Bond Authorization Amount: Up to 55 million dollars.
General obligation bonds are repaid through property taxes. If approved, bonds may be issued in phases over time.
Town of Addison Proposition A (“Proposition A”) Ballot Language
THIS IS A TAX INCREASE
THE ISSUANCE OF $55,000,000 GENERAL OBLIGATION BONDS FOR POLICE FACILITIES AND THE ACQUISITION OF LAND THEREFOR, AND THE LEVYING OF A TAX SUFFICIENT TO PAY PRINCIPAL AND INTEREST THEREON.
| Information Regarding the Debt Obligations Proposed Under Proposition A Principal Amount of the Debt Obligations Proposed Under Proposition A |
| Principal Amount of the Debt Obligations Proposed Under Proposition A |
Estimated Interest on the Debt Obligations Proposed Under Proposition A2 |
Estimated Combined Principal and Interest Required to Pay the Debt Obligations Proposed Under Proposition A on Time and in Full |
| $55,000,000 |
$32,516,111 |
$87,516,111 |
Information Regarding the Estimated Maximum Annual Increase in the Amount of Ad Valorem Taxes on a Residence Homestead with an Appraised Value of $100,000 to Pay the Debt Obligations Proposed Under Proposition A
If the bonds authorized by Proposition A of the election are issued pursuant to the assumptions set forth under “Assumptions Utilized in Calculating the Estimated Tax Impact” below, the Town’s debt service tax rate will increase by approximately $0.06276 as a result of the issuance of the bonds, which represents a maximum annual increase of $62.76 in ad valorem taxes that would be imposed on a residence homestead in the Proposition with an appraised value of $100,000 to repay the proposed bonds.
Assumptions Utilized in Calculating the Estimated Tax Impact:
The Proposition intends to issue the bonds authorized by Proposition A over a period of years in a manner and in accordance with a schedule to be determined by the City Council based upon a number of factors, including, but not limited to, the then current needs of the Town, demographic changes, prevailing market conditions, assessed valuations of property in the Town and management of the Town’s short-term and long-term interest rate exposure. For the purposes of estimating the maximum annual increase in taxes identified in this table, the Town utilized the following assumptions which are subject to change: (1) The bonds authorized under Proposition A are expected to be issued in multiple series over a period of two yearsin order to lessen the tax rate impact and to meet the construction needs of the Town. The table depicted on Exhibit A attached hereto is an estimated proforma amortization schedule showing the total debt service on the bonds authorized under Proposition A: (2) The bonds would bear interest at a rate of 5.00% based on tax exempt interest rates as of January 21, 2026. (3) The assessed value of the Town is projected to grow at a rate of 3.00% per year for the years 2027 through 2037. (4) The maximum Interest and Sinking Fund (I&S) tax rate is projected to be $0.2378.