IMPARTIAL ANALYSIS OF MEASURE L
Prepared by County Counsel

    Approval of Measure L would allow the San Joaquin Delta Community College District (the “District”) to incur bonded indebtedness up to a maximum amount of $250 Million. The issuance and sale of such general obligation bonds would be for preparing students for jobs or four-year colleges, for repairing buildings, for improving safety, and for accommodating growing enrollments. These express uses of bond proceeds would be accomplished by repairing leaky roofs, decaying walls and electrical wiring; by improving fire safety; by removing asbestos; by expanding/establishing Stockton, Manteca, Tracy, Lodi/Galt, Foothill area campuses/education centers; by upgrading, acquiring, constructing, equipping buildings, sites and classrooms.

    No funds derived from bond sales could be used for administrators’ salaries, or for any purpose or project other than those expressly stated in Measure L.

    To assure that funds derived from bond sales authorized by Measure L are spent only for the purposes expressly stated in Measure L, and for no other purposes, Measure L would require the District to: 1) appoint an independent citizens’ oversight committee; and 2) conduct annual independent financial audits.

    If Measure L is approved, and bonds are authorized and sold, the principal thereof and interest thereon shall be payable from the proceeds of tax levies made upon the taxable property in the District. If Measure L is approved, the tax rate necessary for payment of principal and interest on any bonds sold will be largely dictated by the timing of the bond sales, the amount sold at a given sale, market interest rates at the time of each sale (although in no event greater than the maximum bond net interest rate allowed by law), as well as actual assessed valuation of taxable property in the District over the term of repayment. A statement of the tax rate data required by Elections Code Section 9401 will be mailed to all registered voters with the sample ballot for the bond election.

    Approval of Measure L does not guarantee that the proposed project or projects in the District that are available for funding from the proceeds of bonds authorized and sold will be funded beyond the local revenues generated by the bond sales authorized by Measure L.

    Passage of Measure L requires approval by fifty-five percent of the voters voting theron.