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Tax Rate Section

An election was held in South Bay Union School District on November 4, 2008 to authorize the sale of $59,400,000 in general obligation bonds. The following information is submitted in compliance with Sections 9400-9404 of the California Elections Code.

The best estimate of the tax rate that would be required 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 $.0300 per $100 ($30.00 per $100,000) of assessed valuation in fiscal year 2009-10.
The best estimate of the tax rate that would be required 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 $.0300 per $100 ($30.00 per $100,000) of assessed valuation in fiscal year 2021-22.
The best estimate of the highest tax rate that would be required to fund this bond issue, based on estimated assessed valuations available at the time of filing this statement, is $.0300 per $100 ($30.00 per $100,000) of assessed valuation.

These estimates are based on projections derived from information obtained from official sources. The actual tax rates and the years in which they will apply may vary depending on the timing of bond sales, the amount of bonds sold at each sale and actual increases in assessed valuations. The timing of the bond sales and the amount of bonds sold at any given time will be determined by the needs of the District. Actual assessed valuations will depend upon the amount and value of taxable property within the District as determined in the assessment and the equalization process.

Dated July 15, 2008

Scott Buxbaum
Assistant Superintendent, Business Services
South Bay Union School District

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