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Measure I – Santa Clara County (June 3, 2014)
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Election - June 3, 2014
Santa Clara County
Measure I:
Bond issue of $39,000,000 for Cambrian School District:
To reduce classroom overcrowding by providing additional classrooms, support high quality education, enhance school safety and security, update fire and earthquake safety systems, provide access to 21st century learning technology, maximize energy efficiency, repair or replace leaky windows, replace outdated heating/cooling equipment, and build/equip classrooms, facilities, and sites, shall Cambrian School District issue $39 million in bonds at legal rates with citizen oversight, annual audits, no funds for administrators' salaries and all funds staying local?
SVTA recommends a NO vote against Measure I.
Here's why:
When school boards ask voters for permission to go into debt with bond measures like Measure I, 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. Cambrian School District is saying every educational dollar spent today is going to something they consider a higher priority than to "ensure the safety of our students."
Do you agree?
Education Data Partnership shows at least at least 3,373 students in the district, which means the bond cost could exceed $20,234 per student -- for principle and 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:
Shouldn't consumer protection laws apply to bond issues, too? As taxpayers, we deserve to know the full truth about Measure I. We don't even know when this debt will begin, let alone what the market interest rate will be, when it does.Borrow $39,000,000; pay 3% interest for 25 years: payments are $1,170,000/year in interest, for a lifetime interest cost of $29,250,000. Plus you have to pay back the principle of $39,000,000 for a total cost of $68,250,000.
And that assumes a 3% interest cost. It could go up to 12%, which is the legal limit.
Which is more important to you?
1. Paying for essential safety repairs to "ensure the safety of our students" 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 in tax shelters.
Is #2 really the best use of our taxes?
If you value children's health and safety more than funding tax shelters, vote NO on Measure I.
If you value school maintenance more than making interest payments for 25 years, vote NO on Measure I.
VOTE NO
on
MEASURE I!
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.