Question 1 - Parks and Recreation Bonds Referendum

Additional property taxes may be levied on property located in the City of Kannapolis in an amount sufficient to pay the principal of and interest on bonds if approved by the following ballot question. SHALL the order authorizing $40,000,000 of bonds plus interest to provide funds to pay the capital costs of acquiring, constructing, renovating and improving parks and recreation facilities, including, without limitation, athletic fields, parks, playgrounds, greenways, and open space for active and passive use, including the acquisition of any necessary furnishing and equipment, land, rights-of-way and easements, 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 $62,444,800 (consisting of $40,000,000 principal amount of the bonds plus $22,444,800 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 $46.00 per year.