Question 1 - School Bonds Referendum

Additional property taxes may be levied on property located in the County of Person in an amount sufficient to pay the principal of and interest on bonds if approved by the following ballot question. SHALL the order authorizing $107,000,000 of bonds plus interest to pay the capital costs of constructing, equipping, improving, and renovating school facilities, including, but not limited to, the construction of a new middle school and renovations to the vacated Northern Middle School and Southern Middle School for use as elementary schools to support elementary school consolidation, 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 $166,988,404 (consisting of $107,000,000 principal amount of the bonds plus $59,988,404 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 $95.00 per year.