Untitled & Extensive Legal Disclaimer is Key
On page PR-1301-3, the third page, you will find CUSD superintendent Jeff Felix’s enter untitled, but extensive, LEGAL DISCLAIMER in the Tax Rate Statement he submitted and signed for CUSD:
The attention of all voters is directed to the fact that the source foregoing information is based upon projections and estimates only. 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 date of sale and the amount of bonds sold at any given time will be determined by the District based on its need for construction 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 sale. Actual future assessed valuations will depend upon the amount and value of taxable property within the District as determined by the County Assessor in the annual assessment and the equalization process. Accordingly, the actual tax rates and the years in which such rates are applicable may vary from those presently estimated as above stated.
CUSD Can’t Be Held to Promises CUSD Made to Coronado Voters About the Prop E School Bonds
The point of the above disclaimer is this: Every promise about the bond costs and duration . . . that CUSD has made to Coronado voters in order to induce us to vote for Prop E . . . is legally unbinding on CUSD and legally unenforceable by voters.
CUSD can’t legally be held accountable if the school bonds COST MORE than CUSD estimated or TAKE LONGER than CUSD estimated for Coronado taxpayers to pay back for various reasons.
CUSD isn’t being upfront about these facts because it will cause people to vote NO on Prop E on June 3.
As we’ve been saying all along, voters who know the facts will vote NO on Prop E.
Emotion & Fiction Run Rampant
For some unknown reason . . . and in direct contradiction of the facts of the legal disclaimer right under their noses . . . Prop E supporters appear to be convinced that Prop E will “only” cost us around $40 annually per $100,000 of assessed property valuation and “only” burden property taxpayers for 10 years..
Bless their little hearts, pro-Prop E pundits keep trying to convince other voters of the fiction in which they believe.
Serious Consequences of Your Vote
If you drink their Kool-Aid and become hypnotized by the Prop E pundits, then you will set up Coronado taxpayers and renters for a world of hurt.
If you allow yourself to be tricked into voting yes to give CUSD the power to issue the $29 million face value bonds in three series as they want to do, then —
1. CUSD has sole control of when to issue the bonds for essentially whatever real reason or whim they may have (“The date of sale and the amount of bonds sold at any given time will be determined by the District based on its need for construction funds and other factors“), and
2. CUSD has absolutely no control over everything else — bond market, bond interest rate, bond term (duration), annual assessed value of your property, etc.
Remember, according to Felix’s legal disclaimer, CUSD’s promises are “based upon projections and estimates only.”
Jeff’s extensive LEGAL DISCLAIMER doesn’t inspire confidence. It makes us very worried.
Usually, school bonds cost taxpayers the burden of a tax hike that is double to triple the face value of the bonds.
And usually, school bond property tax hikes take property taxpayers up to 25-40 years to dig themselves out of the debt burden.
So, it’s entirely foreseeable that Prop E could cost us $60-90 million!
And it could take us up to 40 years to shoulder the property tax burden!
Prop E is too risky.
We don’t want to force this serious, expensive, risky property tax hike on anyone.
Why do Prop E supporters want to force it on everyone?
Vote NO on Prop E on June 3
Refuse to be hypnotized.
Refuse to be bamboozled into believing in fiction.
Open your eyes and accept the facts about Prop E.
When you accept reality, you realize that the only vote is NO on Prop E on June 3.