Board Resolution

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;

NOW THEREFORE, THE BOARD OF THE VENTURA COUNTY COMMUNITY COLLEGE DISTRICT DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:

Section 1. That the Board, pursuant to Education Code Sections 15100 and Government Code Section 53606, hereby orders the Ventura County Registrar of Voters to call an election under the provisions of Proposition 39 and submit to the electors of the District the question of whether bonds of the District in the aggregate principal amount not to exceed $356,347,814 (the “Bonds”) shall be issued and sold to raise money for the purposes described in Exhibits “A” and “B” hereto.

Section 2. That the date of the election shall be March 5, 2002.

Section 3. That the purpose of the election shall be for the voters in the District to vote on a proposition, a copy of which is attached hereto and marked Exhibit “A” and incorporated by reference herein, containing the question of whether the District shall issue the Bonds to pay for improvements to the extent permitted by such proposition. In compliance with Proposition 39, A.B. 1908 and A.B. 2659, the ballot proposition in Exhibit “A” is subject to the following requirements and determinations:

Section 4. That the authority for ordering the election is contained in Education Code Sections 15100 and 15264 and Government Code Section 53606.

Section 5. That the authority for the specifications of this election order is contained in Section 5322 of the Education Code.

Section 6. That this Resolution shall stand as the order to the Ventura County Registrar of Voters to call an election within the boundaries of the District on March 5, 2002.

Section 7. That the Secretary of the Board is hereby directed to send a certified copy of this Resolution to the Ventura County Registrar of Voters no later than December 5, 2001.

Section 8. That the maturity of any bonds issued pursuant to Section 15100 of the Education Code hereto shall have a maturity not exceeding twenty-five (25) years, and bonds issued pursuant to Section 53506 of the Government Code shall have a maturity of not exceeding forty (40) years.

Section 9. That pursuant to Education Code Section 17032, the Board hereby encumbers the proceeds of the sale of the Bonds to pay for the acquisition, construction, improvement, and equipping to the extent permitted by the proposition set forth in Exhibit “A”.

Section 10. That the Board requests the governing body of any such other political subdivision, or any officer otherwise authorized by law, to partially or completely consolidate such election and to further provide that the canvass be made by any body or official authorized by law to canvass the returns of the election; and that the Board consents to such consolidation.

Section 11. Pursuant to Section 5303 of the Education Code and Section 10002 of the Elections Code, the Board of Supervisors of Ventura County is requested to permit the Registrar of Voters to render all services specified by Section 10418 of the Elections Code relating to the election, for which services the District agrees to reimburse Ventura County, such services to include the publication of a Formal Notice of School Bond and the mailing of the sample ballot and tax rate statement (described in Section 9401 of the Elections Code) pursuant to the terms of Section 5363 of the Education Code and Section 12112 of the Elections Code.

ADOPTED, SIGNED AND APPROVED this 4th day of December, 2001.

BOARD OF TRUSTEES OF THE VENTURA COUNTY COMMUNITY COLLEGE DISTRICT