26103 / 67.66% Yes votes ...... 12478 / 32.34% No votes

See Also: Index of all Propositions

Article 13A of the California Constitution allows a city to issue general obligation bonds after getting approval of a two-thirds vote (2/3) of the electorate voting on the proposition. Cities issue bonds as a means of raising money for projects that cannot be funded from ordinary revenue sources. The bonds are issued at lower than market interest rates. State law limits the amount of a city's bonded indebtedness to 15% of assessed valuation. This bond is within allowable limits for the City of Escondido.

If this proposition is approved, the City could issue bonds as a general obligation of the City. This means that the bonds would be repaid from the proceeds of a special ad valorem property tax at a rate necessary to pay annual debt service on the bonds. According to the tax rate statement provided by the City's financial advisor, the average cost to property owners would be $34.75 per $100,000 of assessed (rather than market) value over the life of the bonds.

A "yes" vote is a vote authorizing the City of Escondido to issue general obligation bonds in an amount of up to $84,350,000 to finance and then construct improvements to Police, Fire, and Emergency services.

A "no" vote is against the proposal.

Pursuant to State law, the measure would only take effect if passed by a two-thirds (2/3) majority of voters voting on the measure.

s/Jeffrey R. Epp, City Attorney