Board Resolution

Board of Trustees
Ventura County Community College District
December 4, 2001

PLACEMENT OF A VENTURA COUNTY COMMUNITY COLLEGE DISTRICT BOND INITIATIVE ON THE MARCH 2002 VENTURA COUNTY ELECTION BALLOT AND ADOPTION OF RESOLUTION OF THE BOARD OF TRUSTEES OF THE VENTURA COUNTY COMMUNITY COLLEGE DISTRICT ORDERING AN ELECTION, AND ESTABLISHING SPECIFICATIONS OF THE ELECTION ORDER

Issue
This item presents for Second Reading and approval the placement of a Ventura County Community College District bond initiative in the amount of $356,347,814 on the March 2002 Ventura County election ballot to support the refurbishment of aging facilities and construction of new facilities at Moorpark, Oxnard, and Ventura Colleges and at the VCCCD's affiliated off-site higher education facilities and the adoption of the Resolution of the Board of Trustees of the Ventura County Community College District Ordering an Election, and Establishing Specifications of the Election Order.

Staff Position -- Academic Senates: (as appropriate) Yes -- Review by Legal Counsel: Yes -- Fiscal Impact: Proposed Bond in the amount of $356,347,814

Recommendation of the Chancellor
The Chancellor recommends that the Board of Trustees accept and approve the Second Reading of the proposed March 2002 bond initiative in the amount of $356,347,814, and the adoption of the Resolution of the Board of Trustees of the Ventura County Community College District Ordering An Election, and Establishing Specifications of the Election Order.

RESOLUTION OF THE BOARD OF TRUSTEES OF THE VENTURA COUNTY COMMUNITY COLLEGE DISTRICT ORDERING AN ELECTION, AND ESTABLISHING SPECIFICATIONS OF THE ELECTION ORDER

WHEREAS, the Board of Trustees (the “Board”) has determined that certain properties and equipment within the Ventura County Community College District (the “District”), within Ventura County (the “County”), need to be acquired, constructed, improved, and equipped to enable the District to enhance the educational opportunities of the students in the District; and

WHEREAS, in the judgment of the Board, it is advisable to provide the funding for such needs by means of a general obligation bond; and

WHEREAS, Proposition 46, approved by the voters of the State of California on June 3, 1986 (“Proposition 46”), amended Section 1(b) of Article XIIIA of the California Constitution by adding a provision which exempts from the 1% of full cash value limitation, those ad valorem taxes used to pay for debt service of any bonded indebtedness for the acquisition or improvement of real property approved on or after July 1, 1978, by two-thirds of the votes cast by voters voting on the proposition; and

WHEREAS, on November 7, 2000, the voters of California approved the Smaller Classes, Safer Schools and Financial Accountability Act (“Proposition 39”) which, as of its effective date, will reduce the voter threshold for ad valorem tax levies used to pay for debt service or bonded indebtedness to 55% of the votes cast on a local school district general obligation bond; and

WHEREAS, concurrent with the passage of Proposition 39, Chapter 1.5, Part 10, Division 1, Title 1 (commencing with Section 15264) of the Education Code (“A.B. 1908” and “A.B. 2659”) became operative and established requirements associated with the implementation of Proposition 39; and

WHEREAS, the Board desires to make certain findings herein to be applicable to this election order and to establish certain performance audits, standards of financial accountability and citizen oversight which are contained in Proposition 39, A.B. 1908 and A.B. 2659; and

WHEREAS, in the judgment of the Board, it is advisable to order the Ventura County Registrar of Voters to call an election pursuant to Proposition 39 and Education Code Section 15348(b) on the question of whether general obligation bonds shall be issued and sold on behalf of the District for purposes set forth below;

 

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