Measure N 11/02/26

Impartial analysis by County Counsel of Measure N

Miller Creek Elementary School District
Measure N

This Measure was placed on the ballot by the Board of Trustees of the Miller Creek Elementary School District.

Pursuant to Article XIIIA (1)(b)(3) of the California Constitution, if this measure is approved by 55% of the votes cast, the Miller Creek Elementary School District will be authorized to incur bonded indebtedness of up to sixty-seven million dollars ($67,000,000) with an interest rate not to exceed the limit set by law.

Money raised by bond sales may only be used for the purposes and projects stated in the bond Project List set forth in Measure N. These purposes and projects include improvement and maintenance of school infrastructure such as bathrooms, plumbing, roofs, heating and cooling systems, and electrical systems, as well as upgrading classrooms. As required by law, Measure N prohibits using bond proceeds for teacher and administrator salaries or other operating expenses.

The District estimates the average projected tax rate necessary to fund the bonds will be $27.55 per $100,000 of assessed value of property while the bonds are outstanding. This estimate is a projection, and could go up or down, depending on a number of factors including the timing and amount of bond sales, as well as changes in assessed property values in the District. The District estimates the annual debt service (including the principal and interest) will be approximately $3,800,000.

The interest rates on bonds must not exceed the limit of 12% and the bonds must mature within 40 years, as set by state law. The actual interest rates at which the bonds are sold will depend on the bond market at the time of each sale.

The Measure requires annual independent financial audits and spending review by an independent citizens’ oversight committee.

Dated: 8/24/26

s/BRIAN E. WASHINGTON
County Counsel

Tax rate statement of Measure N

An election will be held in the Miller Creek Elementary School District (the "District") on November 3, 2026, to authorize the sale of up to $67,000,000 in general obligation bonds. The following information is submitted in compliance with Sections 9400-9404 of the Elections Code of the State of California. Such information is based upon the best estimates and projections presently available from official sources, upon experience within the District, and other demonstrable factors. Based upon the foregoing and projections of the District’s assessed valuation, the following information is provided:

1. The best estimate of the average annual tax rate that would be required to fund this bond issue over the entire duration of the bond debt service, based on estimated assessed valuations available at the time of filing of this statement, is $27.55 per $100,000 of assessed valuation. It is currently expected that the tax will be collected until fiscal year 2060-61.
2. 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 $30.00 per $100,000 of assessed valuation. This rate is projected to apply in fiscal years 2027-28 until 2055-56.
3. The best estimate of total debt service, including principal and interest, that would be required to be repaid if all the bonds are issued and sold will be approximately $132,500,000.

The average home in the District has an assessed value of $888,777 for fiscal year 2025-26, which would result in a tax rate of approximately $245 in connection with bonds authorized by this measure. These estimates are based on projections derived from information obtained from official sources, and are based on the assessed value (not market value) of taxable property on the County’s official tax rolls. In addition, taxpayers eligible for a property tax exemption, such as the homeowner’s exemption, will be taxed at a lower effective tax rate than described above. Property owners should consult their own property tax bills and tax advisors to determine their property’s assessed value and any applicable tax exemptions. The attention of all voters is directed to the fact that the foregoing information is based upon projections and estimates only, which amounts are not maximum amounts and durations and are not binding upon the District. The actual debt service, tax rates and the years in which they will apply may vary depending on the timing of bond sales, the par 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 District based on the need for project funds and other considerations. Actual assessed valuations will depend upon the amount and value of taxable property within the District as determined by the County Assessor in the annual assessment and the equalization process.

Superintendent Kristy Treewater
Miller Creek School District

Argument in favor of Measure N

Vote YES on N to repair and upgrade our aging Miller Creek schools to support quality education for students.

Miller Creek School District (MCSD) provides an excellent education to elementary and middle school students in Terra Linda, Marinwood, and Lucas Valley. Our great schools protect both our quality of life and our property values.

With most MCSD schools built 60 to 70 years ago, aging classrooms need repairs and updates to continue supporting quality education and meet current academic and safety standards. Aging school infrastructure, including bathrooms, plumbing, roofs, electrical, heating, and cooling systems need repairs. With growing wildfire risk, upgrades are needed to keep schools safe and functioning during smoky days and power outages.

Voting YES on N provides locally controlled funding to repair and upgrade our elementary and middle schools.

Measure N helps MCSD qualify for approximately $7 million in state matching funds that will otherwise go to other communities. Because the state does not provide long-term, dedicated funding for facility upgrades, local bonds like this are essential.

Voting Yes on N will:

• Fix deteriorating bathrooms, plumbing, roofs, HVAC, and electrical systems
• Upgrade aging classrooms for math, science, technology, reading, writing, arts, and music
• Provide well-maintained classrooms that meet current educational and safety standards
• Ensure classrooms, playgrounds, and campuses are accessible for students with disabilities
• Improve school security, locks, lighting, emergency communications, and cameras

Strict fiscal accountability protections ensure all funds benefit local schools only:

• No funds can be taken by the state or federal governments
• No funds used for administrators’ salaries or benefits
• Independent oversight committee, annual audits, and public spending disclosures

Whether or not you have school-age children, good schools protect our property values and quality of life.

Join parents, teachers, and community leaders in voting YES on N for MCSD schools!

DAMON CONNOLLY
California State Assemblymember

MARY SACKETT
Marin County Supervisor District 1

JOHN LAUSTER, JR.
MCSD teacher and longtime resident

CURTIS SILBERMAN
Business owner and lifelong resident

GARY PHILLIPS
Former Mayor and 50+ year resident

Argument against Measure N

No argument against Measure N was filed.