Proposition 1 - CAPITAL IMPROVEMENTS FOR THE ANCHORAGE SCHOOL DISTRICT BONDS

For the purpose of providing educational capital improvements, construction, upgrades, planning, design, and renovation of school facilities and educational facility building life extension projects within Anchorage, as provided in AO 2025-136, shall Anchorage borrow money and issue up to $79,460,000 in principal amount of general obligation bonds? The projects are anticipated to qualify for 50% State bond debt reimbursement on $74,060,000 of the issuance and 40% State bond debt reimbursement on $5,400,000 of the issuance (subject to annual Legislative appropriation as described below). The general obligation bond proceeds will be used to pay costs of constructing, renovating, planning, designing, upgrading and equipping educational capital improvement projects including, but not limited to, construction of Phase 1 building upgrades at Romig Middle School; building improvements at Lake Otis Elementary School; structural upgrades at Klatt Elementary School; renovation and construction of a new secure vestibule, roof and remediating truss structural issues at Tudor Elementary School; upgrading the Student Nutrition building and systems; demolishing and disposing of hazardous materials at Ursa Major Elementary School; upgrading and replacing electrical service and standby generator system at Bettye Davis Anchorage High School; installation of access control for 15 schools; and planning and design for 2027-2028 projects. The projects are anticipated to qualify for 50% State bond debt reimbursement on $74,060,000 of the issuance and 40% State bond debt reimbursement on $5,400,000 of the issuance. If the State chooses to make full reimbursement on the eligible $79,460,000, the annual increase in taxes would be $7.82 to retire the proposed bonds (based on $100,000 of 2026 assessed valuation). State reimbursement is subject to annual legislative appropriation and is susceptible to governor veto or legislative action. Without State reimbursement for debt service, voter approval of this bond proposition authorizes for each $100,000 of assessed taxable property value (based on the estimated 2026 assessed valuation) an annual increase in taxes of approximately $15.43 to retire the proposed bonds. The debt will be paid from real and personal property taxes levied and collected areawide in Anchorage. Anchorage will also pledge its full faith and credit for payment of the bonds.