAW AND AS THE DISTRICT MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION OF THE DEBT PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM OF NOT TO EXCEED THREE PERCENT? Flexibility and Maximum Interest Rate The Bond Question Explained BALLOT QUESTION 3B

46 SUCH DEBT TO BE SOLD IN ONE SERIES OR MORE, FOR A PRICE ABOVE OR BELOW THE PRINCIPAL AMOUNT OF SUCH SERIES, ON TERMS AND CONDITIONS, AND WITH SUCH MATURITIES AS PERMITTED BY LAW AND AS THE DISTRICT MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION OF THE DEBT PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM OF NOT TO EXCEED THREE PERCENT? Flexibility and Maximum Interest Rate The authority for the district to structure the bond sales and repayment schedules to ensure the best value for our taxpayers. The Bond Question Explained BALLOT QUESTION 3B

47 SUCH DEBT TO BE SOLD IN ONE SERIES OR MORE, FOR A PRICE ABOVE OR BELOW THE PRINCIPAL AMOUNT OF SUCH SERIES, ON TERMS AND CONDITIONS, AND WITH SUCH MATURITIES AS PERMITTED BY LAW AND AS THE DISTRICT MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION OF THE DEBT PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM OF NOT TO EXCEED THREE PERCENT? Flexibility and Maximum Interest Rate The authority for the district to structure the bond sales and repayment schedules to ensure the best value for our taxpayers. The maximum interest rate authorized by this ballot question is 3%. Based on current, historically low bond rates, we can anticipate a substantially lower rate. The Bond Question Explained BALLOT QUESTION 3B

48 SUCH DEBT TO BE SOLD IN ONE SERIES OR MORE, FOR A PRICE ABOVE OR BELOW THE PRINCIPAL AMOUNT OF SUCH SERIES, ON TERMS AND CONDITIONS, AND WITH SUCH MATURITIES AS PERMITTED BY LAW AND AS THE DISTRICT MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION OF THE DEBT PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM OF NOT TO EXCEED THREE PERCENT? Flexibility and Maximum Interest Rate The authority for the district to structure the bond sales and repayment schedules to ensure the best value for our taxpayers. The maximum interest rate authorized by this ballot question is 3%. Based on current, historically low bond rates, we can anticipate a substantially lower rate. The maximum repayment cost of $2.975M is based on this very conservative 3% interest rate. The Bond Question Explained BALLOT QUESTION 3B


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