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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