Tax Information
An election will be held in the Southwestern Community College District (the "District")
on November 4, 2008, for the purpose of submitting to the electors of the District
the question of issuing bonds of the District in a principal amount not to exceed
$389,000,000. If such bonds are authorized and sold, the principal thereof and interest
thereon will be payable from the proceeds of tax levies made upon the taxable property
in the District. The following information regarding tax rates is given to comply
with Section 9401 of the California Elections Code. Such information is based upon
the best estimates and projections presently available from official sources, upon
experience with the District, and other demonstrable factors.
Based upon the foregoing and projections of the District's assessed valuation, and
assuming the entire debt service will be paid through property taxation:
- The best estimate of the tax rate that would be required to be levied to fund the 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 1.96 cents per $100 of assessed valuation for fiscal year 2009-10.
- The best estimate of the tax rate that would be required to be levied to fund the 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 1.96 cents per $100 of assessed valuation for fiscal year 2022-23.
- The best estimate of the highest tax rate that would be required to be levied to fund the bond issue, and an estimate of the years in which that rate will apply, based on estimated assessed valuations available at the time of the filing of this statement is again 1.96 cents per $100 of assessed valuation, which is projected to be the same in every fiscal year that the bonds remain outstanding.
Attention to all voters is directed to the fact that the foregoing information is based upon projections and estimates only, which are not binding upon the District. The actual timing of bond sales and the amount of bonds sold at any given time will be governed by the needs of the District, the state of the bond market, and other factors. The actual interest rates on any bonds sold will depend upon market conditions and other factors at the time of sale. The actual assessed valuations in future years will depend upon the value of property within the District as determined in the assessment and equalization process. Therefore, the actual tax rates and the years in which such rates are applicable may vary from those presently estimated as stated above.