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November 6, 2018 — California General Election
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Special District

Santa Monica-Malibu Unified School District School Facilities Improvement District 2
Measure M - 55% Approval Required

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Election Results

Passed

5,382 votes yes (71.04%)

2,194 votes no (28.96%)

100% of precincts reporting (21/21).

To improve, repair, and modernize outdated Malibu classrooms, science labs, libraries, instructional technology and other school facilities; improve school safety/security systems; shall Santa Monica-Malibu Unified School District's School Facilities Improvement District No. 2 (Malibu Schools) issue $195 million of bonds at legal interest rates, averaging $10.8 million raised annually to repay issued bonds through final maturity from levies estimated at three cents per $100 of assessed value, with citizens' oversight, annual audits, all funds benefitting Malibu schools?

What is this proposal?

Measure Details — Official information about this measure

Impartial analysis / Proposal

Mary C. Wickham, County Counsel

Approval of Measure M (“Measure”) would authorize the Board of Education (“Board”) of the Santa Monica-Malibu Unified School District (“District”), which placed the Measure on the ballot by Resolution No. 18-02a, to issue general obligation bonds in an amount not to exceed $195 million.

Proceeds from the sale of bonds authorized by the Measure shall be used only for the purposes specified in the Measure, including, but not limited to, modernization, renovation, expansion, acquisition, construction, rehabilitation, leasing, and/or replacement of facilities within School Facilities Improvement District No. 2, for Malibu schools. Projects include, but are not limited to: removing hazardous materials; upgrading building systems; upgrading water, sewer, and gas systems; improving energy efficiency; improving disabled access; replacing portable classrooms with permanent facilities; upgrading technology infrastructure; and upgrading athletic facilities. Bond proceeds may not be expended on teacher or administrator salaries or other operating expenses.

The Board shall cause independent performance and financial audits to be conducted annually to ensure that bond proceeds are spent only for projects identified in the Measure. The Board shall appoint an independent Citizens’ Oversight Committee under Education Code sections 15278 et seq. to ensure that bond proceeds are spent as specified in the Measure and as provided by law. The Board shall deposit bond proceeds in a special account and comply with statutory reporting requirements.

Approval of the Measure does not guarantee that projects described in the Measure will be funded beyond local revenues generated by the Measure. District’s proposal for certain projects may assume receipt of matching State funds subject to appropriation by the Legislature or approval of a statewide bond measure.

Bonds shall be issued under Education Code section 15264 et seq., Government Code section 53506 et seq., and/or any other legal provision. The interest rate and maturity date on any bond shall not exceed the maximums allowed by law. According to the District’s Tax Rate Statement, the best estimate of the average annual tax rate required to fund the bonds, based on assessed valuations available when the District filed the statement, is $28 per $100,000 of assessed valuation. The best estimate of the highest tax rate required to fund the bonds, based on assessed valuations available when the District filed the statement, is $30 per $100,000 of assessed valuation in fiscal year 2019-20. The first fiscal year the tax will be levied is estimated to be 2019-20, and the final fiscal year the tax is estimated to be collected is 2053-54. The estimated total debt service required to be repaid if all bonds are issued and sold is $391.5 million, including principal and interest. Estimated tax rates are based on the assessed value of taxable property on official tax rolls, not on a property’s market value. Properties of taxpayers eligible for a property tax exemption, such as the homeowner’s exemption, will be taxed at a lower effective tax rate.

This Measure requires a fifty-five percent (55%) vote for passage.

Tax rate

An election will be held in School Facilities Improvement District No. 2 (Malibu Schools) (the “Improvement District”) of the Santa Monica-Malibu Unified School District (the “District”) on November 6, 2018, to authorize the sale of up to $195 million in bonds to finance school facilities in the Improvement District as described in the measure. If such bonds are authorized and sold, principal and interest on the bonds will be payable only from the proceeds of ad valorem tax levies made upon the taxable property in the Improvement District. The following information is provided in compliance with Sections 9400-9404 of the Elections Code of the State of California. Such information is based upon the best estimates and projections presently available from official sources, upon experience within the Improvement District, and other demonstrable factors.

Based upon the foregoing and projections of the Improvement District’s assessed valuation, the following information is provided:

1. The best estimate of the average annual tax rate which would be required to be levied to fund this bond issue over the entire duration of the bond debt service, based on a projection of assessed valuations available at the time of filing of this statement, is $0.028 per $100 of assessed valuation (or $28 per $100,000 of assessed value). The final fiscal year in which it is anticipated that the tax will be collected is 2053-54.

2. The best estimate of the highest tax rate which would be required to be levied to fund this bond issue, based on a projection of assessed valuations available at the time of filing of this statement, is $0.03 per $100 of assessed valuation (or $30 per $100,000 of assessed value). It is estimated that such rate would be levied starting in fiscal year 2019-20 and following.

3. The best estimate 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 approximately $391.5 million.

Voters should note the estimated tax rate is based on the assessed value (not market value) of taxable property on the County’s official tax rolls. In addition, taxpayers eligible for a property tax exemption, such as the homeowner’s exemption, will be taxed at a lower effective tax rate than described above. Property owners should consult their own property tax bills and tax advisors to determine their property’s assessed value and any applicable tax exemptions.

The attention of all voters is directed to the fact that the foregoing information is based upon projections and estimates only, which amounts are not maximum amounts and are not binding upon the District with respect to bonds of the Improvement District. The actual debt service, tax rates and the years in which they will apply may vary from those used to provide the estimates set forth above, due to factors such as variations in the timing of bond sales, the par amount of bonds sold and market interest rates available at the time of each sale, actual assessed valuations over the term of the bonds, and other factors. The date and amount of bonds sold at any given time will be determined by the District based on the need for project funds and other considerations. The actual interest rates at which the bonds will be sold will depend on conditions in the bond market at the time of sale. Actual future assessed valuations will depend upon the amount and value of taxable property within the Improvement District as determined by the County Assessor in the annual assessment and the equalization process.

BEN DRATI
Superintendent
Santa Monica-Malibu Unified School District

Published Arguments — Arguments for and against the ballot measure

Arguments FOR

Vote YES on Measure M to repair and update Malibu schools to meet today’s academic and safety standards for our local students.

Measure M represents an historic opportunity for us to provide locally-controlled funding that, by law, must be spent only on Malibu schools.

Malibu High School is 60 years old, originally built as a middle school, and no longer adequately supports the needs of our middle or high school students. Our elementary schools are more than 70 years old. While some work has been done to remove hazardous materials from our schools, we need Measure M to build new classrooms, completely free of PCBs and other hazardous materials.

Older classrooms can’t support current instruction, and all Malibu schools need upgrades to support the 21st century education our students deserve. Measure M will help ensure our students have the skills to succeed in college and careers.

Vote YES on Measure M:
- Fix leaky roofs causing power outages and replace deteriorating floors, windows and walls
- Replace aging plumbing and school restrooms
- Improve fire safety and school security systems
- Improve and modernize classrooms and science labs to support instruction in math, science and technology
- Build classrooms for teaching career and technical skills to help students succeed in high-demand jobs

Measure M will improve arts and music education, replace outdated portable classrooms with classrooms that meet today’s standards, and make every school building more accessible for students with disabilities.

All Measure M funds stay here in Malibu schools!
- Every dollar will be used for Malibu schools, and none of it can be taken away by the state or used for schools outside of Malibu.
- Citizens’ oversight committee and annual audits are required.

Strong schools are a wise investment to enhance our community and help protect property values.

Join Malibu teachers, parents, public safety, business and civic leaders – Please vote YES on Measure M!

CRAIG FOSTER
Board Member, Santa Monica-Malibu USD; 18-Year Malibu Resident

RICK MULLEN
Mayor, City of Malibu; L.A. County Fire Captain, Malibu Fire Station #72

MARGARET ANNE PAYNE
Retired Malibu Teacher; Malibu Dolphin Award Winner 1996; Malibu Older American Honoree 2012

SUSAN MONUS
Local Realtor, 28-Year Malibu Resident

LAURA ZAHN ROSENTHAL
Malibu City Councilmember (Mayor 2012 & 2016); L.A. County Library Commissioner; Former Malibu Parks & Recreation Commissioner

Arguments AGAINST

NO ARGUMENT AGAINST THIS MEASURE WAS SUBMITTED

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