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78 <br />include 1) any future other operating expenditure increases or 2) any future operating <br />expenditure increases related directly to the new facilities and schools being built. <br />The Board of County Commissioners will need to finalize its decisions regarding outstanding <br />issues such as the need for a future jail and school, and any other potential projects that would <br />be financed with alternative financing and an approved bond referendum. Furthermore, the <br />decision to start an educational campaign and appoint a Capital Needs Advisory Task Force will <br />need to be completed as soon as possible. <br />It is currently expected that projects totaling $100 million will be financed with the issuance of <br />general obligation or limited obligation bonds over a period not to exceed 20 years. At current <br />municipal bond interest rates, the total combined debt service is estimated to be $6.1.million <br />annually. This would represent a tax rate equivalent of 4.00 cents on the current property tax <br />rate. Based the County current budget and budgeted revenues, the County could afford an <br />additional $25,000,000 of additional general obligation debt capacity for a potential bond <br />referendum if General Fund revenues remain consistent. At current municipal bond interest <br />rates, the total combined debt service for $125 million is estimated to $ 7.6 million annually. <br />This would represent tax rate equivalent of 4.67 cents on the current property tax rate. <br />Attached to this memo is historical information related to the November 2001 Bond <br />Referendum. Attachment A shows the project breakdown by each component (Schools, Parks, <br />Recreation, and Open Space, Senior Centers, and Affordable Housing) which made up the total <br />$75 million Bond Referendum. Attachment 8 includes the Ballot question for each component, <br />as approved by the Board of Commissioners on September 4, 2001. Attachment C represents <br />a copy of the Sample Ballot as it appeared for the November 6, 2001 Election. Attachment D <br />reflects the voting results by each Ballot question, as well as information on voter turnout. <br />Let me know if you have any questions, or need additional information. <br />