Kaysville City bond

The question on your ballot

Shall the City Council (the “Council”) of Kaysville City, Utah (the “City”), be authorized to issue General Obligation Bonds in an amount not to exceed Sixteen Million Five Hundred Thousand Dollars ($16,500,000) (the “Bonds”) for the purpose of financing all or a portion of the costs of constructing and equipping a fire station and all related improvements; said Bonds to be due and payable in not to exceed twenty (20) years from the date of issuance of the Bonds?

Property Tax Cost of Bonds: If the Bonds are issued as planned a property tax sufficient to pay debt service on the Bonds will be required over a period of twenty (20) years in the estimated average amount of $115.37 per year on a $711,000 primary residence and in the estimated amount of $209.77 per year on a business property having the same value.

Additionally, if the fire station is constructed, an additional property tax sufficient to pay operation costs of operating the fire station will be required as long as the fire station is in operation in the estimated amount of $191.32 (totaling $306.70 when combined with the debt service on the Bonds) per year on a $711,000 primary residence and in the estimated amount of $347.86 (totaling $557.63 when combined with the debt service on the Bonds) per year on a business property having the same value.

The foregoing information is only an estimate and is not a limit on the amount of taxes that the Council may be required to levy to pay debt service on the Bonds. The Council is obligated to levy taxes to the extent provided by law in order to pay the Bonds. The amounts are based on various assumptions and estimates, including estimated debt service on the Bonds and taxable values of property in Kaysville City, Utah.

The City notes that it deems the fire station to be an essential project and that the voter-approved Bonds will provide a cost-effective form of financing.