Election - June 4, 2014
San Mateo County
Bond issue of $6,000,000 for Bayshore Elementary School District
To improve the quality of education; replace outdated heating, ventilation, and air conditioning systems; repair deteriorating plumbing systems; modernize classrooms, restrooms, and school facilities; repair or replace leaky roofs; upgrade inadequate electrical systems; and improve student access to computers and modern technology; shall the Bayshore Elementary School District issue $6 million of bonds at legal interest rates, have an independent citizens' oversight committee, and have NO money used for administrative salaries or be taken by the State?
SVTA recommends a NO vote against Measure C.
When school boards ask voters' permission to go into debt with bonds like Measure C, what are they saying? They are admitting that everything they spend our tax dollars on now is more important than the projects in this measure.
Budgets reflect priorities. Bayshore Elementary School District is saying every education dollar spent today is going to something they prioritize higher than "improving student access to modern technology."
Do you agree?
Education Data Partnership shows only about 389 students in Bayshore Elementary School District so this bond could exceed $29,305 per student in interest and bond repayment and administration expenses.
When we buy homes, truth-in-lending laws require that we're told the real cost of those homes. For example:
Borrowing $6,000,000 at 3% interest for 30 years means $180,000/year in interest payments - a lifetime cost of $5,400,000. Plus you have to pay back the principle bond of $6,000,000 for a total cost of $11,400,000!!!
Shouldn't consumer protection laws apply to bonds, too? We taxpayers deserve to know the full truth about Measure C. We don't know when this debt will begin, let alone what its interest rate will be.
Who buys computers on a 25-year payment plan? Instead of making loan payments for over two decades with a fraction (>1/6) of the proposed loan, we could buy enough computers for every child enrolled now and upgrade to new models every 4 years.
Which is more important to you?
1. Paying reasonable amounts for "modern technology" now by using dollars already in schools' budgets?
2. Sending new tax dollars - through interest payments and debt repayment - to big banks, investment brokers, and others who buy these bonds as tax shelters.
If you value your children's "access to computers" over funding tax shelters, vote NO on Measure C.
BTW, would you take out a 25-30 year loan to buy a laptop computer that will be obsolete in 3-5 years?
No! But, that's what the district is asking you to pay for.
If you value children learning with "modern technology" over making 25-30 years' worth of interest payments, vote No on Measure C.
You may read the Full Text, Arguments, Rebuttal Arguments, and Impartial Analysis of Measure A
at the web site of the County Elections Office: here.
Paid for by the Silicon Valley Taxpayers Association PAC.