presents
Voter’s Edge California
Conozca la información antes de votar.
Presentado por
MapLight
League of Women Voters of California Education Fund
November 6, 2018 — Elección General de California
Local

City of Millbrae
Measure II - 2/3 Approval Required

To learn more about measures, follow the links for each tab in this section. For most screenreaders, you can hit Return or Enter to enter a tab and read the content within.

Resultados electorales

Failing

5,393 votos si (62.22%)

3,274 votos no (37.78%)

Shall a measure to provide a modern recreation center: Meeting current earthquake, electrical, fire safety codes; Providing emergency shelter, disabled access; Restoring space for youth, senior, family fitness/arts/education programs/ classes; by issuing $12 million in bonds, levying $8.70 per $100,000 assessed valuation, raising approximately $750,000 annually while bonds are outstanding, requiring citizens oversight, independent audits, all funds spent for the purpose of restoring the recreating center, be adopted?

¿Qué es esta propuesta?

Información básica sobre la iniciativa de ley — Información oficial sobre esta iniciativa

Análisis del analista legislativo / Proposal

Joan L. Cassman, City Attorney

The City of Millbrae proposes to issue $12 million of general obligation bonds to finance the reconstruction of the Millbrae Recreation Center which was destroyed by fire in 2016. The California Constitution authorizes a city to issue general obligation bonds if approved by a 2/3 affirmative vote of those persons voting. The city then pays off the general obligation bonds with revenues obtained from a property tax levied against all parcels of real property, including residential, commerical, and industrial, within the city.

According to the tax rate statement provided by the City's Financial Advisor, the approximate cost for a homeowner is $8.70 for every $100,000 of assessed value. The City's estimate of the highest tax rate that would have to be levied to fund this bond issue is $13.50 per $100,000 of assessed value. The levy would begin in Fiscal Year 2019-2020. The City estimates total debt service of $21,536,000, including principal of $12,000,000 plus interest required to be repaid if all the bonds are issued and sold.  These estimates, however, are merely projections. Actual future tax rates will depend on market conditions when bonds are sold, the number of series and timing of the bond sales, and actual assessed valuation over the term of the bonds. The City's estimates conservatively assume a 3.4% annual assessed valuation growth. Lower growth rates would mean higher average annual tax rates while higher growth rates would mean lower tax rates. The City's average annual assessed valuation growth rate for the 10 years ending 6/30/17 is 5.6%.

The City's current debt level, payable from property taxes, is approximately 0.2% of total assessed valuation, which is well below the maximum 15% authorized by the California Constitution.

General obligation bonds are typically the most cost effective bonds a city can issue. The interest rate for the bonds cannot exceed the legal limit of 12%. Presently, the interest rate for 30 year bonds would slightly exceed 4.25%. The City has determined that other financing alternatives to support this project are either unavailable because there is no source of money for debt repayment or unaffordable in terms of both interest rates and annual administrative costs.

The bond proceeds will help finance the reconstruction of the Millbrae Recreation Center at the same location as the destroyed Community Center. The City has solicited community input since 2016 and in February of 2018 adopted a Master Plan report and Implementation Plan focused on reconstructing the Recreation Center as quickly as possible and in a manner that suits Millbrae's current needs.

A study of the Recreation Center reconstruction estimates the total project cost at $30 million: $12 million to be paid from bond proceeds and $18 million to be covered by developers' contributions, the City's insurance reimbursement for the destroyed Community Center, and such other private/public sources including grants or loans that may be available for this purpose.

Published Arguments — Arguments for and against the ballot measure

Use tabs to select your choice. Use return to create a choice. You can access your list by navigating to 'My List'.

Comparta este sitio para ayudar a otras personas a investigar sus opciones para las votaciones.

PUBLISHING:PRODUCTION SERVER:PRODUCTION