HomeMy WebLinkAboutAgenda Packet - CC - 2006.07.19 CITY G
11 BURLINGAME CITY COUNCIL AGENDA City of Burlingame
BURLINGAME 501 Primrose Road
Adjourned Regular Meeting—Wednesday,July
Burlingame,CA 94010
` , °>• 19, 2006 650 558-7200
Page 1 of 1
Councilmember Keighran will be attending via telephone from Ce
Na Mara Apartment, Waterfront, Galway City, County of
Galway, Republic of Ireland
1. CALL TO ORDER 8:00 a.m.,Pacific Daylight
Time, Council Chambers
1600 hours, Irish Summer
Time (IST)
2. ROLL CALL
3. PUBLIC HEARING
Further Hearing/Action
a. Adoption of Ordinance calling a special municipal bond
election for approval of bonds to finance construction
and completion of municipal improvements for flood
control, and for disaster preparedness, disabled access,
safety, and security capital improvements to existing city
buildings
b. Adoption of Resolution of Intention regarding bond To be considered at a future
proceeds that may come from approval of proposition by date
voters
4. PUBLIC COMMENTS— At this time,persons in the audience may speak on
any item on the agenda or any other matter within the jurisdiction of the Council. The Ralph M.
Brown Act(the State local agency open meeting law)prohibits Council from acting on any matter
that is not on the agenda. Speakers are requested to fill out a"request to speak"card located on the
table by the door and hand it to staff. The Mayor may limit speakers to three minutes each.
5. ADJOURNMENT
NEXT MEETING—Monday,August 21,2006
CITY AGENDA (21
ITEM#
BURLJNGAME STAFF REPORT
MTG.
o DATE 7/19/2006
wEm'9
TO: Honorable Mayor and Council SUBMITTED
BY
DATE: July 14, 2006 APPROVED
BY
FROM: LaM E. Anderson, City Attorney
SUBJECT:
ADOPT ORDINANCE CALLING A SPECIAL MUNICIPAL ELECTION ON NOVEMBER 7,
2006, TO CONSIDER BALLOT MEASURE TO FINANCE MUNICIPAL IMPROVEMENTS
RECOMMENDATION:
Adopt ordinance calling a special municipal election on November 7, 2006, to consider ballot measure for
financing flood control and building safety improvements through general obligation bonds.
BACKGROUND
On June 19, 2006, the City Council adopted a resolution of intention and necessity and introduced an ordinance
that would place a ballot measure on the November 7, 2006, election to finance flood control and building safety
improvements. A copy of the proposed ordinance is contained in Attachment A.
The proposed measure would provide up to $37 million in general obligation bonds for flood control
improvements and up to $7 million in building safety improvements. A list of the projected improvements is
contained in Attachment B.
The bonds would be financed by a property tax based on assessed valuation. A graphic presentation of the
projected taxes is contained in Attachment C, with an average tax levy over the life of the bonds of$31.97 per
hundred thousand dollars valuation.
On July 10, 2006, the Planning Commission concurred in the improvement plans.
On July 17, 2006, the City Council held a public hearing on the proposed ordinance and continued the matter to
July 19, 2006, to consider adoption of the ordinance.
A resolution of intent is not being submitted to you at this time. Staff may bring that to the Council for
consideration at a future meeting.
Attachments
Proposed Ordinance
List of projected improvements
Analysis of projected tax levies
I ORDINANCE NO.
2 ORDINANCE OF THE CITY OF BURLINGAME
CALLING A SPECIAL MUNICIPAL BOND ELECTION FOR APPROVAL OF BONDS
3 TO FINANCE CONSTRUCTION AND COMPLETION OF MUNICIPAL
IMPROVEMENTS FOR FLOOD CONTROL, AND FOR DISASTER PREPAREDNESS,
4 DISABLED ACCESS, SAFETY, AND SECURITY CAPITAL IMPROVEMENTS TO
EXISTING CITY BUILDINGS
5
6 The CITY COUNCIL of the CITY OF BURLINGAME does hereby ordain as
7follows:
8 WHEREAS, the City Council (the "Council") of the City of Burlingame (the "City"), by
9 resolution duly passed and adopted by affirmative vote of more than two-thirds of all its
10 members at a meeting of the Council duly and regularly held on June 19, 2006, did determine
11 that the public interest and necessity demand the design, construction and completion of the
12 municipal improvements hereinafter mentioned; and did further determine that the cost of the
13 esign, construction and completion of said City plan of municipal improvements will be too
14 great to be paid out of the ordinary annual income and revenue of the City and will require an
15 cxpenditure greater than the amount allowed therefor by the annual tax levy, and will require the
16 incurring of a bonded indebtedness therefor; and
17 WHEREAS, the City Planning Commission has heretofore approved a city plan of
18 improvements consisting of the aforementioned projects; and
19 WHEREAS, this Ordinance was introduced and first read at a meeting of the City
20 Council held and conducted on June 19, 2006; and
21 WHEREAS, a summary of this ordinance was published not less than 5 days prior to this
22 meeting, in accordance with Government Code Section 36933;
23
24 NOW, THEREFORE, the City Council of the City of Burlingame does ordain as
25follows:
26
27 Section 1. Specifications of Election Order.
28 (a) A special municipal bond election is hereby ordered to be held throughout the City of
1
I urlingame on November 7, 2006, for the purpose of submitting to the qualified electors of the
2 City a proposition of incurring bonded indebtedness of the City, summarized for purposes of
3 Section 13247 of the Elections Code of the State of California(the "Elections Code"), as follows:
4
5 `BURLINGAME FLOOD PROTECTION AND SAFETY MEASURE. To safeguard
6 Burlingame residents, homes and businesses, shall the City of Burlingame be authorized
7 to issue $37,000,000 in bonds to improve aging and under-capacity flood control
8 infrastructure; and for seismic stability, disabled access, safety, security, fire protection,
9 ventilation and disaster preparedness improvements in existing City buildings, shall the
10 City be authorized to issue $7,000,000 in bonds; with all expenditures monitored by a
11 citizens' oversight committee with annual independent audits?"
12
13 (b) The Registrar of Voters (the "Registrar of Voters") of the County of San Mateo
14 the "County") is hereby requested to reprint the summary of the measure contained in
15 subdivision (a) of this Section(the "Measure") as the ballot measure in all official materials
16 ertaining to the election, including notices of election, notices inviting arguments, and other
17 notices, voter information pamphlets, and the official ballots.
18
19 Section 2. Required Recitals.
20 (a) Purpose. The object and specific purpose of incurring the indebtedness is to
21 mance a portion of the cost of construction and completion of the municipal improvements
22 described in Section 1(a) hereof(including acquisition and/or construction of other facilities,
23 works, property, or structures necessary or convenient for the flood control improvements so
24described), and proceeds of the bonds shall be spent only for such purposes, pursuant to
25 Government Code Section 53410. These municipal improvements constitute and are hereby
26 pproved as the City's plan of improvements proposed to be funded from a bond issue at this
27 time.
28 (b) Cost of Improvements. The estimated cost of the municipal improvements
2
I escribed in subdivision (a)to be funded from the bonds is $44,000,000. The estimated cost of
2 the municipal improvements includes legal and other fees incidental to or connected with the
3 authorization, issuance and sale of the proposed bonds, the costs of printing the bonds and other
4 costs and expenses incidental to or connected with the authorization, issuance and sale of the
5 bonds.
6 (c) Amount of Bonds. The amount of principal of the indebtedness proposed to be
7 incurred for said municipal improvements is $37,000,000 for flood control improvements and
8 $7,000,000 for the other improvements described in Section 1(a).
9 (d) Maximum Interest Rate. Said bonds shall bear interest at the rate of not to exceed
10 12%per annum, the maximum currently allowed by law, such rate or rates to be determined at
11 the time of sale of the bonds or any series thereof.
12 (e) Date of Election. The election will be held on November 7, 2006.
13 (f) Election Procedures; Request for Consolidation. Pursuant to Section 10400 and
14 following of the Elections Code, the Board of Supervisors of the County and the Registrar of
15 Voters are hereby authorized and requested to canvass the returns of the election. Except as
16 therwise provided herein, the manner of holding the election, the forms of the ballots, the
17 rocedures for soliciting ballot arguments and the dates on which such arguments are due, the
18 rocedures for voting for or against the Measure, the procedures for canvassing the vote, and all
19 other procedures for conducting the election, shall be as directed by the Elections Code, or as
20 determined by the Registrar of Voters in accordance with the Elections Code. The City Clerk is
21 ereby authorized and directed to cooperate with the Registrar of Voters and to follow the
22 3rocedures and meet all deadlines established by the Registrar of Voters. Costs charged by the
23 ounty for conducting the election are hereby declared to be a cost of the municipal
24 improvements to be paid from the proceeds of bonds. The Measure shall be approved by the
25 affirmative vote of at least two-thirds of the qualified electors voting on the Measure.
26 (g) Maximum Maturity of Bonds. The final maturity date of any of the bonds shall
27 not exceed 40 years from the time of incurring the indebtedness evidenced by such bonds or the
28 series of bonds of which such bonds are a part.
3
I (h) Special Bond Proceeds Account; Annual Report to Council. Upon approval of the
2 Measure and the sale of any bonds approved, the Council shall establish an improvement fund or
3 account (which may be an existing fund or account, if appropriate) in which proceeds of the sale
4 of bonds will be deposited. As long as any proceeds of the bonds remain unexpended, the City
5 Manager shall cause a report to be filed with the Council no later than December 31 of each year,
6 ommencing December 31, 2007, stating (1) the amount of bond proceeds received and
7 expended in that year, and (2) the status of any project funded or to be funded from bond
8 proceeds. The report may relate to the calendar year, fiscal year, or other appropriate annual
9 period as the City Manager shall determine, and may be incorporated into the annual budget,
10 audit, or other appropriate routine report to the Council.
11
12 Section 3. Request for Consolidation. Pursuant to its resolution declaring the public
13 interest and necessity of calling the election, adopted on June 19, 2006, the Council hereby
14 requests with respect to the special municipal bond election called hereby, that the Board of
15 Supervisors of the County consolidate said election with any other election being conducted on
16 he same date in the same territory or any territory which is in part the same. The precincts,
17 polling places and officers of election shall be the same as those set forth in any order of the
18 Registrar of Voters or the Board of Supervisors of the County providing for the precincts, polling
19 places and election officers for the general county and statewide election to be conducted on the
20 date of the special municipal bond election, as set forth in the notice to be published by the
21 egistrar of Voters pursuant to Sections 12105 and 10417 of the Elections Code.
22
23 Section 4. Tax Rate Statement. The Finance Director of the City is hereby authorized
24 and directed to cause to be prepared a tax rate statement as required by Elections Code Section
25 9401 in connection with the Measure. The Finance Director shall submit the Tax Rate Statement
26 o the City Attorney and the City Clerk, in such time to permit the City Clerk to cause the Tax
27 Rate Statement to be filed with the Registrar of Voters at the same time as this Ordinance is filed,
28 in any event no later than August 11, 2006.
4
I Section 5. Primary Arguments. The City Clerk is hereby authorized and directed to
2 select an argument for and an argument against the measure to be printed and distributed to the
3 voters pursuant to Elections Code Section 9287.
4
5 Section 6. Rebuttal Arguments. The City Clerk is hereby authorized and directed to
6 nable preparation and submittal of rebuttal arguments as set forth in Elections Code Section
7 9285. The City Council hereby adopts the provisions of Elections Code Section 9285(a) with
8 regard to rebuttal arguments.
9
10 Section 7. Impartial Analysis. The City Clerk is hereby directed to transmit a copy of
11 he Measure to the City Attorney of the City, who is hereby directed to prepare the impartial
12 analysis of the Measure pursuant to Elections Code Section 9280. The City Attorney shall cause
13 the Impartial Analysis to be filed with the City Clerk no later than August 28, 2006.
14
15 Section 8. Notice of Election. Notice of the election shall be given by publication of
16 his ordinance in a newspaper published at least six days per week in the City, once a day for at
17 least seven days prior to the holding of the election, and the City Clerk is hereby ordered and
18 directed to cause this ordinance to be so published. No other notice of the election need be
19 given.
20
21 Section 9. Filing with Registrar of Voters. The City Clerk is hereby authorized and
22 directed to file a certified true and correct copy of this Ordinance with the Registrar of Voters as
23 soon as practicable after the adoption hereof, and in any event no later than August 11, 2006.
24
25 Section 10. Effective Date. A two-thirds vote of all of the members of the Council is
26 equired for approval of this ordinance. Being an ordinance calling and ordering an election, this
27 ordinance shall take effect from and after its final passage and approval.
28
5
1
2
3 Mayor
4
5 I, DORIS MORTENSEN, City Clerk of the City of Burlingame, do hereby certify that the
6 oregoing ordinance was introduced at a regular meeting of the City Council held on the 19T' day
7 of June, 2006, and adopted thereafter at a regular meeting of the City Council held on the
8 ay of , 2006, by the following vote of at least four-fifths of its members:
9
10 YES: COUNCILMEMBERS:
11NOES: COUNCILMEMBERS:
12ABSENT: COUNCILMEMBERS:
13
14 City Clerk
15
16
17
18
19
20
21
22
23
24
25
26
27
28
6
ATTACHMENT B
PROJECTED IMPROVEMENTS
Easton Watershed Recreation Center
Upgrade Marsten Road pump station Upgrade building to seismic standards
Install force main from pump station to Install fire sprinklers
Bay Remedy electrical code deficiencies
Improve catch basins and creek Make facility ADA accessible
embankments Improve heating and ventilation system
Burlingame/Ralston Watershed City Hall
Install bypass from Burlingame Creek to Upgrade building to seismic standards
Bay with floodgates Install fire sprinklers
Install bypass from Ralston Creek to Remedy asbestos contamination
channel Make facility ADA accessible
Sanchez/Terrace Watershed Police Station
Increase box culvert size Improve heating and ventilation system
Install debris basis upstream from Improve security
Carolan Avenue Install emergency power
Install new pump station and force main Provide equal access
pipeline in vicinity of Carolan Make facility ADA accessible
Avenue
Improve catch basins and storm drainage Fire Stations
in Laguna Avenue neighborhood Make facilities ADA accessible
Provide equal access
Mills Watershed
Widen channels and raise Parks Yard
embankments/headwalls Make facilities ADA accessible
Raise or remove footbridge Provide equal access
Add box culvert across Rollins Road
El Portal/Trousdale Watershed
Repair liner in El Portal and Gilbreth
Creeks and Trousdale channel
Install corrosion protection system in
drainage pipes
Bayfront curb/gutter
Rehabilitate storm drain systems and
pump stations
City of Burlingame Government
Financial
Tax Levies are Projected to Decline Over the Life of the Bonds and Average $31.97 per $100,000 of Assessed Value Strategies
inc.
$70.00
$60.00
Maximum
$50.00 Projected Tax Levy $50.19
$40.00
I
$30.00
Average Projected Tax Levy $31.97 Minimum
Projected
Tax Levy
$20.00
IT
j�
$10.00
$0.00
2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037
Fiscal Year Beginning July 1
2006 GO$44M in 4ser-no res.xls(Tax Levy Chart 2) 6/26/06 SP Page 1 of 3
City of Burlingame G vernment
Financial
The Average Projected Tax Levy is Different for Each Parcel Depending on Assessed Value Strategies
inc.
$800.00
®Avg. Projected Tax Levy Per$1,200,000 of A.V.
—Avg. Projected Tax Levy Per$900,000 of A.V.
$700.00 Avg. Projected Tax Levy Per$600,000 of A.V.
Avg. Projected Tax Levy Per$300,000 of A.V.
Avg. Projected Tax Levy Per$100,000 of A.V.
$600.00
$500.00 ------ --
$400.00 ,„,:a
$383.63
J�r
$300.00
I-A
$287.72
$200.00 - -- _ __
$191.82 �W
$100.00 — $95.91 -
,w
$31.97
y.
$0.00
2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037
Fiscal Year Beginning July 1
2006 GO$44M in 4ser-no res.xls(Levy by AV Chart) 6/26/06 SP Page 2 of 3
City of Burlingame riovernment
;Financia(
Strategies
$44,000,000 General Obligation Bond Measure { ' inc.
Projected Tax Levies by Assessed Value
Avg.Projected Avg.Projected Aug.Projected Avg.Projected Avg.Projected Avg.Projected Avg.Projected Avg.Projected Avg.Projected Avg.Projected Avg.Projected Avg.Projected
Tax Levy Per Tax Levy Per Tax Levy Per Tax Levy Per Tax Levy Per Tax Levy Per Tax Levy Per Tax Levy Per Tax Levy Per Tax Levy Per Tax Levy Per Tax Levy Per
Fiscal $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 $1,200,000
Year of A.V. of A.V. of A.V. of A.V. of A.V. of A.V. of A.V. of A.V. of A.V. of A.V. of A.V. of A.V.
2005 - 06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
2006 - 07 $0.00 $0.00 $0.00 $0.00 $0.00 $O.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
2007 - OB $14.98 $29.96 $44.94 $59.92 $74.91 $89.89 $104.B7 $119.85 $134.83 $149.81 $164.79 $179.77
2008 - 09 $13.82 $27.64 $41.46 $55.28 $69.10 $82.92 $96.74 $110.56 $124.38 $138.20 $152.02 $165.84
2009 - 10 $29.21 $58.43 $87.64 $116.85 $146.06 $175.28 $204.49 $233.70 $262.92 $292.13 $321.34 $350.55
2010 - 11 $27.68 $55.35 $83.03 $110.70 $138.38 $166.05 $193.73 $221.40 $249.06 $276.75 $304.43 $332.11
2011 - 12 $43.56 $87.12 $130.67 $174.23 $217.79 $261.35 $304.91 $348.46 $392.02 $435.58 $479.14 $522.69
2012 - 13 $41.67 $83.34 $125.01 $166.68 $208.35 $250.02 $291.69 $333.35 $375.02 $416.69 $458.36 $500.03
2013 - 14 $50.19 $100.38 $150.56 $200.75 $250.94 $301.13 $351.32 $401.50 $451.69 $501.88 $552.07 $602.25
2014 - 15 $48.37 $96.74 $145.11 $193.47 $241.84 $290.21 $338.58 $386.95 $435.32 $483.69 $532.06 $580.42
2015 - 16 $46.95 $93.91 $140.86 $187.82 $234.77 $281.72 $328.68 $375.63 $422.59 $469.54 $516.49 $563.45
2016 - 17 $45.73 $91.46 $137.19 $182.92 $228.66 $274.39 $320.12 $365.85 $411.58 $457.31 $503.04 $548.77
2017 - 18 $44.41 $88.82 $133.23 $177.64 $222.05 $266.46 $310.67 $355.28 $399.69 $444.10 $488.51 $532.91
2018 - 19 $43.21 $86.42 $129.63 $172.84 $216.05 $259.27 $302.48 $345.69 $388.90 $432.11 $475.32 $518.53
2019 - 20 $41.98 $83.97 $125.95 $167.94 $209.92 $251.90 $293.89 $335.87 $377.86 $419.84 $461.82 $503.81
2020 - 21 $40.80 $81.60 $122.40 $163.20 $204.00 $244.81 $285.61 $326.41 $367.21 $408.01 $448.81 $489.61
2021 - 22 $39.71 $79.43 $119.14 $158.85 $198.57 $238.28 $278.00 $317.71 $357.42 $397.14 $436.85 $476.56
2022 - 23 $38.59 $77.18 $115.77 $154.36 $192.95 $231.54 $270.14 $308.73 $347.32 $385.91 $424.50 $463.09
2023 - 24 $37.44 $74.88 $112.32 $149.76 $187.20 $224.64 $262.09 $299.53 $336.97 $374.41 $411.85 $449.29
2024 - 25 $36.38 $72.76 $109.13 $145.51 $181.89 $218.27 $254.65 $291.03 $327.40 $363.78 $400.16 $436.54
2025 - 26 $35.39 $70.78 $106.16 $141.55 $176.94 $212.33 $247.71 $283.10 $318.49 $353.88 $389.26 $424.65
2026 - 27 $34.35 $68.71 $103.06 $137.42 $171.77 $206.13 $240.48 $274.84 $309.19 $343.55 $377.90 $412.26
2027 - 28 $33.39 $66.78 $100.17 $133.56 $166.95 $200.34 $233.73 $267.12 $300.50 $333.89 $367.28 $400.67
2028 - 29 $32.43 $64.86 $97.29 $129.72 $162.15 $194.58 $227.01 $259.44 $291.86 $324.29 $356.72 $389.15
2029 - 30 $31.47 $62.95 $94.42 $125.90 $157.37 $188.85 $220.32 $251.80 $283.27 $314.75 $346.22 $377.70
2030 - 31 $30.57 $61.14 $91.71 $122.28 $152.85 $183.42 $213.99 $244.56 $275.13 $305.71 $336.28 $366.85
2031 - 32 $29.75 $59.50 $89.26 $119.01 $148.76 $178.51 $208.26 $238.02 $267.77 $297.52 $327.27 $357.02
2032 - 33 $21.94 $43.87 $65.81 $87.74 $109.68 $131.61 $153.55 $175.48 $197.42 $219.35 $241.29 $263.22
2033 - 34 $21.31 $42.62 $63.93 $85.25 $106.56 $127.87 $149.18 $170.49 $191.80 $213.12 $234.43 $255.74
2034 - 35 $13.33 $26.66 $39.99 $53.32 $66.65 $79.98 $93.31 $106.64 $119.97 $133.30 $146.63 $159.96
2035 - 36 $12.97 $25.94 $38.90 $51.87 $64.64 $77.81 $90.78 $103.75 $116.71 $129.68 $142.65 $155.62
2036 - 37 $4.80 $9.59 $14.39 $19.18 $23.98 $28.77 $33.57 $38.37 $43.16 $47.96 $52.75 $57.55
2037 - 38 $4.66 $9.32 $13.98 $18.64 $23.30 $27.96 $32.62 $37.28 $41.93 $46.59 $51.25 $55.91
2038 - 39 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Average: $31.97 $63.94 $95.91 $127.88 $159.85 $191.82 $223.78 $255.75 $287.72 $319.69 $351.66 $383.63
Maximum: $50.19 $100.38 $150.56 $200.75 $250.94 $301.13 $351.32 $401.50 $451.69 $501.88 $552.07 $602.25
Minimum: $4.66 $9.32 $13.98 $18.64 $23.30 $27.96 $32.62 $37.28 $41.93 $46.59 $51.25 $55.91
Note: 95%of Single Family Residential Parcels have an Assessed Value of less than$1,200,000
2006 GO S44M in 4sery c res.xls(Levy by A.V.2) 6/26/06 SP Page 3 of 3
City of Burlingame Government
Financial
Parcels All Parcel Distribution by Assessed Value I strategies
inc.
9,000 .. r� . _._._ �. tim ......__.. ..._...._.
8,000 -
o",000
i
7,000 '` j
O
�els 17 '009,000 to
y..
6,000 Average A.V. $605,004 x
5,000
4,000 Median A.V. $391,038
i
3,000
2,000 -
1,000 -
0,000 1,0000 8,562 Parcels 100% All Parcels
2006 GO$44M in 4ser-no res.xls(All Parcels Dist. &Range) 6/26/06 SP Page 4 of 5
City of Burlingame Government
Financial
Parcels Single Family Residential Parcel Distribution by Assessed Value Strategies
Inc.
7,000 -
6,000 -
,h,000 6,000
r
$600,000 to <
1,24
-P F y
y,
y $5.00,000 y
5,000 -
Al!"',
4,000
Average A.V. $462,429
Median A.V. $374,370
3,000 -
2,000 -
1,000 -
0
,0002,0001,0000 16,745 Parcels 100%
Single Family Residential Parcels
2006 GO$44M in 4ser-no res.xls(SFR Dist. &Range) 6/26/06 SP Page 5 of 5
City of Burlingame Finamial
Strategies
inr
General Obligation Bonds vs Parcel Tax, $44 Million Bond Measure
General Obligation Bond Compare to a Parcel Distribution
Bond Amount $44,000,000 To generate an equivalent present value of$44,000,000:
assuming 31 years of tax collection and discounting the tax revenue
Average Projected Tax Rate $31.97 per$100,000 of A.V. at 5.25%(the most conservative rate we used in the G.O. bond planning),
would require an annual tax revenue of$2,904,559.01.
Median Assessed Value of Parcel $391,036 $2,904,559.01 Annual Tax Revenue
x 0.0003197 - 8,562 Total parcels
Property owner pays $125.01 $339.24 Annual Tax per Parcel
50% of property owners pay$125.01 or less 100%of property owners pay$339.24
With a General Obligation Bond
Average Assessed Value of Parcel $605,004 $339.24 If a property owner pays
x 0.0003197 - 0.0003197
Property owner pays $193.42 $1,061,114.73 Assessed value required
68% of property owners pay$193.42 or less 90% of property owners pay$339.24 or less
90% of property owners pay less tax with a G.O. Bond
compared to a parcel tax
Note: 0.0003197 is the same as the tax rate of 3.197¢ per$100 and a levy of$31.97 per$100,000 of assessed value.
BURL GO Bond vs. Parcel Tax.xls(S44M GO Bond-Parcel) 7/12/06 SP Page 1 of 1