Election - June 3, 2014
Santa Clara County
Bond issue of $125,000,000 for Union School District:
To improve local elementary/middle schools by fixing/replacing leaky roofs, improving safety/fire/security systems, adding classrooms to avoid overcrowding, keeping schools clean/well-maintained, providing updated classroom technology and teacher training for new technology, updating, renovating, acquiring, constructing/equipping classrooms, science/project labs, sites or facilities, shall Union Elementary School District issue $125 million in bonds at legal rates, with citizen oversight, annual audits, no funds for administrators' salaries, all funds staying in local Union schools?
SVTA recommends a NO vote against Measure J.
Here's why:When school boards ask voters for permission to go into debt with bond measures like Measure J, what are they saying? They are admitting that everything they are spending your tax dollars on, now, is more important than the projects in this ballot measure.
Budgets reflect priorities. Union School District is saying every educational dollar spent today is going to something they consider a higher priority than having schools "safe from fire, earthquake, etc."
Do you agree?
Education Data Partnership shows at least 5,298 students in Union School District, which means the bond cost could exceed $41,289 per student -- NOT counting interest expense. When you buy a home, "truth in lending" laws require that you be told the real cost of buying that home. For example:
Borrowing $125,000,000 and paying 3% interest for 25 years, means payments of $3,750,000/year in interest, for a lifetime interest cost of $93,750,000. Plus you have to pay back the principle of $125,000,000 for a total cost of $218,750,000!!!
Shouldn't consumer protection laws apply to bond issues, too? As taxpayers, we deserve to know the full truth about Measure J. We don't even know when the debt will begin, let alone what the market interest rate will be, when it does.
Which is more important to you?
1. Meeting current building safety codes for "fire, earthquakes, etc." now, by using our educational dollars already in the schools' budgets.
2. Sending new tax dollars -- in the form of principal and interest payments -- to big banks, investment brokers, and other wealthy people, for use as a tax shelter.
Is #2 really the best use of our tax dollars?
If you value children's health and safety more than funding tax shelters, vote NO on Measure J.
If you value school maintenance more than making interest payments for 25 years, vote NO on Measure J.
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.