HomeMy Public PortalAboutOrdinance - 14-02 - 20140226 - Measure AA BondORDINANCE NO. 2014-02
AN ORDINANCE OF THE BOARD OF DIRECTORS OF THE MIDPENINSULA
REGIONAL OPEN SPACE DISTRICT CALLING AN ELECTION AND ORDERING
THE SUBMISSION OF A PROPOSITION FOR INCURRING BONDED
INDEBTEDNESS NOT TO EXCEED $300 MILLION FOR THE PURPOSE OF
PROVIDING PUBLIC ACCESS AND ACQUIRING, RESTORING AND PRESERVING
OPEN SPACE THROUGHOUT THE DISTRICT, TO THE QUALIFIED VOTERS OF
THE MIDPENINSULA REGIONAL OPEN SPACE DISTRICT AT THE GENERAL
MUNICIPAL ELECTION TO BE HELD ON JUNE 3, 2014
WHEREAS, on February 12, 2014, the Board of Directors of the Midpeninsula Regional Open Space
District (the "District") adopted, by a unanimous vote of all five members of said Board of Directors present
(two absent), a Resolution entitled "Determination that the Public Interest and Necessity Demand Providing
Public Access, and Acquiring, Restoring and Preserving Open Space Throughout the District, with Financing
Through the Issuance of General Obligation Bonds" (the "Resolution"); and
WHEREAS, in order to provide for the issuance by the District of its general obligation bonds to
finance the costs of providing public access and acquiring, restoring and preserving open space throughout the
District, it is necessary for this Board of Directors to pass an ordinance ordering the submission of the
proposition of incurring bonded indebtedness for such purpose to the qualified voters of the District at an
election; and
WHEREAS, a General Election for the District is to be held on Tuesday, June 3, 2014; and
WHEREAS, the Board of Directors desires to submit to the voters at said election the proposition of
incurring bonded indebtedness as hereinafter set forth; and
WHEREAS, the Board of Directors desires to consolidate the District election with the General
Election to be held in the District on June 3, 2014.
Now therefore, the Board of Directors of the Midpeninsula Regional Open Space District does ordain as
follows:
SECTION 1. That a district election is hereby called and ordered to be held in the District on June 3,
2014, at which election there shall be submitted to the qualified voters the proposition set forth below:
SECTION 2. That said proposition shall appear on the ballot for said district election in the following
form:
YES
NO
To improve access to hiking and biking opportunities, protect and preserve redwood forests,
natural open spaces, the scenic beauty of our region and coastline, critical wildlife habitat, restore
creeks to protect water quality, and reduce forest fire risk; shall Midpeninsula Regional Open
Space District be authorized to issue up to $300 million in bonds, at a tax rate not to exceed
$3.18 per $100,000 of assessed value of property owned, with expenditures verified by an
independent citizen oversight committee?
The Board does hereby submit to the qualified voters of the District, at said district election, this
Ordinance and the proposition set forth above.
SECTION 3. The indebtedness to be incurred by the District shall be for the object and purpose set
forth in the Resolution, namely, to provide public access and acquire, restore and preserve open space
throughout the District and to implement a set of priority actions as described in Exhibit A. The object and
purpose of the priority actions shall be to improve access to hiking and biking opportunities, protect and
preserve redwood forests, natural open spaces, the scenic beauty of the region and coastline, critical wildlife
habitat, restore creeks to protect water quality, and reduce forest fire risk. Priority actions will be distributed
throughout the District.
All of the foregoing described objects and purposes are referred to herein as the "Expenditure Plan"
(Exhibit A) for purposes of this Ordinance.
The indebtedness incurred under this Ordinance shall include the cost of legal and other fees incidental
to or connected with the authorization, issuance and sale of the general obligation bonds.
SECTION 4. The District projects that property tax rates will not exceed an additional $3.18 per year
per $100,000 of assessed valuation, as described more completely in the Tax Rate Statement that is attached
hereto as Exhibit "B." The repayment projections are based on reasonable growth assumptions, taking into
account Article XIIIA of the California Constitution. The foregoing provision shall not be construed to limit the
power and duty of the Board of Directors to cause to be levied and collected a tax sufficient to fulfill its
obligations to pay debt service on bonds in any fiscal year.
SECTION 5. The estimated cost of providing public access and acquiring, restoring and preserving
open space throughout the District as outlined in the Expenditure Plan is not to exceed Three Hundred Million
Dollars ($300,000,000). The estimated cost includes the bond issuance fees.
SECTION 6. The principal amount of the general obligation bonds to be issued for the Expenditure
Plan is Three Hundred Million Dollars ($300,000,000).
SECTION 7. The rate of interest to be paid on the bonds to be issued for the Expenditure Plan shall not
exceed the State of California (the `State') maximum allowed rate of twelve percent (12%) per annum (unless
the maximum interest rate for general obligation bonds of the District shall hereafter be increased by the
Legislature of the State, in which event said maximum fixed by said Legislature shall apply).
SECTION 8. Under sections 53410 and 53411 of the California Government Code, the bonds shall be
for the specific purposes authorized in this Ordinance and the proceeds of such bonds will be applied only to the
Expenditure Plan. The District will comply with the requirements of section 53410 of the California
Government Code.
An annual report will be prepared by the District consistent with the accountability measures as required
in California Government Code section 53411. An Independent Citizen Oversight Committee will be formed to
verify annual expenditures of bond proceeds. The Citizen Oversight Committee will consist of seven at -large
members, all of whom shall be District residents.
SECTION 9. The Board of Directors finds that adoption of this Ordinance creating a government
funding mechanism or other government fiscal activity does not constitute a project under the California
Environmental Quality Act (CEQA) (14 Cal. Code. Regs., section 15378(b)(4)). The final design of and
alternatives considered for any particular project shall be subject to CEQA as required by law, and all
environmental review required by CEQA shall be completed before any specific project is commenced.
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SECTION 10. The District proposes to issue and sell General Obligation Bonds of the District pursuant
to section 5568 of the California Public Resources Code, Article 9, commencing with section 43600 of Chapter
4 of Division 4 of Title 4 of the California Government Code and/or Article 4.5, commencing with section
53506, of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, in one or more series,
in the maximum amount and for the objects and purposes set forth above, if two-thirds of all qualified voters
voting on the proposition set forth above vote in favor thereof. The bonds are to be general obligations of the
District, payable from and secured by taxes levied and collected in the manner prescribed by laws of the State of
California. All of said bonds are to be equally and ratably secured, without priority, by the taxing power of the
District.
SECTION 11. The polls for said election shall be open the day of said election in accordance with the
California Elections Code.
SECTION 12. The election hereby called for the date hereinbefore specified shall be and is hereby,
ordered consolidated with the Statewide General Election to be held within the District on said date, and within
the territory affected by the consolidation, the election shall be held and conducted, election officials appointed,
voting precincts designated, ballots printed, polls opened and closed, ballots counted and returned, returns
canvassed, results declared, and all other proceedings incidental to and connected with the election shall be
regulated and done in accordance with the provisions of law regulating the Statewide general election and
specified herein. The Board of Supervisors of the County of San Mateo, the Board of Supervisors of the County
of Santa Clara and the Board of Supervisors of the County of Santa Cruz are hereby requested to order the
consolidation of the election hereby called with said Statewide general election, and the Board of Supervisors of
the County of San Mateo, the Board of Supervisors of the County of Santa Clara and the Board of Supervisors
of the County of Santa Cruz are hereby authorized to canvass the returns of said election, and said election shall
be held in all respects as if there were only one election and only one form of ballot shall be used in each of the
affected counties. Each of said Board of Supervisors shall certify the results of the canvass of the returns of said
district election in each of the respective counties to the Board of Directors of this District, which shall
thereafter declare the results thereof. The proposition submitted by this Ordinance shall be designated on each
ballot by a letter printed on the left margin of the square containing the description of the proposition, as
provided in the California Elections Code.
SECTION 13. All persons qualified to vote at general district elections in the District upon the date of
the election herein provided for shall be qualified to vote upon the proposition submitted at said election.
SECTION 14. Ballots for the election shall be in form and in the number as required by law. On said
ballots, in addition to any other printed matter which may be required by law, two (2) voting squares shall be set
off to the right of the proposition submitted at the election, in the manner provided by law, one having the word
"YES" printed before it, and the other having the word "NO" printed before it.
SECTION 15. Each voter to vote for the proposition and for the incurring of said indebtedness shall
stamp or write a cross, or indicate by hold punch or other means, in the blank space opposite the word "YES"
on the ballot to the right of the proposition; and each voter to vote against the proposition and against the
incurring of said indebtedness shall stamp or write a cross, or indicate by hold punch or other means, in the
blank space opposite the word "NO" on the ballot to the right of the proposition.
SECTION 16. The District hereby requests and directs that San Mateo, Santa Clara and Santa Cruz
Counties print the full text of this Ordinance, inclusive of attachments in each County's respective Voter
Information Pamphlet. The Clerk of the Board of the District is hereby authorized and directed to take such
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actions and fill out such forms as is necessary to accomplish this direction for publication of the full text of the
proposition in the Voter Information Pamphlets.
SECTION 17. The District hereby requests and directs that San Mateo, Santa Clara and Santa Cruz
Counties allow arguments for and against this measure to be filed pursuant to Elections Code section 9282 et
seq. The Board adopts the provisions of Elections Code section 9285 to allow rebuttal arguments for the ballot
measure.
SECTION 18. The District will reimburse separately San Mateo, Santa Clara and Santa Cruz Counties
for the actual costs incurred by each of the county's elections officials in conducting the election upon receipt of
a bill stating the amount due as determined by the elections officials pursuant to State law.
SECTION 19. This Ordinance shall be published once a day for at least seven days in a newspaper
printed, published and circulated at least six (6) days a week in the District, or once a week for two weeks in a
newspaper printed, published and circulated less than six (6) days a week in the District. The first of said
publications shall, in either event, be within thirty (30) days after the adoption of this ordinance. The Clerk of
the Board of the District is hereby authorized and directed to make said publications and to transmit, for receipt
no later than March 7, 2014, a certified copy of this Ordinance to the appropriate officials of San Mateo County,
Santa Clara County and Santa Cruz County responsible for preparing the ballots for said election.
SECTION 20. This Ordinance shall become effective immediately as an ordinance relating to an
election pursuant to Government Code section 36937(a) upon its adoption by two-thirds vote of all the members
of this Board of Directors.
Introduced at a regular meeting of the Board of Directors held on February 12, 2014 and adopted as an
ordinance of the Midpeninsula Regional Open Space District at a regular meeting of the Board of Directors on
February 26, 2014, by the following vote:
AYES: CYR, HANKO, HARRIS, HASSETT KISHIMOTO, RIFFLE, SIEMENS
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
ATTEST: APPROVED:
s
Secretary President
Board t✓of Directors Board of Directors
APPROVED AS TO FORM:
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I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify that the above is a
true and correct copy of an ordinance duly adopted by the Board of Directors of the Midpeninsula Regional
Open Space District by the above vote at a meeting thereof duly held and called on the above day.
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EXHIBIT A
Expenditure Plan
TITLE: To improve access to hiking and biking opportunities, protect and preserve redwood forests, natural
open spaces, the scenic beauty of the region and coastline, critical wildlife habitat, restore creeks to protect
water quality, and reduce forest fire risk.
1. SUMMARY
Founded by voters in 1972, the Midpeninsula Regional Open Space District ("District") has protected, in
perpetuity, 62,000 acres of open space containing 26 preserves and more than 220 miles of trails that serve
Santa Clara, San Mateo, and a portion of Santa Cruz counties. The District's preserves provide a scenic
backdrop to the region offering residents places for hiking, biking, horseback riding, or simply connecting with
nature, close to home. Throughout its 41 -year history the District has used taxpayer dollars wisely, leveraging
funds to bring in state, federal, and private grant money, and providing annual audits in a transparent public
process. The District is governed by a publicly elected board of directors.
Over the years, the number of acres and miles of trails the District owns and maintains have steadily
increased, as have the number of visitors and the cost of land. Expanding public access, restoring sensitive
environments and purchasing land are costly, yet are high priorities for the public.
To reinforce and expand these types of services and resources, the Board of Directors is placing this
funding measure on the June 3, 2014 ballot.
$300 million in General Obligation Bonds will be sold. The bond repayment would be financed by an
annual property tax override based on a tax rate not to exceed $3.18 per $100,000 of assessed value of
property owned per year.
This Expenditure Plan outlines priority actions identified by the public and proposed by the District to be
funded with bond proceeds. Part B describes each priority action and describes what goals it will achieve. Part
C of the Expenditure Plan describes the establishment of an independent Citizen Oversight Committee.
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2. PRIORITY ACTIONS
The priority actions listed below are the result of a process that combined scientific analysis with broad
public engagement to create a shared vision for the future of the District and the region's open space. Each
priority action may address one or more of the following as more specifically described in the table Priority
Actions, By Region attached to this Expenditure Plan:
• Improved hiking, biking, and equestrian opportunities
• Protection and preservation of redwoods, natural open spaces, the scenic beauty of the region
and coastline, critical habitats
• Restoration of creeks to protect water quality
• Reduction of forest fire risk
Priority actions are distributed throughout the District as depicted on the map attached to this
Expenditure Plan.
If approved, the bond proceeds would be allocated to fund the capital improvements necessary to
implement the priority actions listed below. Note: the number associated with each priority action does not
denote its priority level, but is only used for identification purposes to correlate with the locations depicted on
the map.
The estimates associated with each priority action are in 2014 dollars. These are estimates only, and
the actual costs may change in implementation.
The District may annually review and propose amendments to the Expenditure Plan to provide for the
use of additional federal, state and local funds, to account for unexpected revenues, or to take into
consideration unforeseen circumstances. The District shall act on no more than one package of amendments
each fiscal year. The District shall establish a process for proposed Expenditure Plan amendment(s) which
ensures that the Citizen Oversight Committee is included in the development. Upon completion of this
process, amendments(s) to the Expenditure Plan must be passed by a two-thirds majority of the District Board
in a publicly noticed meeting.
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PRIORITY ACTIONS, BY REGION
South
(Los Gatos,
Bay Foothills
Monte Sereno, Saratoga, and Santa Cruz Mountains)
18
South Bay Foothills: Saratoga -to -Sea Trail and Wildlife Corridor
Protect wildlife corridor along Highway 9. Connect trail to Saratoga -to -Sea Trail and Skyline -to -Sea Trail.
$1,365,000
19
El Sereno: Dog Trails and Connections
Provide infrastructure to open trails to dogs. Develop connections to Skyline, Sanborn County Park, & Lexington
Reservoir. $2,254,000
20
South Bay Foothills: Wildlife Passage and Ridge Trail Improvements
Establish safe corridors for mountain lions across Highway 17. Establish Bay Area Ridge Trail crossing.
$13,966,000
21
Bear Creek Redwoods: Public Recreation and Interpretive Projects
Open for hiking, equestrian activities. Provide parking areas, trails; upgrade stables. Restore & protect habitats
for various species. Repair roads & trails to reduce sediment. Rehabilitate Alma College site. $17,478,000
22
Sierra Azul: Cathedral Oaks Public Access and Conservation Projects
Develop multi -use trail & plan future trails as land is available. Develop parking. Restore plant communities and
soils. Install trailside amenities. Preserve additional open space and complete wildlife corridor in upper Los Gatos
Creek watershed. $6,714,000
23
Sierra Azul: Mt. Umunhum Public Access and Interpretation Projects
Open Mt. Umunhum for multi -use public access to summit via road and trail. Open Bay Area Ridge Trail and
nearby trail connections. Preserve additional open space and complete wildlife corridor. $27,972,000
24
Sierra Azul: Rancho de Guadalupe Family Recreation
Open Rancho de Guadalupe to public access. Develop accessible multi -use trails with amenities such as parking
and family recreation. Restore habitat for rare species. Protect cultural and natural resources. $10,078,000
25
Sierra Azul: Loma Prieta Area Public Access, Regional Trails and Habitat Projects
Provide public access and recreation, including small campground. Develop, improve, connect regional multi -use
trails to Forest of Nisene Marks State Park, to protected land to east, and to Mt. Umunhum. Protect Steelhead
habitat, rare plants and grasslands, restore Knobcone Pine stands. $7,986,000
8
Peninsula
(Cupertino,
Menlo
2
Foothills and Bay
Los Altos, Los Altos Hills, Sunnyvale, Mountain View, Palo Alto, East Palo Alto,
Park, Atherton, Redwood City, San Carlos, Woodside, Portola Valley, Skyline
Regional: Bayfront Habitat Protection and Public Access Partnerships
Partner to complete gaps in Bay Trail and develop city -to -bay trails. Support wetland restoration and associated
interpretive facilities. Preserve additional bayfront open space. $5,052,000
4
El Corte de Madera Creek: Bike Trail and Water Quality Projects
Develop single -use biking/hiking trails, complete Ridge Trail gaps, and develop trail system leading to parking
area. Restore damaged trails to improve water quality. Preserve additional open space as available. $8,376,000
5
La Honda Creek: Upper Area Recreation, Habitat Restoration and Conservation Grazing
Projects
Open upper half of the preserve to public; provide biking/hiking/equestrian trails, dog access, and staging areas.
Provide loop & connector trails. Restore habitat for rare species. Improve fencing, corrals, and water systems to
reintroduce conservation grazing. $11,733,000
6
Windy Hill: Trail Improvements, Preservation and Hawthorns Area Historic Partnership
Improve trails, complete pond facilities. Increase multi -use trails, study possible improvements to increase dog
use. Open Hawthorns Area; develop trails connecting to Portola Valley and Palo Alto trails. Partner to protect,
restore, and interpret historic buildings. Improve habitat conditions in Los Trancos Creek. Preserve additional
scenic open space as available. $12,740,000
8
La Honda Creek/Russian Ridge: Preservation of Upper San Gregorio Watershed & Ridge Trail
Completion
Preserve upper San Gregorio watershed; restore endangered species habitats. Support opportunities to provide
additional water for fisheries. Complete Bay Area Ridge Trail multi -use connections and gaps. Provide additional
public use facilities. $15,347,000
9
Russian Ridge: Public Recreation, Grazing and Wildlife Protection Projects
Open currently closed areas of preserve. Construct and extend trails. Improve fencing, corrals, and water
systems to reintroduce conservation grazing. Improve habitat for sensitive species, implement pond
enhancement projects for garter snakes and red -legged frogs. $5,560,000
10
Coal Creek: Reopen Alpine Road for Trail Use
Reopen Alpine Road as trail connection between Portola Valley & Skyline Blvd. Reroute trails to reduce erosion
and improve visitor experience. $8,017,000
11
Rancho San Antonio: Interpretive Improvements, Refurbishing, and Transit Solutions
Add welcome center, refurbish and add interpretive exhibits to Deer Hollow Farm. Support of transit improvement
options such as bike trails, bikeshare station, bus service, or additional parking. $10,811,000
12
Peninsula/South Bay Cities: Partner to Complete Middle Stevens Creek Trail
Support work by cities to develop the middle section of the Stevens Creek Trail and enhance neighborhood
connections. Support work by partners to complete stream corridor restoration and steelhead habitat
enhancement below dam. Develop and install interpretive signage. $1,038,000
16
Long Ridge: Trail, Conservation and Habitat Restoration Projects (Saratoga)
Improve roadside parking and provide restrooms. Develop new trail connections to Eagle Rock and Devils
Canyon. Repair trails for year-round multi -use access. Protect watersheds for steelhead. Preserve additional
open space as available. Implement pond and habitat enhancement restoration projects to benefit rare species.
$5,140,000
17
Regional: Complete Upper Stevens Creek Trail
Complete multi -use connection between the Bay Trail & Bay Area Ridge Trail above the reservoir through
Picchetti Ranch Open Space Preserve & Lower/Upper Stevens Creek County Parks. Improve Preserve trails and
neighborhood connections. Preserve additional open space as available. $7,760,000
9
Coast
(Half
1
Moon Bay, San Gregorio, Pescadero, La Honda,)
Miramontes Ridge: Gateway to the Coast Public Access, Stream Restoration and Agriculture
Enhancement
Preserve scenic open space land as available, and establish wildlife corridor. Restore fish and red -legged frog
habitats in Madonna Creek watershed. Partner to enhance water availability for agriculture and fish. Develop
trail loop system, including Ridge Trail and neighborhood access points. Develop staging area, repair bridges.
$27,774,000
3
Purisima Creek Redwoods: Purisima-to-Sea Trail, Watershed Protection and Conservation
Grazing
Complete and open multi -use Purisima-to-Sea trail connection between Ridge Trail and Coastal Trail, and new
parking areas. Preserve additional open space as available. Remove fish barriers and restore Lobitos Creek.
Restore ponds for endangered species. $7,608,000
7
La Honda Creek: Driscoll Ranch Public Access, Endangered Wildlife Protection and
Conservation Grazing
Open Driscoll Ranch Area; provide biking/hiking/equestrian trails, limited dog access, parking areas, and
interpretive displays. Develop loop & connector trails. Restore habitat for endangered species. Restore La
Honda Creek; remove fish migration barriers. $14,825,000
13
Cloverdale Ranch: Wildlife Protection, Grazing and Trail Connections
Improve fencing, corrals, and water systems to increase conservation grazing and sustain large contiguous
grasslands. Restore habitat for endangered species. Provide trail connections to nearby State parks.
$15,712,000
14
Regional: Trail Connections and Campgrounds
Develop trails between Butano, Pescadero County Park, Pescadero, Russian Ridge, and between Skyline and
Portola Redwoods, Big Basin State Park. Partner with County and State Parks to improve existing campgrounds.
$3,966,000
15
Regional: Redwood Protection and Salmon Fishery Conservation
Preserve additional open space as available. Protect and enhance redwood stands, mountain scenery, various
habitats and steelhead salmon. $50,728,000
10
McNee Ranch
State Par
/ Montara
Rancho Corral
de Tierra
(GGNRA)
San Pedro
valley
minty
Park
El Granada
Hag.
Afoot,
Bay
Fled
Moon
Bay
San Mateo
8urlelgh Murray
Ranch State Park
pescadero
1 Cloverdale
Ranch
Miles
0 2.5 5
Crystal Springs
Watershed
Huddart
County Park
Ano Nuevo
State Park
e
San
Francisco
Bay
San Carlos
Igas
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City
DISTRICT
OUNDAR
Woodside
Wunderll ,V\
minty Park'1
Sam
McDonald
County Park
enla Park
Jasper
Ridge
Thornewood �'Peyspn. Los
Arastrader s
`-` c1lo
Preserve Hills
X11 Palo Alto Foothills
'.foothills
Park
Pescadero Creek
County Park
East
Palo
ato
Palo Ado
Portola'
Redwoods
State Park
San Mateo Co.
Santa Cruz Co.
61d Basin /
Redwoods State Park
Swanton Pacific
Ranch
•
Castle Rock
State Park
MIDPENINSULA
REGIONAL
OPEN
SPACE
Wildlife
/R�ehl�e
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Refuge
Stevens Creek
Shoreline
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Study Area
Los Altos
Domain
Vew
Picchetti
Ranch
Henry Cowell
Redwoods
(Fail Creek
Unit)
Sunnyvale
Loch
Lomond
Recreation
Area
Cupertino
Saratoga
Public Access, Restoration,
Land Conservation Projects
Regional Trail
Midpeninsula Regional
Open Space Preserves
Camppell
i\
San Jose
Ai
Almaden
Quicksilver
Count Park
Soquel Demonstratii
State Forest
Forest of Nlsene a
State Park
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3. INDEPENDENT CITIZEN OVERSIGHT COMMITTEE
An Independent Citizen Oversight Committee will be formed to verify expenditures of bond proceeds.
The Independent Citizen Oversight Committee will consist of seven at -large members, all of whom shall be
District residents. The Citizen Oversight Committee will be selected by the Board and interviewed and
approved in open session, and will be subject to the conflict of interest constraints of the California Political
Reform Act.
The responsibilities of the Committee include:
• Review Plan expenditures on an annual basis to verify conformity with the Expenditure Plan.
• Review District's Annual Audit and Annual Accountability report and present the Committee's findings
to the Board at a public meeting.
• Review any proposed amendments to the Expenditure Plan.
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EXHIBIT B
TAX RATE STATEMENT
An election will be held in the Midpeninsula Regional Open Space District (the "District") on June 3,
2014, to authorize the sale of up to $300 million in bonds of the District to provide public access and acquire,
restore, and preserve open space throughout the District as described in the ballot measure. If the bonds are
approved, the District expects to sell the bonds in several series over time. Principal and interest on the bonds
will be payable from the proceeds of tax levies made upon the taxable property in the District. The information
contained in numbered paragraphs 1 - 3 below is provided in compliance with sections 9400-9404 of the
Elections Code of the State of California.
1. The best estimate of the tax which would be required to be levied to fund this bond issue during the
first fiscal year after the sale of the first series of bonds, based on estimated assessed valuations available at
the time of filing of this statement, is $1.00 per $100,000 of assessed valuation in fiscal year 2015-16.
2. The best estimate of the tax rate which would be required to be levied to fund this bond issue during
the first fiscal year after the sale of the last series of bonds, based on estimated assessed valuations available
at the time of filing of this statement, is $2.90 per $100,000 of assessed valuation in fiscal year 2044-45.
3. The best estimate of the highest tax rate which would be required to be levied to fund this bond
issue, based on estimated assessed valuations available at the time of filing of this statement, is $3.18 per
$100,000 of assessed valuation in fiscal year 2034-35.
Voters should note that the estimated tax rates are based on the estimated ASSESSED VALUE of
taxable property on the respective County's official tax rolls, not on a property's market value. Property owners
should consult their own property tax bills to determine their property's assessed value and any applicable tax
exemptions.
Attention of all voters is directed to the fact that the foregoing information is based upon the District's
projections and estimates only, which are not binding upon the District. 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 dates of sale and the amount of bonds sold
at any given time will be determined by the District based on its needs for 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 each sale. Actual
future assessed valuation will depend upon the amount and value of taxable property within the District as
determined by the respective County Assessor in the annual property value assessment process.
Dated: , 2014.
General Manager
Midpeninsula Regional Open Space District
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TAX RATE STATEMENT
An election will be held in the Midpeninsula Regional Open Space District (the "District") on June 3,
2014, to authorize the sale of up to $300 million in bonds of the District to provide public access and acquire,
restore, and preserve open space throughout the District as described in the ballot measure. If the bonds are
approved, the District expects to sell the bonds in several series over time. Principal and interest on the bonds
will be payable from the proceeds of tax levies made upon the taxable property in the District. The information
contained in numbered paragraphs 1 - 3 below is provided in compliance with sections 9400-9404 of the
Elections Code of the State of California.
1. The best estimate of the tax which would be required to be levied to fund this bond issue during the
first fiscal year after the sale of the first series of bonds, based on estimated assessed valuations available at
the time of filing of this statement, is $1.00 per $100,000 of assessed valuation in fiscal year 2015-16.
2. The best estimate of the tax rate which would be required to be levied to fund this bond issue during
the first fiscal year after the sale of the last series of bonds, based on estimated assessed valuations available
at the time of filing of this statement, is $2.90 per $100,000 of assessed valuation in fiscal year 2044-45.
3. The best estimate of the highest tax rate which would be required to be levied to fund this bond
issue, based on estimated assessed valuations available at the time of filing of this statement, is $3.18 per
$100,000 of assessed valuation in fiscal year 2034-35.
Voters should note that the estimated tax rates are based on the estimated ASSESSED VALUE of
taxable property on the respective County's official tax rolls, not on a property's market value. Property owners
should consult their own property tax bills to determine their property's assessed value and any applicable tax
exemptions.
Attention of all voters is directed to the fact that the foregoing information is based upon the District's
projections and estimates only, which are not binding upon the District. 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 dates of sale and the amount of bonds sold
at any given time will be determined by the District based on its needs for 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 each sale. Actual
future assessed valuation will depend upon the amount and value of taxable property within the District as
determined by the respective County Assessor in the annual property value assessment process.
Dated: February 26, 2014.
General Manager
Midpeninsula Regional Open Space District