The proposition will authorize the issuance of $1,680,000 in general obligation bond debt for paying the cost of constructing a covered play area at the Dzantik’i Heeni Middle School. The project qualifies for 70% State reimbursement under the State’s School Construction Bond Debt Reimbursement Program. The funding for the State’s reimbursement program is subject to annual appropriation. If the State fully funds the reimbursement program, the total annual debt service costs after State reimbursement, assuming an interest rate of 4.4%, will be $65,000. This amount of debt service would require an annual property tax levy of approximately $2.00 per $100,000 of assessed value. This example of a property tax levy is provided for illustrative purposes only.
Ballot Proposition No. 1
For the purpose of constructing a covered play area at the Dzantik’i Heeni Middle School, shall the City and Borough of Juneau, Alaska, issue and sell its general obligation bonds, maturing within 10 years of their date of issue, in the aggregate principal amount of not to exceed $1,680,000?