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Based on the requirements noted above, if the Citv desires to hold a referendum on the �eneral election date of Tuesda� November 5. 2002: the Citv Council must nass a resolution declarin� their intentions no later than Mondav. Sentember 16, 2002. Keep in mind, that in order to prepare all the legal documents in a timely manner, City Staff and Bond Counsel will need approximately 1-2 weeks in advance of September 16`e to finalize the language of the ballot question, Although not explicitly addressed in State Statutes, Bond Counsel has reiterated that the successful passage of a referendum does not provide bonding authority in perpetuity. It is generally accepted that a referendum is considered binding for 2-3 years. This is based on the premise that cities should only seek voter approval for specific projects that are likely to occur in the near future. There is an expectation by the voters that the project in question will indeed occur, if the referendum passes. Financing Options In preparing the financing options for new facilities, both tax levy and local sales tax options have been explored. The attached information shown in Table 1 provides the estimated tax impact on residential properties resulting from the issuance of general obligation bonds. The impact on a range of property values from various bond issue amounts is provided. The impact is based on the current borrowing climate, and citywide tax base. A portion of table 1 is shown below, which displays the taxes attributable to a$5 million facility. Additional Current Taxes - $5 % Market Value Cit Taxes Million Facilit Increase $ 100,000 $ 321 $ 18 5.6 % 125,000 401 22 5.6 % 140,500 451 25 5.6 % 175,000 562 31 5.6 % 200,000 642 36 5.6 % The median-valued home in Roseville ($140,500) currently pays $451 in local property taxes. With a bond issue of $5 million dollars, this same home would see an additional property tax of appro�mately $25, a 5.6% increase. For each $1 million increment of bond issuance, the median-valued homeowner will pay an additional $5 annually.