Question 1 - Open Space Bonds Referendum

Additional property taxes may be levied on property located in the County of Buncombe in an amount sufficient to pay the principal of and interest on bonds if approved by the following ballot question. SHALL the order authorizing $30 million of bonds plus interest to provide funds to fund the acquisition and improvement of land or interests therein for conservation purposes, including the protection of natural resources and preservation of farms and scenic landscapes, and the development of parks, greenways, trails, and other outdoor recreational opportunities, 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 $47,615,115 (consisting of $30 million principal amount of the bonds plus $17,615,115 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 $4.10 per year.