Approval of Measure GO (“Measure”) would authorize the Board of Trustees (“Board”) of the Mt. San Antonio Community College District (“District”), which placed the Measure on the ballot by Resolution No. 18-01, to issue general obligation bonds in an amount not to exceed $750,000,000.
Proceeds from the sale of bonds authorized by the Measure shall be used only for the purposes specified in the Measure, including, but not limited to, providing job training and vocational programs; removing asbestos and mold; repairing gas, electric, and sewer lines; electrical and sewer lines; improving access to facilities for people with disabilities; making seismic upgrades; replacing and/or upgrading fire, sprinkler, security, lighting, and emergency-communication systems; constructing new, permanent buildings; upgrading science, computer, and technology labs; expanding career and academic counseling facilities; upgrading vocational classrooms; repairing classrooms and other facilities; upgrading technology infrastructure; improving water conservation and energy efficiency; repairing and/or replacing heating, ventilation, and air-conditioning systems; repairing and/or replacing hard courts, fields, turf, and irrigation systems; and upgrading roadways and pedestrian paths. Bond proceeds may be used to pay or reimburse the District for the cost of District staff when performing work on, or necessary or incidental to, bond projects. Bond proceeds may not be expended on teacher, faculty, or administrator salaries or other operating expenses.
The Board shall cause independent performance and financial audits to be conducted annually to ensure that bond proceeds are spent only for projects identified in the Measure. The Board shall appoint an independent Citizens’ Oversight Committee under Education Code sections 15278 et seq. to ensure that bond proceeds are spent as specified in the Measure and as provided by law. The Board shall deposit bond proceeds in a special account and comply with statutory reporting requirements.
Bonds shall be issued under Education Code section 15300 et seq. or Government Code section 53506 et seq. The maximum rate of interest on any bond shall not exceed the legal limit. According to the District’s Tax Rate Statement, the best estimate of the average annual tax rate required to fund the bonds, based on assessed valuations available when the District filed the statement, is $25 per $100,000 of assessed valuation. The best estimate of the highest tax rate required to fund the bonds is the same as the average tax rate. The final fiscal year the tax is estimated to be collected is 2057-58. The estimated total debt service required to be repaid if all bonds are issued and sold is $1,455,662,029, including principal and interest. Estimated tax rates are based on the assessed value of taxable property on official tax rolls, not on a property’s market value.
This Measure requires a fifty-five percent (55%) vote for passage.
