Snyderville Basin Special Recreation District bond

The question on your ballot

Shall the Snyderville Basin Special Recreation District (the "District"), of Summit County, Utah (the "County") be authorized to issue General Obligation Bonds in an amount not to exceed Seventy-One Million Dollars ($71,000,000) (the "Bonds") for the purpose of financing all or a portion of the costs of acquiring and/or constructing recreational facilities, related site improvements, and trail and open space improvements within the District; 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 $120.94 per year on a $1,000,000 primary residence and in the estimated amount of $219.90 per year on a business property having the same value.

The District has other outstanding bonds for which a tax decrease would occur upon the retirement of such bonds which may not occur if the proposed Bonds are issued.

The foregoing information is only an estimate and is not a limit on the amount of taxes that the County may be required to levy to pay debt service on the Bonds. The Summit County 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 within the District.