Election - June 3, 2014
San Mateo County
Bond issue of $265,000,000 for Sequoia Union High School District:
To support high quality education and upgrade local high schools with funding that cannot be taken by the state by adding classrooms, science labs, and schools to avoid overcrowding, provide updated classrooms technology, labs, and career technical facilities; renovate aging classrooms and repair, construct, or acquire equipment, classrooms, and facilities, shall Sequoia Union High School District issue $265 million in bonds at legal rates with independent oversight, annual audits, no money for administrators' salaries, and all funds staying local?
SVTA recommends a NO vote against Measure A.
When school boards put bond measures like Measure A before voters, they are admitting everything they are currently spending your tax dollars on now is more important than the projects for which this tax increase is being sought. Budgets set priorities. Sequoia Union High School District is saying every educational dollar spent today is going to something they consider a higher priority than having "student safety" and "computer and information technology."
Do you agree?
The website www.ed-data.k12.ca.us shows at least 9,247 students in the district which means the bond expense is $50,151 per student in interest costs, repayment of principal, and administration costs. When buying a home, truth in lending laws require you be informed about the real cost of buying a home. Shouldn't consumer laws apply to bond issues, too? For example:
Borrowing $265,000,000 and paying 3% interest for 25 years means annual payments of $7,950,000 in interest for a total lifetime interest expense of $198,750,000. Plus you have to pay back the principle of $265,000,000 for a total cost of $463,750,000!!!
Legally the interest expense could go up to 12%.
As a taxpayer, you deserved to know the full truth about Measure A.
Instead of paying $7,950,000 in interest every year for "student safety", your educational dollars will be going to big banks, investment brokers, and other wealthy people to be used as a tax shelter. Is this the best use of your tax dollars?
What's more important to you?
1. Spending $7,950,000 a year on building "safety" and "energy efficiency"
2. Spending $7,950,000 a year to fund tax shelters for big banks, investment brokers, and the rich.
If you value children's health and safety more than funding tax shelters, vote NO on Measure A.
You may read the Full Text, Arguments, Rebuttal Arguments, and Impartial Analysis of Measure N
at the web site of the County Elections Office: here.
Paid for by the Silicon Valley Taxpayers Association PAC.