Invitation to Submit Arguments for or Against General Obligation Bonds
Invitation to Submit Arguments For or Against
General Obligation Bonds
The County General Election Ballot for the November 6, 2018 election will include General Obligation Bonds. The ballot title for the Bonds, will read as follows:
OFFICIAL BALLOT PROPOSITION FOR THE
CITY OF OREM, UTAH
SPECIAL BOND ELECTION
OREM FAMILY FITNESS CENTER AND LIBRARY HALL BOND
Shall the City of Orem, Utah (the “City”), be authorized to issue General Obligation Bonds in an amount not to exceed Twenty-Four Million Five Hundred Thousand Dollars ($24,500,000) (the “Bonds”) for the purpose of paying all or a portion of the costs of (a) acquiring, constructing, furnishing, and equipping renovations, additions and improvements to the City’s Family Fitness Center, including family friendly changing rooms, family oriented facilities, a suspended track and all ancillary and related improvements, and (b) acquiring, constructing, furnishing and equipping a Community Library Hall at the City Center Campus, including all ancillary and related improvements; said Bonds to be due and payable in not to exceed thirty (30) years from the date of issuance of the Bonds?
Property Tax Cost of Bonds: If the Bonds are issued as planned (and without regard to the existing taxes currently paid for existing bonds that will reduce over time), a property tax sufficient to pay debt service on the Bonds will be required over a period of thirty (30) years in the estimated amount of $41.65 per year on a $319,900 residence and in the estimated amount of $75.73 per year on a business property having the same value.
The City has other outstanding bonds for which a tax decrease would occur upon the retirement of such outstanding bonds, which may not occur if the proposed Bonds are issued. However, the combination of the retirement of the outstanding bonds and the issuance of the proposed Bonds, as planned, is expected to result in no (0.0) property tax rate increase on residences and businesses within the City from the current level.
The foregoing information is only an estimate and is not a limit on the amount of taxes that the City may be required to levy in order to pay debt service on the Bonds. The City is obligated to levy taxes to the extent provided by law in order to pay the Bonds.
FOR THE ISSUANCE OF BONDS (YES)
AGAINST THE ISSUANCE OF BONDS (NO)
Any eligible voter may request to submit an argument for or against the Bonds in accordance with Utah State Code §59-1-1604. Requests to submit an argument must be filed with the election officer (Orem city recorder) no later than September 4th at 5:00 pm. Requests may be submitted at the Orem city recorder’s office at 56 North State Street, Orem, UT, or emailed to firstname.lastname@example.org. For more information please contact the city recorder at 801-229-7298.