REFUNDING BONDS (THIS IS NOT A NEW TAX RATE)
The total bond amount is not to exceed $19,890,000 part of which is the retirement of the $7,960,000 existing bond. The difference between the two totals is the projected cost of the projects and any additional bond issuing fees and insurance. The duration of the bond is a 30-year maturity but projected 23-year payoff at current sales tax income levels.
Item 1 must pass in order to fund any of the 9 initiatives.