In Depth:
Measure X would authorize the Alameda County Fire Department (“District”) to issue general obligation bonds in an aggregate principal amount not to exceed $90 million at an interest rate within the maximum permitted by law. Approval of this measure will authorize a levy on the assessed value of taxable real property within the District by an amount needed to pay the principal and interest on these bonds in each year that the bonds are outstanding.
The primary purpose of the bonds would be to finance the acquisition and improvement of real property, including facilities related to medical, 911, and wildfire protection services; replacing and repairing stations; and retrofitting fire facilities for earthquake safety. The proceeds will be used only for the purposes specified in the measure.
The best estimate of the annual average tax rate required to be levied to fund the bonds is $0.0157 per $100 of assessed valuation ($15.70 per $100,000) of all property to be taxed. The best estimate of the highest tax rate is $0.0160 per $100 of assessed valuation ($16.00 per $100,000) of all property to be taxed in 2021/2022. The best estimate of the final fiscal year in which the tax is anticipated to be collected is 2051/52. The District’s best estimate of the total debt service, including principal and interest, that would be required to be repaid if all of the bonds are issued and sold is $160,471,000.
The Fire Chief of the District shall file an annual report with the District’s Board that contains information regarding the amount of funds collected and expended and the status of the projects. The District’s Board will establish an independent oversight committee to confirm that the expenditures are consistent with this Measure’s intent. The measure also provides for an annual independent financial audit to confirm that the expenditures are consistent with the measure’s intent.
Source: County Counsel's Impartial Analysis of Measure X