MEASURE NO. 24-121

The Donald City Council has determined that in order to meet the City’s current and future demand for drinking water, it must improve the City’s water storage capacity, ground water pumping system and other improvements to its drinking water treatment plant. This general obligation bond measure asks the voters for authorization to issue general obligation bonds in an aggregate principal amount not to exceed $375,000. The bonds would be payable from taxes on property to be levied to repay the principal and interest on the bonds. Based upon the current value of taxable property in the City of Donald, this measure would add approximately $1.14 per thousand of assessed value on all taxable property. The general obligations bonds are to be paid off in not more than forty years. There is no prepayment penalty and the bond debt can be retired earlier than the forty year schedule. The improvement project is expected to be completed within an eighteen to twenty-four month period. If the bond measure is approved, tax levies to pay the debt will begin in 2005. Property owners in the City of Donald are currently paying for a prior general obligation bond for improvements to the City’s water system at the rate of 0.8714 per thousand of assessed value. This prior bond will drop off the tax rolls in the 2022 fiscal budget year.