Date: Fri, 11 May 2001 18:30:15 -0700 From: foleyj@ultrasw.com (Jim Foley) Subject: Re: [lpaz-Pima] Stewart votes to raise taxes To: lpaz-Pima@yahoogroups.com Reply-To: lpaz-Pima@yahoogroups.com
At 14:44 5/11/01 -0700, Travis Klein wrote:
Some guy at Pima West the other day told me that our libertarian on the PCC council voted to raise property tax a while back. Does anyone have any documentation on this?
Say it ain't so,
Thanks
JF1-> The following information comes from the PCC web site. Agenda and minutes of board meeting can be found at:
http://dco-proxima.dco.pima.edu/chanc/board/index.html
I have reformatted material and made (hopefully) innocuous spelling and diction corrections. There's a lot here. You asked for it ...
I point out up front that Scott voted as part of a unanimous board in all three incidents herein documented. I also point out that, PCC board elections being non-partisan, Scott did not run as a Libertarian, did not win as a Libertarian, and argably bears no responsibility to act as a Libertarian in his capacity as a PCC board member.
For Scott, or any other board member, Libertarian or otherwise, to oppose such measures would be tantamount to opposing the very institution on whose board he serves. Is this what Libertarians expect Scott to do? Libertarian philosophy certainly suggests, and strongly, that government's coercive power to tax not be used to support institutions whose legitimate purposes could be accomplished via markets in a non-coercive fashion. This is a fine issue on which Libertarians might test the political practicality of their values: would any candidate for PCC board stand a chance of being elected on a platform of dismantling the institution?
WWJGD? (What would John Gault do?) <-JF1
1. Pima County Community College District Minutes of the Regular Meeting of January 10, 2001
GENERAL OBLIGATION BOND ISSUE - RESOLUTION ORDERING SALE OF BONDS
Assistant Vice Chancellor Askin introduced the College's bond counsel and the College's financial advisors. This recommendation is to adopt a resolution ordering the sale of the remaining $49.98 million general obligation bonds to fund the College's Capital Development Program. The Educational Master Plan is the underpinning of the Capital Development Plan and the first phases of construction and renovation at all campuses. The proposal is to sell the bonds in March to cover the cost of completing the Capital Development Plan over the next two years. This recommendation differs from the original bond sale schedule in two ways. Issuance of the bonds will be completed in three rather than four sales, which will provide savings of about $150,000. The maturity schedule for this sale as well as the second sale were pulled in from the previously developed 20-year timeline. By doing this between the two issues the college will save taxpayers over $40 million in debt service for the two issues.
The $49.98 million in bonds will be sold in a competitive bid. Bids will be received on March 14 and presented to the Board at the regular March meeting. Final closing and delivery is expected for March 29.
Motion to Approve General Obligation Bond Issue Resolution Ordering Sale of Bonds PASSES Motion No. 6107
Scott Stewart - M, Richard Fimbres - S, to adopt the Resolution Ordering the Sale of $49,980,000 aggregate principal amount of Pima County Community College District General Obligation Bonds, Project of 1995, Services C (2001); and authorize the Assistant Vice Chancellor for Financial Operations to proceed with activities required to executive the bond issue.
Vote: All Board members present voted "aye" by voice vote. None were opposed. Motion carried.
JF1-> This motion will surely cause an increase in PCC secondary property tax rates. Scott not only voted for the motion, but was its mover. <-JF1
2. Pima County Community College District Minutes of the Regular Meeting of February 14, 2001
BUDGET DEVELOPMENT GUIDELINES - FISCAL YEAR 2001/2002
Assistant Vice Chancellor Askin presented this item. She reviewed the budget development calendar and the proposed guidelines presented at the January meeting. Decisions made tonight will be presented t the State Board for approval.
The guidelines recommended this year include a tuition increase of $1.50 per credit hour, AND A 2% INCREASE IN THE LEVY ON EXISTING PROPERTY AS WELL AS INCREASING THE LEVY TO INCORPORATE THE COUNTY'S NEW ASSESSED VALUATION. THE COLLEGE WILL ALSO ASK FOR A SECONDARY TAX WHICH IS PAYING FOR OUR CAPITAL DEVELOPMENT PROGRAM.
JF1-> Note that the secondary tax rate increase is related to the bond issue authorized during the January 10, 2001 meeing. Primary property tax rates are "capped" by the state at $10 per $100 valuation, but secondary rates are not capped. <-JF1
A summary of resources projected from these recommendations is: $900,000 generated by the $1.50 tuition increase; $1.5 million from property taxes on existing and new property; $476,000 from the State (based on last year's enrollment growth). The sales tax revenue is categorical and defined by statute to be for workforce development.
Ms. Askin also discussed expenditures. he campuses and DCO are identifying their needs for next year, and the Cabinet will begun deliberating on priorities in mid-March.
Motion to Approve Budget Development Guidelines PASSES Motion No. 6114
Richard Fimbres - M, Scott Stewart - S, to approve the budget parameters identified in the Budget Guidelines and authorize proceeding with development for FY 2001/2002 budget.
Vote: All Board members present voted "aye" by voice vote. None were opposed. Motion carried.
3. Pima County Community College District Minutes of the Regular Meeting of March 14, 2001
GENERAL OBLIGATION BOND ISSUE - RESOLUTION PROVIDING FOR THE EXECUTION, ISSUANCE AND SALE OF BONDS
Assistant Vice Chancellor Askin presented this item. On January 10 the Board authorized the sale of $49.98 million in general obligation bonds to complete the Cllege's current capital development program. By revising the debt repayment schedules for this sale and the sale that was held in 1999, the College has saved taxpayers nearly $40,000,000 in debt service costs, and through consolidation of the sales the College has also saved approximately $150,000 in costs of sales and issuance resources which can be used to fund additional capital development programs.
Pursuant to the January resolution, the College published public notices and accepted bids on the bonds. The bonds were sold through an electronic bidding process A representative from Dain Rauscher, Inc., the District's financial advisor, reviewed the bids for the Board.
Thirteen bids were received. The low bidder was Banc 1 Capital Markets, with a net interest cost of 4.15%. The recommendation is to accept the bid from Banc 1 Capital Markets.
Motion to Approve General Obligation Bond Issue PASSES Motion No. 6127
Brenda Even - M, Scott Stewart - S, to adopt the Resolution Providing for the Execution, Issuance and Sale of $49,980,000 aggregate principal amount of Pima County Community College District General Obligation Bonds, Project of 1995, Series C (2001).
Vote: All Board members present voted "aye" by voice vote. None were opposed. Motion carried.
Jim Foley <foleyj@ultrasw.com>"Doh! Facts are meaningless! You can use facts to prove anything that's even remotely true!" - Homer Simpson, a Real American Hero
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