Proposition 427: General Obligation Bonds

SHALL PIMA COUNTY JOINT TECHNICAL EDUCATION DISTRICT NO. 11 OF PIMA COUNTY, ARIZONA (THE "DISTRICT"), BE AUTHORIZED TO ISSUE AND SELL GENERAL OBLIGATION BONDS OF THE DISTRICT IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $250,000,000 FOR THE PURPOSE OF RAISING MONIES FOR:
PURCHASING OR LEASING SCHOOL LOTS,
BUILDING OR RENOVATING SCHOOL BUILDINGS,
SUPPLYING SCHOOL BUILDINGS WITH FURNITURE, EQUIPMENT AND TECHNOLOGY,
IMPROVING SCHOOL GROUNDS, AND
PROVIDING FOR OTHER GENERAL CAPITAL EXPENSES OR FOR LIQUIDATING ANY INDEBTEDNESS ALREADY INCURRED FOR SUCH PURPOSES,
FOR PAYING ALL LEGAL, FINANCIAL, ENGINEERING, ARCHITECTURAL, PROJECT MANAGEMENT AND ADMINISTRATION AND OTHER NECESSARY COSTS IN CONNECTION THEREWITH AND, IN CONNECTION THEREWITH AS NECESSARY, TO PURCHASE SCHOOL SITES AND BUILD SCHOOL BUILDINGS, SAID BONDS AND ANY BONDS ISSUED TO REFUND SUCH BONDS OR OTHER BONDS OF THE DISTRICT TO BE SOLD FOR PRICES WHICH MAY INCLUDE PREMIUM IN AMOUNTS PERMITTED BY APPLICABLE LAW AND TO BE REFUNDABLE BY THE ISSUANCE OF REFUNDING BONDS OF A WEIGHTED AVERAGE MATURITY OF LESS THAN 75% OF THE WEIGHTED AVERAGE MATURITY OF THE BONDS BEING REFUNDED, TO BEAR INTEREST AT A RATE OF NOT TO EXCEED 10% PER ANNUM, PAYABLE SEMIANNUALLY ON THE FIRST DAY OF JANUARY AND THE FIRST DAY OF JULY OF EACH YEAR UNTIL THE MATURITY OF EACH BOND AND AT THE OPTION OF THE DISTRICT TO BE EVIDENCED BY SEPARATE SUPPLEMENTAL INTEREST CERTIFICATES, TO MATURE OVER A PERIOD OF NOT MORE THAN 20 YEARS FROM THE DATE OF THEIR ISSUANCE, TO BE IN THE AMOUNT OF $5,000 OF PRINCIPAL AMOUNT EACH OR MULTIPLES THEREOF AND TO MATURE ON THE FIRST DAY OF THE SAME MONTH OF EACH YEAR WHICH MAY BE EITHER JANUARY OR JULY? THE ISSUANCE OF THESE BONDS WILL RESULT IN A PROPERTY TAX INCREASE SUFFICIENT TO PAY THE ANNUAL DEBT SERVICE ON BONDS.
THE CAPITAL IMPROVEMENTS THAT ARE PROPOSED TO BE FUNDED THROUGH THIS BOND ISSUANCE ARE TO EXCEED THE STATE STANDARDS AND ARE IN ADDITION TO MONIES PROVIDED BY THE STATE. THE DISTRICT, A CAREER TECHNICAL EDUCATION DISTRICT, IS PROPOSING TO ISSUE CLASS B GENERAL OBLIGATION BONDS TOTALING $250,000,000 TO FUND CAPITAL IMPROVEMENTS AT A CAMPUS OWNED OR OPERATED AND MAINTAINED BY THE CAREER TECHNICAL EDUCATION DISTRICT.