November 5, 2024 - Measure B

Lynda Roberts, Registrar of Voters, Elections

MEASURE B
TAMALPAIS UNION HIGH SCHOOL DISTRICT

To complete high priority repairs and upgrades at local high schools, including replacing classrooms/ science labs/ technology; repairing/ replacing leaky roofs and inefficient heating/ cooling/ electrical/ plumbing systems; updating art/ music classrooms/ facilities; and replacing outdated portable classrooms, shall Tamalpais Union High School District’s measure be adopted authorizing $289,000,000 in bonds at legal rates, levying $18 per $100,000 assessed value while bonds are outstanding ($20,700,000 annually) with independent oversight, audits, no funds for administrators and all funds locally controlled?

BONDS—YES                             BONDS—NO

Votes required to pass: 55% voter approval
Bonds for school facility improvement projects

Index

Impartial Analysis

IMPARTIAL ANALYSIS BY COUNTY COUNSEL OF MEASURE B

TAMALPAIS UNION HIGH SCHOOL DISTRICT
BOND MEASURE

MEASURE B

This Measure was placed on the ballot by the Board of Trustees of the Tamalpais Union High School District.

Pursuant to Article XIIIA (1)(b)(3) of the California Constitution, if this measure is approved by 55% of the votes cast, the Tamalpais Union High School District will be authorized to incur bonded indebtedness in multiple series of up to two hundred eighty-nine million dollars ($289,000,000) with an interest rate not to exceed the limit set by law.

Money raised by bond sales may only be used for the purposes and projects stated in the Bond Project List set forth in Measure B. These purposes and projects include, but are not limited to, replacing and/or expanding classroom buildings at Tamalpais High School, Redwood High School and Archie Williams High School, as well as other priority projects. As required by law, Measure B prohibits using bond proceeds for teacher and administrator salaries or other operating expenses.

The District estimates the average projected tax rate necessary to fund the bonds will be $17.60 per $100,000 of assessed value of property while the bonds are outstanding. This estimate is a projection, and could go up or down, depending on a number of factors including the timing and amount of bond sales, and changes in assessed property values in the District. If all the bonds are sold, the District estimates total debt service (including the principal and interest) will be approximately $579,200,000. If the bond issuance is authorized, it will commence in fiscal year 2025-26 and the final fiscal year in which it is anticipated that the revenue will be collected is 2052-53.

The Measure requires annual independent financial audits and spending review by an independent citizens’ oversight committee.

s/BRIAN E. WASHINGTON
County Counsel

Tax Rate

TAX RATE STATEMENT OF MEASURE B

MEASURE B

An election will be held within the boundaries of Tamalpais Union High School District (“District”) on November 5, 2024 to authorize the sale of up to $289 million in bonds to finance facilities as described in the measure. If the bonds are approved, the District expects to sell the bonds in multiple series. Principal and interest on the bonds will be payable from the proceeds of tax levies made upon the taxable property located within the District. The following information is provided in compliance with Sections 9400 to 9404, inclusive, of the California Elections Code.

  1. The best estimate from official sources of the average annual tax rate that would be required to be levied to fund this bond issue over the entire duration of the bond debt service, based on assessed valuations available at the time of the election, a projection based on experience within the same jurisdiction and other demonstrable factors, is estimated to be $17.60 per $100,000 of assessed valuation. The final fiscal year in which the tax is anticipated to be collected is 2052-53.
  2. The best estimate from official sources of the highest tax rate that would be required to be levied to fund this bond issue, and an estimate of the year in which that rate will apply, based on assessed valuations available at the time of filing this statement, a projection based on experience within the same jurisdiction and other demonstrable factors, is estimated to be $17.60 per $100,000 of assessed valuation first occurring in fiscal year 2025-26.
  3. The best estimate from official sources of the total debt service, including the principal and interest, that would be required to be repaid if all the bonds are issued and sold is $579.2 million.

Voters should note that the estimated tax rate is based on the ASSESSED VALUE of taxable property on the Marin County 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. For illustration purposes only, a home with the current approximate median residential assessed value in the District of $1.1 million (as of 2023-24) would pay approximately $194 in initial annual property taxes based on the tax rate of $17.60 per $100,000 of assessed value. Annual increases in the assessed value of a property (without an ownership change or reassessment) are limited to 2% and other limitations provided by Proposition 13 from 1978.

Attention of all voters is directed to the fact that the foregoing information is based upon the District’s projections and estimates only, which are not binding upon the District. The actual tax rates, debt service 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. 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.

DR. TARA TAUPIER, Superintendent

In accordance with Education Code Section 15122.5:
Approval of Measure B does not guarantee that the proposed project or projects in the Tamalpais Union High School District that are the subject of bonds under Measure B will be funded beyond the local revenues generated by Measure B. The school district’s proposal for the project or projects may assume the receipt of matching state funds, which could be subject to appropriation by the Legislature or approval of a statewide bond measure.

Argument In Favor

ARGUMENT IN FAVOR OF MEASURE B

Vote YES on B: a responsible plan to replace outdated and deteriorating high school classrooms and prevent cuts to instructional programs.

Our local high schools in Tamalpais Union High School District consistently rank among the best.

Aging and deteriorating classrooms, labs, and school facilities need urgent upgrades to keep students safe and support quality instruction.

Most local high schools are over 60 years old and Tam High is over 100 years old. The last improvement bond passed almost two decades ago.

Following the narrow defeat of a bond measure earlier this year, Tamalpais Union High School District leaders worked with the community to develop a scaled-down proposal focused on only the most essential projects. Measure B is the result.

Measure B is 45% smaller than the last measure and will provide $289,000,000 in locally controlled funding that is equitably distributed to specific projects at each high school.

The State does not fund facility improvements so upgrades to local high schools require local funding. Without Measure B, funds would have to be diverted from teaching and classroom instruction to urgent roof and HVAC repairs for schools to function.

Voting Yes on B funds only urgent and essential improvements:

  • Replacing the most outdated and obsolete classrooms, science labs, classroom technology, and equipment
  • Repairing leaky roofs and inefficient heating, cooling, electrical, and plumbing systems
  • Converting outdated and deteriorating temporary portable classrooms to permanent structures

Mandatory fiscal accountability and local control:

  • A detailed project list describes specifically how funds would be used
  • Independent oversight, audits, and public spending disclosures ensure funds are spent as promised
  • Every penny is locally controlled and cannot be taken by the State
  • No funds can be used for administrator salaries

Protecting quality education in local schools is good for students, good for our community, and good for home values.

Join trusted local leaders in voting Yes on B.

JARED HUFFMAN
U.S. Congressman, California’s 2nd District

STEPHANIE MOULTON-PETERS
Marin County Supervisor, District 3

LEAGUE OF WOMEN VOTERS OF MARIN COUNTY
Kevin M. Hagerty, President

CHUCK FORD
Former TUHSD Trustee & 50-year Marin resident

BITSA FREEMAN
Marin Native, TUHSD Alum and Parent, Realtor

Rebuttal of Argument in Favor

REBUTTAL TO ARGUMENT IN FAVOR OF MEASURE B

No rebuttal to argument in favor of Measure B was filed.

Argument Against

ARGUMENT AGAINST MEASURE B

People have reached their limits and ability to pay more taxes, Measure B directs money to aspirational “vanity” projects. There are no senior exemptions and no plans to ensure improved academic performance.

No money goes to reversing weak academic performance. California’s school-dashboard shows TUHSD performing poorly https://www.caschooldashboard.org/ (opens a new window) Instead of a reasonable parcel tax for improved academics, that allows senior exemptions, the Board opts for new construction at Redwood: a $73,100,000 kitchen remodel, new multipurpose “eating area” and replacing art and music buildings with new, larger ones. These are not “critical” safety needs as the Board claims in order to scare voters.

While identifying only $80,000,000 in “critical” needs for roofs and HVAC earlier this year, now they redefine everything they want as a critical need. That balloons the bond measure to $289,000,000 ($579,200,000 with interest). Much of what they deem “critical” is of their own creation – deferring maintenance while funding ten new senior administrator positions. Students deserve that money directed back to their education.

Measure B offers no exemptions for seniors or low-income families who will be pushed out of Marin by increasing taxes, insurance, and utility bills.

When enrollment is declining and many students are struggling, new fancy buildings shouldn’t be the top priority.

To regain Archie Williams High School area voters, who were shortchanged in failed Measure A, this bond adds a non-critical $11,300,000 AWHS theater renovation. AWHS voters are still shortchanged at receiving only 14.3% of the bond proceeds.

Who wants all this Tam Union construction? Most of the roughly $270,000 contributed to political campaigns to pass these 2024 Tam Union bond measures comes from companies who will profit financially.

The board must prioritize fixing Tam Union’s REAL problems: declining academic performance, not “vanity” projects. Voters will approve a smaller bond or parcel tax if there’s demonstrated need.

Vote NO.

BENEDETTO CICO
Business Owner

PASCAL SISICH
Former Planning Commissioner, Library & Sales Tax Oversight Committee Member

KATHY FLORES
District Resident & Voter

DIANA K. PERDUE
Retired Senior

MICHAEL MACKINTOSH
Local Business Owner

Rebuttal of Argument Against

REBUTTAL TO ARGUMENT AGAINST MEASURE B

The opponents are wrong and are spreading misinformation.

Misinformation: Local high schools are performing poorly.

Truth: Academic performance in our schools is among the best in the State and Nation. The opposition is intentionally misrepresenting TUHSD’s academic performance via the Dashboard. 98% of TUHSD students graduate, 80% meet University of California entrance requirements, and admission rates to elite colleges rival that of private schools.

Misinformation: Measure B funds nonessential “vanity” projects.

Truth: Following the narrow defeat of Measure A, TUHSD listened to the community and reduced the proposal by 44% to focus on the most urgent and essential needs (tuhsdfacilities.org). The opponents’ misleading description of a $73 million kitchen remodel is in fact a multi-pronged project to replace several of Redwood’s oldest, deteriorating, and obsolete buildings. They must be replaced, not remodeled, as required by state law, and do not expand capacity.

Misinformation: Archie Williams High School gets 14% of the funding.

Truth: Archie Williams High gets 21% of Measure B funding, which is roughly equivalent to its percentage of district enrollment at 25%.

Misinformation: Measure B offers no exemptions.

Truth: State law does not allow exemptions for school facilities bonds and bonds are the only practical way to fund school improvements. However, the cost to taxpayers is based on the assessed value of properties so longtime residents and owners of less expensive homes pay the least.

Vote Yes on B — a modest and sensible plan that will provide essential upgrades to support safety and quality education, while protecting devastating cuts to teachers, staff, and programs.

JOHN CARROLL
Marin County Superintendent of Schools

ELAINE PETROCELLI
Founder and President, Book Passage Bookstore

FELECIA GASTON
Executive Director, Performing Stars of Marinand 34 year Marin City resident

RUTH DELL
Retired President of TUHSD Board of Trusteesand Marin County School Board Association

DAVE CORT
Community Leader and 45+ year West Marin resident

Full Text

FULL TEXT OF MEASURE B

LOCAL HIGH SCHOOL HIGH PRIORITY CLASSROOM REPAIR AND UPGRADE MEASURE

By approval of this measure by at least fifty-five percent (55%) of the registered voters voting thereon, the Tamalpais Union High School District (“District”) shall be authorized to issue and sell bonds of up to $289,000,000 in aggregate principal amount to provide financing for the specific school facilities projects listed below in the Bond Project List, subject to all of the accountability safeguards specified herein.

SECTION I: KEY FINDINGS

  • Tamalpais Union High School District (“District”) strives to provide every student with a high quality education in a safe and modern learning environment, so that they graduate with the skills and knowledge needed for success in college and future careers.
  • Tam High is over 100 years old, Redwood and Archie Williams are over 60 years old, and the last significant repairs and upgrades were completed almost 20 years ago.
  • Working with architects and school construction experts, the District conducted a thorough assessment of every classroom and school facility to identify and prioritize needed repairs and upgrades.
  • Outdated and deteriorating classrooms, science labs, career training facilities, and failing school infrastructure directly impact student safety, learning and the quality of education available to local students.
  • Many classrooms and school buildings that have been used daily for decades by thousands of high school students are deteriorating, worn out, have leaky roofs, are not accessible for students with disabilities, and have aging and inefficient plumbing, electrical, heating and cooling systems.
  • Outdated classrooms, labs and job training facilities were built to meet past educational standards and need upgrades to support current standards for advanced instruction in science, technology, engineering, arts and math.
  • Outdated and deteriorating classrooms and school buildings present risks to student safety and campus security, requiring upgrades to remove hazardous materials like asbestos and lead, improve campus security, and meet current fire and earthquake safety standards.
  • All students need appropriate sheltered eating areas to ensure safety during inclement weather including rain, wildfire smoke and extreme heat.
  • Because the State does not provide sufficient or dedicated funding for school facility improvements, local funding is needed to address urgent repairs and upgrades at local high schools.
  • Without local funding from a voter-approved school improvement bond measure, limited funding that currently supports teacher salaries, educational programming and learning materials will have to be diverted to urgent and essential repairs to roofs, heating and ventilation systems that cannot be delayed.
  • Diverting approximately $80 million in instructional funding to urgent facility repairs would likely require significant reductions to academic programs, student support services, and teaching positions.
  • To repair and upgrade outdated and failing classrooms, labs and school facilities, and protect limited funding for teaching and academic programs, the Board of Trustees believes that dedicated funding for facility improvements from a voter-approved bond measure is needed.
  • Following the narrow defeat of the Measure A bond proposal on the March 2024 ballot, the District listened to community feedback and developed a reduced bond proposal that eliminates lower priority improvements and focuses on the most urgent and essential identified repairs and improvements.
  • In developing a revised and reduced bond proposal, the Board has sought to ensure that funds are allocated consistently across the five District high schools on a per-student basis, while prioritizing the most urgent identified needs at each campus.
  • In developing a revised and reduced bond proposal, the Board has sought to ensure that cost of the proposed measure is less than is paid by taxpayers toward school facility improvements in other comparable Marin County and Bay Area school districts.
  • In developing a revised and reduced bond proposal, the District has developed a detailed school by school project list with updated cost estimates focused on the most urgent high priority repairs and upgrades.
  • The revised bond proposal will address priority improvements, such as:
    • Replacing outdated and obsolete classrooms, science labs, technology, and equipment;
    • Repairing or replacing leaking and deteriorating roofs;
    • Repairing or replacing outdated and inefficient heating, cooling, electrical and plumbing systems;
    • Updating career and job training classrooms to meet current educational standards;
    • Updating art, music and performing arts classrooms; and
    • Replacing outdated, deteriorating and failing temporary portable classrooms.
  • Proceeds from a voter-approved school facilities improvement bond measure would be controlled locally for District high schools only and could not be taken away by the State.
  • None of the money raised may be used for administrators’ salaries or pensions or other school operating expenses.
  • An independent citizens’ oversight committee, mandatory annual audits and public disclosure of all spending will help ensure funds are only spent on voter-approved projects.

SECTION II: ACCOUNTABILITY MEASURES

The provisions in this section are included in this proposition in order that the voters and taxpayers of the District may be assured that their money will be spent 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 Section 15264 et seq. of the California Education Code).

Evaluation of Needs. The Board of Trustees has evaluated the facilities needs of the District and has identified projects to finance from a local bond measure at this time. The Board of Trustees has certified that it has evaluated safety, class size reduction and information technology needs in developing the Bond Project List.

Independent Citizens’ Oversight Committee. The Board of Trustees shall establish an independent Citizens’ Oversight Committee in accordance with Education Code sections 15278-15282 and applicable Board policy, to ensure bond proceeds are expended only for the school facilities projects listed in the Bond Project List. The committee shall be established within sixty (60) days of the date when the Board of Trustees enters the results of the election in its official minutes.

Annual Performance Audit. The Board of Trustees shall conduct or cause to be conducted an annual, independent performance audit to ensure that the bond proceeds have been expended only on the school facilities projects described in the Bond Project List.

Annual Financial Audit. The Board of Trustees shall conduct or cause to be conducted an annual, independent financial audit of the bond proceeds until all of those proceeds have been spent.

Annual Report to Board. Upon approval of this measure and the sale of any bonds approved, the Board of Trustees shall take actions necessary 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 Superintendent shall cause a report to be filed with the Board of Trustees no later than January 1 of each year, commencing on the first January 1 after bonds have been issued and proceeds spent, stating (1) the amount of bond proceeds received and expended in the past fiscal year, and (2) the status of any project funded or to be funded from bond proceeds. The report may be incorporated into the annual budget, annual financial report, or other appropriate routine report to the Board.

SECTION III: BOND PROJECT LIST

This Bond Project List, which is an integral part of this proposition, describes the specific projects the District proposes to finance with proceeds of the bonds. All information contained within this “Section III: Bond Project List” comprises the list and description of permissible projects and expenses that may be paid from bond proceeds.

In order to meet all identified facility needs, the District intends to complete projects using a combination of funding sources, including joint use funds or contributions, development impact fees, and state funding (if available). The District will pursue state matching funds if and when they become available, and if received, they will be used for projects on the Bond Project List or other high priority capital outlay expenditures as permitted by law. Approval of this measure does not guarantee that all projects on this Bond Project List at all listed sites will be funded beyond the local revenues generated by this measure. The District’s proposal for the projects assumes the receipt of some state matching funds, which could be subject to appropriation by the Legislature or approval of a statewide bond measure. Bond funds may be used to meet any matching share contribution requirements.

Specific projects that may be funded by bond proceeds include projects in Category A and Category B, list below. Category A projects are intended to be completed at the site indicated. Category B projects may be completed at any and all school sites, buildings and facilities where such project is determined necessary or required, including without limitation, adult education facilities, administrative and support buildings, and alternative education program facilities. Whether and how a project is described in Category A does not limit the District’s ability to perform a Category B project at any particular site.

Specific projects to be funded by the bond measure include the following:

Category A: Site-Specific Campus Upgrades to Prepare Students for College and Careers and Comply with Safety, Accessibility and Educational Standards

ARCHIE WILLIAMS HIGH SCHOOL

  • Renovate and expand Performing Arts Center, including:
    • Renovate / expand existing theater and music and drama classroom building, new lobby with restrooms, new dressing rooms, upgrade performance lighting;
    • Make required ADA improvements; install new systems and finishes;
  • Demolish and remove Creekside portables and replace with outdoor learning areas;
  • Replace baseball and football fields;
  • Resurface track;
  • Upgrade/modernize athletic fieldhouse;
  • Replace storage buildings.

REDWOOD HIGH SCHOOL

  • Construct Music, Fine Arts Classroom Buildings and Multi-Purpose Eating Area, including:
    • New music classroom building
    • New arts and ceramics classroom building
    • New multi-purpose sheltered eating area
    • Temporary housing in leased portables
    • Hazardous materials abatement and demolition of existing buildings
    • Replacement of site utilities, including sewer line replacement and relocation of main electrical service and emergency generator
  • Replace Ghilotti Field athletic turf;
  • Expand/renovate existing kitchen, dining, and food service areas;
  • Resurface track;
  • Replaster pool.

TAMALPAIS HIGH SCHOOL

  • Replace Science, Technology, Engineering, Arts & Math (STEAM) Building, including:
    • New 4-story building containing 14 science, math, engineering and arts classrooms and labs and a replacement music classroom building;
    • Temporary housing in leased portables;
    • Hazardous materials abatement and demolition and removal of existing buildings;
    • Extensive grading and site utilities.
  • Replace elevator for disability access and fire escapes;
  • Upgrade/modernize kitchen, food service and dining areas;
  • Resurface track;
  • Replaster pool;
  • Replace storage buildings.

Category B: Districtwide Campus Upgrades to Support Student Health, Safety and Security

The following projects are authorized to be completed at each, any or all of the District’s schools, sites, buildings and facilities if and where determined necessary:

  • Replace deteriorating and leaky roofs;
  • Replace heating, ventilation, and air conditioning (HVAC) systems;
  • Repair and replace deteriorating student restrooms;
  • Replace, upgrade plumbing and irrigation systems, including associated asphalt repairs;
  • Upgrade restrooms and path of travel to improve access for students with disabilities and meet current Americans with Disabilities Act requirements;
  • Provide solar photovoltaic parking structures and electric vehicle charging stations to offset energy usage, reduce carbon footprint and promote sustainable practices.
  • Improve technology infrastructure to increase bandwidth Districtwide and enhance network-based content and curriculum delivery; acquire and/or improve classroom technology, upgrade backbone systems wireless access points, switches, and MDF/IDF data rooms with environmental controls

Listed projects, repairs, improvements, rehabilitation projects and upgrades will be completed only as needed, and the listing of projects does not imply a particular prioritization among such improvements; however, the Board’s top priorities for improvements include the renovation and expansion of the performing arts center at Archie Williams High School; the construction of the music, fine arts classroom buildings and multi-purpose eating area at Redwood High School and the replacement of the STEAM building at Tamalpais High School. Projects may be done in phases, based on Board of Trustees priorities available funding. Decisions regarding the scope, timing, prioritization or other facets of project implementation will be made solely by the Board of Trustees by subsequent action. Where terms such as “renovate,” “upgrade,” “replace,” and “improve” are used in the Bond Project List, the Board of Trustees has the discretion to determine the best method for accomplishing the project’s objective, including the use of new construction. For any listed project involving renovation or modernization of a building or the major portion of a building, the District may proceed with new replacement construction instead (including any necessary demolition), if the District determines that replacement and new construction is more practical than renovation, considering the building’s age, condition, expected remaining life, comparative cost and other relevant factors. In addition, where feasible, projects may be completed in partnership with other public or private agencies on a joint use basis using bond proceeds, subject to federal tax rules and regulations.

Each project is assumed to include its share of costs of bond issuance, architectural, engineering, legal and similar planning costs; litigation costs; construction management; bond project consultants; staff development and training expenses associated with learning construction techniques and approaches and new bond-funded equipment and systems; the furnishing and equipping of all projects, including equipment to maintain facilities in a safe and clean condition; and a customary contingency for unforeseen design and construction costs. Payment of the costs of preparation of facilities planning and project implementation studies, feasibility and assessment reviews, master planning, environmental studies, permit and inspection fees, Division of State Architect (DSA) - related requirements, studies and assessments, including ADA and seismic, and temporary housing and relocation costs for dislocated programs or activities caused or necessitated by projects on the Bond Project List are permissible bond expenditures.

The final cost of each project will be determined as plans are finalized and projects are completed. Based on the final costs of each project, certain of the projects described above may be delayed or may not be completed. Necessary site preparation, grading or restoration may occur in connection with acquisition of property, new construction, modernization, renovation or remodeling, or installation or removal of modular classrooms, including ingress and egress, removing, replacing or installing irrigation, utility lines, trees and landscaping, relocating fire access roads and acquiring any necessary easements, leases, licenses or rights of way to the property.

SECTION IV: ADDITIONAL SPECIFICATIONS

No Operating Expenses. Proceeds from the sale of Bonds authorized by this proposition shall be used only for the construction, reconstruction, rehabilitation or replacement of school facilities on the Bond Project List, including the furnishing and equipping of said school facilities, or the acquisition or lease of real property for said school facilities, and not for any other purpose, including teacher or administrator salaries and other school operating expenses in accordance with applicable law.

Single Purpose. All of the purposes enumerated in this proposition shall be united and voted upon as one single proposition, pursuant to Section 15100 of the California Education Code, and all the enumerated purposes shall constitute the specific single purpose of the bonds and proceeds of the bonds shall be spent only for such purpose.

Other Terms of the Bonds. The bonds may be issued and sold in several series, and in accordance with a financing plan determined by the Board of Trustees pursuant to requirements of law. When sold, the bonds shall bear interest at an annual rate not exceeding the statutory maximum and with a maximum term not exceeding the statutory maximum, provided that the average useful life of bonds sold will not exceed one hundred twenty percent (120%) of the average life of the projects being financed or as otherwise provided by federal tax law. Bond funds may be used to reimburse the District for Bond Project list expenditures incurred prior to the election and bond issuance, in accordance with federal tax law.

Attention of all voters is directed to the fact that the financial information contained in this measure is based upon the District’s projections and estimates only, which are not binding upon the District, nor are the summary or average payment estimates, if any, provided in the Ballot Label. The actual tax rates, debt service 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. 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.

In preparing this information, the District obtained reasonable and informed projections of assessed property valuations that took into consideration projections of assessed property valuations made by the County Assessor, if any, in accordance with Education Code Section 15100(c).