With 100% of precincts counted, Measure O fails.                                        Board of Directors just wasted half a million dollars of taxpayer money on this election.                                        Criminal complaints against the district will continue to be pursued.                                        Criminal and FPPC complaints against the Astro-Turfers will continue to be pursued.                                        Your property taxes based on indebtedness will now go down, as they should.                                        

Taxes and the Myth of Free Money

Apology

I've been estimating that the total cost of this tax measure to you and the other taxpayers in the district was going to be around $400 million.

I must apologize because I underestimated by about 20%. Check out the highlighted text below. It will appear in your sample ballot booklet. This is only an estimate because no one can predict the future, but you can be certain that the basis of the number is as conservative as possible, so as not to shock you.

With the Federal Reserve keeping interest rates at near zero for the fat-cat bankers and Wall Street financiers, the only way the estimate below will hold up is if the Fed interest rate stays at zero -- for the next forty years.

So you will be paying back much more than double the amount borrowed and that's only the debt service, which doesn't include all the fees and commissions that will be skimmed off the top by the fat-cat bankers and Wall Street financiers -- they also get their cut.

The extra $275,000,000 that comes out of your pocket will line the pockets of the wealthy billionaire and millionaire investors who buy the bonds -- tax free.

Tax Rate Statement from ROBERT TAYLOR, ED.D.
Superintendent of the Walnut Valley Unified School District

To: The voters voting in the November 3, 2015 election on the question of the issuance of $208,000,000 General Obligation Bonds of the Walnut Valley Unified School District. It is estimated and projected that approval of these bonds will not increase the tax rate paid by local property owners above current, 2014-2015 levels.

You are hereby notified in accordance with Section 9401 of the Elections Code of the State of California of the following:

1. The best estimate from official sources of the tax rate which would be required to be levied to fund principal and interest payments during the first fiscal year after the first sale of bonds, based on assessed valuations available at the time of the election and taking into account estimated future growth, is the following: $.031000 per $100 of assessed valuation, which equates to $31.00 per $100,000 and results in no increase above current tax rates.

First fiscal year after the first sale of bonds: 2016-2017.

2. The best estimate from official sources of the tax rate which would be required to be levied to fund principal and interest payments during the first fiscal year after the last sale of bonds and an estimate of the year in which that rate will apply, based on assessed valuations available at the time of the election and taking into account estimated future growth, is as follows: $.060000 per $100 of assessed valuation, which equates to $60.00 per $100,000.

First fiscal year after last sale of bonds: 2036-2037.

3. The best estimate from official sources of the highest tax rate which would be required to be levied to fund principal and interest payments on the bonds and an estimate of the year in which that rate will apply, based on assessed valuations available at the time of the election and taking into account estimated future growth, is as follows: $.060000 per $100 of assessed valuation, which equates to $60.00 per $100,000.

Year of highest tax rate: 2033-2034 and thereafter.

4. The best estimate from official sources of the total debt service, including the principal and interest, which would be required to be repaid, if all of the bonds are issued and sold, based on interest rate information along with assessed valuations available at the time of the election and taking into account estimated future growth, is as follows:

Estimated total debt service, including the principal and interest: $485,866,750.

The attention of all voters is directed to the fact that the foregoing information is based upon projections and estimates only. The actual tax rates and the years in which they will apply may vary from those presently estimated, due to variations from these estimates in the timing of bond sales, the amount of bonds sold and market interest rates at the time of each sale, and actual assessed valuations over the term of repayment of the bonds. The date of sale and the amount of bonds sold at any given time will be determined by the District based on its need for construction funds and other factors. The actual interest rates at which the bonds will be sold will depend on the bond market at the time of sale. Actual future assessed valuations will depend upon the amount and value of taxable property within the District as determined by the County Assessor in the annual assessment and the equalization process. Accordingly, the actual tax rates and the years in which such rates are applicable may vary from those presently estimated as above stated. It is estimated and projected that approval of these bonds will not increase the tax rate paid by local property owners above current, 2014-2015 levels.

 


Copyright © 2015, Richard Michael. All Rights Reserved.