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November 6, 2018 — California General Election
Local

City of Santa Rosa
Measure N Bond Measure - 2/3 Approval Required

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Election Results

Failed

40,243 votes yes (61.7%)

25,018 votes no (38.3%)

100% of precincts reporting (112/112).

Housing Bond
— undefined

HOUSING RECOVERY BOND To aid recovery and provide affordable housing for low- and middle-income families, veterans, seniors, disabled, and other vulnerable populations, provide supportive housing for the homeless; and help low- and middle-income households purchase homes in their communities, shall the City of Santa Rosa's measure to issue $124 million in bonds, levying approximately $8.6 million annually at approximately $29 per $100,000 of assessed value through final maturity, with oversight and audits, be adopted?

What is this proposal?

Measure Details — Official information about this measure

Summary

Sonoma County ROV (Sample Ballot)

CITY ATTORNEY'S IMPARTIAL ANALYSIS OF MEASURE N

By this measure, the City of Santa Rosa seeks voter authorization to issue and sell up to $124 million in general obligation bonds, with an interest rate of up to 12% per annum. The sole object and purpose of the bonds is to advance housing recovery by financing the acquisition and improvement of real property for affordable hous- ing for low-income and middle-income families, veterans, seniors, persons with disabilities and other vulnerable populations, and supportive housing for persons experiencing homelessness.

The bond proceeds may be used only for the purposes set forth in the measure. Under the measure, proceeds may be used by the City either: (a) directly to ac- quire, rehabilitate, preserve, or construct affordable housing and/or supportive housing; and/or (b) indirectly to provide loans, grants or other disbursements to qualified individuals (low-and middle-income), business entities, corporations, partnerships, associations and government agencies for the acquisition, rehabilitation, preservation or construction of such housing.

If approved, the bonds will be issued in one or more series, and will be general obligations of the City, payable solely from an ad valorem tax to be levied upon the assessed value of taxable property in the City. The tax will be equal to the amount needed to pay the principal and interest on the bonds in each year that the bonds are outstanding.

The Tax Rate Statement, included in the sample ballot pamphlet, reflects the City’s best estimates of the tax rates and duration needed for the measure. The estimates are based upon currently available data and projections, and do not bind the City. The Statement estimates that the annual tax rate required to service the bonds will be $29.00 per $100,000 of assessed valuation. (For example, a property assessed at $500,000 would pay $145 annually). The tax is based upon the assessed value of the property on Sonoma County’s tax rolls, not the property’s market value. The Statement estimates that the final fiscal year of taxation will be 2048-49; and that, if all the bonds are issued and sold, the total debt service, including principal and interest, will be $258.5 million.

An oversight committee will be appointed by the Santa Rosa City Council to ensure that the bond proceeds are expended only as allowed by the measure. All expenditures will be subject to an annual independent financial audit. The City Manager will be required to file an annual report with the City Council, setting forth the amount of funds collected and expended, as well as the status of all acquisitions and improve- ments funded under the measure.

This measure will become effective only upon the affirmative vote of at least two-thirds of the qualified electors voting on the measure.

This measure was placed on the ballot on July 24, 2018, by the affirmative vote of all six members of the Santa Rosa City Council present at the Council meeting. One Council member was absent.

If you desire a copy of the measure, please call the City Clerk at (707) 543-3015 and a copy will be mailed at no cost to you.

s/ Sue A. Gallagher City Attorney City of Santa Rosa

Tax rate

Sonoma County ROV (Sample Ballot)

TAX RATE STATEMENT

An election will be held in the City of Santa Rosa (the “City”) on November 6, 2018, to authorize the sale of up to $124 million in bonds of the City to finance the specific projects listed in the bond measure. If such bonds are authorized, the City expects to sell the bonds in one or more series. Principal and interest on the bonds will be payable solely from the proceeds of ad valorem tax levies made upon the taxable property in the City. The following information is provided in compliance with sections 9400-9404 of the California Elections Code. Such information is based upon the best estimates and projections presently available from official sources, upon experience within the City, and other demonstrable factors.

Based upon the foregoing and projections of the City’s assessed valuation:

1. The best estimate of the average annual tax rate that would be required to be levied to fund the bond issue over the entire duration of the bond debt service, based on a projection of assessed valuations available at the time of filing of this statement is $0.029 per $100 (or $29 per $100,000) of assessed valuation of all property to be taxed. The best estimate of the final fiscal year in which the tax is anticipated to be collected is 2048-49.

2. The best estimate of the highest tax rate that would be required to be levied to fund the bond issue, based on a projection of assessed valuations available at the time of filing this statement is $0.029 per $100 (or $29 per $100,000) of assessed valuation of all property to be taxed. The best estimate of the first fiscal year in which the highest tax rate will apply is 2019-20.

3. The best estimate of the total debt service, including the principal and interest, that would be required to be repaid if all the bonds are issued and sold is $ 258,500,000.

Voters should note that such estimated tax rates are specific to the repay- ment of bonds issued under this authorization and are and will be in addition to tax rates levied in connection with other bond authorizations approved or to be approved by the City or any other overlapping public agency.

Voters should note that estimated tax rate is based on the ASSESSED VALUE of taxable property on Sonoma County’s official tax rolls, not on the property’s market value. In addition, taxpayers eligible for a property tax exemption, such as the homeowner’s exemption, will be taxed at a lower effective tax rate than described above. 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 projections and estimates only, which amounts are not maximum amounts or durations and are not binding upon the City. The actual debt service amounts, tax rates and the years in which they will apply may vary from those pres- ently 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 City based on need 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 City as determined by the Sonoma County Assessor in the annual assess- ment and the equalization process.

s/ Chuck McBride Finance Director City of Santa Rosa

Published Arguments — Arguments for and against the ballot measure

Arguments FOR

ARGUMENT IN FAVOR OF MEASURE N

The lack of available housing in our community is impacting our most vulnerable populations, particularly working families, seniors, veterans and the nearly 3,000 who lost homes during last year’s devastating firestorm. The Housing Recovery Bond would directly benefit them.

The housing crisis directly affects all of us in Santa Rosa, driving out many long- time local residents and preventing many families from owning a home. Longtime residents, seniors and veterans are being priced out of their homes and our community.

We all know someone impacted: friends, family, co-workers, neighbors — or our- selves.

Measure N ensures hardworking residents can live in a safe and affordable home by providing down payment assistance for local first-time homebuyers. It provides essential support for families displaced by the fires to rebuild and stay in our community. The funds would make affordable housing available for vulnerable populations including seniors, veterans, and those experiencing homelessness, including women and children.

The Housing Recovery Bond will help working people, like teachers, nurses, and first responders be able to afford housing in Santa Rosa, ensuring families have access to a home near the community where they work and where their children attend school.

Strict accountability ensures funds are spent on affordable housing in Santa Rosa. By law, these funds cannot pay for pensions or fund the needs of City Hall. An independent oversight committee and annual audits will ensure funds are spent properly.

The passage of Measure N helps Santa Rosa qualify for significant state and federal matching funds that may otherwise go to neighboring communities.

Help provide affordable homes for hardworking families, seniors, and veterans. Keep Santa Rosa affordable for teachers, nurses, police officers and firefighters who serve our community.

Ensure those who lost everything in the fires stay in Santa Rosa. Vote Yes on Measure N.
www.SRHousingRecovery.com
s/ Chris Coursey

Mayor of Santa Rosa

s/ Jane Battenfeld Emergency Room Nurse

s/ Jenni Klose
Santa Rosa School Board President

GREENBELT ALLIANCE
s/ Dee Swanhuyser, Boardmember

SANTA ROSA METRO CHAMBERs/ Peter Rumble, CEO

— Sonoma County ROV (Sample Ballot)

Arguments AGAINST

NO ARGUMENT WAS SUBMITTED AGAINST MEASURE N

— Sonoma County ROV (Sample Ballot)

Read the proposed legislation

Proposed legislation

MEASURE TO BE SUBMITTED TO THE VOTERS AUTHORIZING THE CITY OF SANTA ROSA TO ISSUE GENERAL OBLIGATION BONDS TO

FINANCE AFFORDABLE HOUSING PROJECTS Section 1. Findings.

WHEREAS, the City Council of the City of Santa Rosa (the “City”) recognizes that homelessness is a major and growing concern for the City; and

WHEREAS, the City’s housing crisis was exacerbated by destruction caused by the Tubbs Fire and Nuns Fire; and

WHEREAS, prior to the fires there existed a severe lack of rental housing, particularly rental housing affordable to lower and moderate-income residents; and

WHEREAS, the housing units damaged and destroyed by the fires increased the rental housing shortage by several orders of magnitude and also severely reduced the number of owner-occupied housing units in the City; and

WHEREAS, homelessness is a complex social issue with many contributing factors that cannot be easily or quickly solved by a single agency or organization; and

WHEREAS, shelter beds and transitional housing options are insufficient to serve the City’s needs, causing people to occupy and sleep in public spaces, as well as encampments throughout the City, threatening the public peace, health and safety; and

WHEREAS, existing funds and funding sources are inadequate to finance affordable housing projects necessary to address the affordable housing crisis in the City; and

WHEREAS, the City may have the opportunity to leverage state and federal funds allocated for affordable housing if it issues bonds to finance affordable housing projects.

Section 2. Object and Purpose of Bonds. This measure (the “Measure”) authorizes the issuance of general obligation bonds (the “Bonds”), the object and purpose of which is to advance housing recovery and finance, by the City or a third party, the acquisition or improvement of real property for affordable housing for low-income and middle-income families, veterans, seniors, persons with disabilities and other vulnerable populations, and for supportive housing for persons experiencing homelessness.

Proceeds of the Bonds shall be used to finance the acquisition and improve- ment of real property for affordable housing (the “Improvements”), including the ap- plication of bond proceeds for the City directly to acquire, rehabilitate, preserve or construct affordable housing and/or supportive housing, and/or indirectly as loans, grants, or other disbursements to qualified individuals, business entities, corporations, partnerships, associations and government agencies for the acquisition, rehabilitation, preservation or construction of affordable housing and/or supportive housing.

The Improvements will be completed as needed, and each is assumed to include its share of costs, including planning, program management and construction costs. The final cost of each Improvement will be determined as real property is purchased, plans are finalized, construction bids are awarded, or projects are completed.

The Bonds will be issued in one or more series, in the maximum amount and for the objects and purposes set forth herein if two-thirds of all qualified voters voting on the proposition set forth above vote in favor thereof. The Bonds will be general obligations of the City payable from and secured by taxes levied and collected in the manner prescribed by laws of the State of California. All of the Bonds shall be equally and ratably secured, without priority, by the taxing power of the City. Proceeds of the Bonds may be used to reimburse the City for amounts advanced from the general fund or other funds or accounts to acquire real property when such purchases are made prior to the availability of Bond proceeds.

Section 3. Estimated Cost of Improvements. The estimated cost of the portion of the costs of the Improvements to be paid for from the Bonds is $124 million. The estimated cost includes legal and other fees and the cost of printing the Bonds and other costs and expenses incidental to or connected with the authorization, issuance or sale of the Bonds. The cost of the Improvements includes planning, program management and construction costs.

Section 4. Principal Amount of Bonds. The aggregate principal amount of Bonds to be issued is not to exceed $124 million.

Section 5. Maximum Interest Rate. The maximum rate of interest to be paid on the Bonds shall be 12% per annum.

Section 6. Accountability Requirements. The following accountability measures apply to the issuance of Bonds pursuant to this Measure:

  1. (a)  The specific purpose of the bonds is to advance housing recovery by financing the Improvements; and

  2. (b)  The proceeds from the sale of the City’s bonds will be used only for the purposes specified in this Measure, and not for any other purpose; and

  3. (c)  The proceeds of the Bonds will be deposited into an account to be created and held by the City; and

  4. (d)  The City Manager of the City shall file an annual report with the City Council which report shall contain pertinent information regarding the amount of funds collected and expended, as well as the status of the Improvements; and

  5. (e)  All expenditures will be subject to oversight by an oversight committee, composed of individuals appointed by the City Council, to confirm that Bond expenditures are consistent with the intent of this Measure; and

  6. (f)  All expenditures also will be subject to an annual independent financial audit to confirm that Bond expenditures are consistent with the intent of this Measure.

More information

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