Question 1 - School Bonds Referendum

Additional property taxes may be levied on property located in the County of New Hanover in an amount sufficient to pay the principal of and interest on bonds if approved by the following ballot question. SHALL the order authorizing $320,525,000 of bonds plus interest to provide funds to pay the capital costs of constructing, improving, and renovating school facilities, including, but not limited to, the construction and renovation of classroom facilities, the acquisition and installation of furnishings and equipment, the acquisition of land, rights-of-way and easements in land required therefor, and related public infrastructure development, and providing that additional taxes may be levied in an amount sufficient to pay the principal of and interest on the bonds be approved, in light of the following: (1) The estimated cumulative cost over the life of the bonds, using the highest interest rate charged for similar debt over the last 20 years, would be $500,377,988 (consisting of $320,525,000 principal amount of the bonds plus $179,852,988 of interest). (2) The estimated amount of property tax liability increase for each one hundred thousand dollars ($100,000) of property tax value to service the cumulative cost over the life of the bond provided above would be $5.00 per year, which includes the impact of anticipated grant receipts from the New Hanover Community Endowment in the amount of $11,600,000 per year for ten years beginning in February 2028.