PROPOSITION L IMPARTIAL ANALYSIS BY THE CITY ATTORNEY OF PROPOSED BOND MEASURE FOR THE PURPOSE OF CONSTRUCTING, REMODELING AND IMPROVING THE MAIN LIBRARY BULIDING, BRANCH LIBRARIES AND RELATED FACILITIES

 By this proposition, the City seeks voter approval to issue general obligation bonds in the amount no greater than $25 million. The bonds will be used to remodel, improve and construct Library buildings and related facilities. The Library buildings to be benefited will be the main Library and each of the branch Libraries.

 The City's Librarian has indicated that bond proceeds will be used to fund several Library capital improvements. The main Library will be redesigned to increase its usable space. Seating capacity will be doubled and book shelving space will be significantly increased. Also, technology centers will be created and improved. Areas for children, group study, lectures and community meetings will be enhanced. Branch Libraries will be upgraded, adding technology and homework centers, and at the Montana Branch Library, a multipurpose room will be added. Mechanical, electrical and plumbing systems will be updated and improved.

 Article 13A of the California Constitution limits the maximum amount of any ad valorem tax on real property to 1% of the full cash value of the property. Article 13A allows voters to increase the property tax rate above 1% in connection with bonded indebtedness, provided that: (1) two-thirds of the electors voting on the proposition approve the issuance of general obligation bonds; and (2) the bonds are to be used to finance the acquisition or improvement of real property.

 If the bond proposal is approved, all tax assessed property within the City would be subject to an additional annual property tax levy. The City's Finance Director has estimated that based on current market conditions, if the full $25 million in bonds is issued, the anticipated first year's tax rate would be $.02188 per $100 of assessed property valuation, which amounts to $21.88 per $100,000.00 of assessed valuation. Over a projected 20 year bond repayment period,  the average tax rate is anticipated to be $.01380 per $100 of assessed property valuation, which amounts to $13.80 per $100,000.00 of assessed valuation.

PREPARED BY:
Marsha Jones Moutrie, City Attorney
Joseph Lawrence, Assistant City Attorney
Linda A. Moxon, Deputy City Attorney

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