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One item covered by the resolution approving the referendum details is the approval of the specific <br /> question that will be on the ballot for the voters. As has been discussed with the Board, most of <br /> the form of the ballot question is set by law, and there is no meaningful leeway to simplify or <br /> shorten the question. The resolution also directs staff to complete certain remaining newspaper <br /> publications the law requires. <br /> The Board must complete its formal authorization process before early August to allow the County <br /> Board of Elections adequate time for ballot printing and other organizational matters for the <br /> referendum.At this point, the Board can reduce the bond amount, but the Board cannot increase <br /> the amount unless the process is re-started. <br /> SECURITY FOR BOND REPAYMENT: Ageneral obligation bond, as proposed, is not secured by <br /> any physical collateral. Instead, the County promises to levy property taxes in whatever amount <br /> is necessary to provide for repaying the bonds, including the interest on the money borrowed <br /> through the bonds. <br /> Gary Donaldson, Chief Financial Officer, said that the action requested was for the Board <br /> to adopt the bond order and resolution. He reviewed the background information included in the <br /> agenda abstract. <br /> Commissioner McKee said he had questions about the total cost to taxpayers. He said it <br /> will be an 8.8 cent tax rate increase overall. He said in 2034, debt service payments will be about <br /> $78.5 million. He said there will be a $30 million gap between what the tax rate increase will <br /> generate and what will need to be paid. He asked Gary Donaldson to elaborate on the gap and <br /> how revaluation will affect the gap. <br /> Gary Donaldson said maximum debt service is $78.5 million. He said that the existing tax <br /> rate will address the existing debt service. He said during the next revaluation, they have <br /> assumed significant appreciation in the assessed value. He said considering the revenue neutral <br /> rate, it will take care of existing debt, plus 8.8 cents on top of that for the new debt service. <br /> Commissioner McKee said that the impact of the next revaluation will be extreme on some <br /> lower income residents. He said is concerned with the revaluation coming up and the impact on <br /> individual homeowners. He said that the gap in the middle confused him. He said that the peak <br /> is about 40% of the total budget in the current year. He said that they are doing more than just <br /> the bond, and the impact will be significant on residents. He said this does not account for any <br /> additional spending by future boards. He said he wanted everyone to be aware of the implications <br /> of their decisions. He said he hopes the schools will find a way to minimize costs. <br /> A motion was made by Commissioner Hamilton, seconded by Commissioner Fowler, to <br /> approve the Bond Order and the Resolution approving referendum details in the forms presented. <br /> VOTE: UNANIMOUS <br /> Commissioner Portie-Ascott had a question about a chart in the agenda packet: <br />