Measure J - School Bond

  • Voters in Pittsburg Unified School District (the "District") passed Measure J on November 7, 2006, to authorize the sale of up to $85,000,000 in bonds of the District to improve the quality of education by modernizing and improving aging local schools, including technology and safety upgrades and other improvements; constructing, acquiring, expanding, converting, remodeling, replacing, furnishing and equipping school facilities; and help qualify for State matching funds. The District expects to sell the bonds in one or more series. Principal and interest on the bonds will be payable from the proceeds of tax levies made upon the taxable property in the District. The information provided in paragraphs 1-3 below is provided in compliance with Sections 9400-9404 of the Elections Code of the State of California.

    1. The best estimate of the tax which would be required to be levied to fund this bond issue during the first fiscal year after the sale of the first series of bonds, based on estimated assessed valuations available at the time of filing of this statement, is 6.0 cents per $100 ($60.00 per $100,000) of assessed valuation in fiscal year 2007-08.
    2. The best estimate of the tax which would be required to be levied to fund this bond issue during the first fiscal year after the sale of the last series of bonds, based on estimated assessed valuations available at the time of filing of this statement, is 6.0 cents per $100 ($60.00 per $100,000) of assessed valuation in fiscal year 2013-14.
    3. The best estimate of the highest tax rate which would be required to be levied to fund this bond issue, based on estimated assessed valuations available at the time of filing of this statement, is 6.0 cents per $100 ($60.00 per $100,000) of assessed valuation in fiscal year 2013-14.
    4. The best estimate of the average tax rate which would be required to be levied to fund this bond issue during the life of the bonds, based on estimated assessed valuations available at the time of filing of this statement, is 6.0 cents per $100 ($60.00 per $100,000) of assessed valuation.

    Voters should note that estimated tax rate is based on the ASSESSED VALUE of taxable property on the County's 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.

    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 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.

Measure J Audit Reports