Proposition 1 - General Obligation Bonds Public School Capital Improvements

Shall the Petersburg Borough incur long-term indebtedness, and issue up to the principal amount not to exceed Three Million Five Hundred Thousand dollars ($3,500,000) of general obligation bonds? Proceeds of the general obligation bonds will be used to finance costs of major maintenance to areawide public school facilities including roof replacement/repair at both the Mitkof Middle School and Petersburg High School, security and safety features and upgrades to the Borough's public schools and related capital improvements, and also includes paying incidental costs incurred in connection with carrying out and financing such improvements and costs incidental to the issuance of the bonds. The indebtedness would be in the form of general obligation bonds, payable from ad valorem taxes levied on all taxable property located within the Borough. The Borough will pledge its full faith and credit for repayment of the indebtedness. Voter approval of this bond proposition authorizes for each $100,000 of assessed taxable real and personal property value in the Borough (based on the estimated FY 2025 areawide assessed valuation) an annual increase in taxes of approximately $62.00 to retire the proposed bonds.