Proposition No. 2 - Ratification of Ordinance 1030 General Obligation Bonds For Major Renovation of Public Safety Building

Shall the City and Borough of Wrangell, Alaska, incur debt and issue general obligation bonds in an amount not to exceed Eight Million Five Hundred Thousand dollars ($8,500,000) for the purpose of paying the costs of construction of major renovation of the public safety building and related capital investments? The bonds shall be secured by a pledge of the full faith and credit of the Borough (Ordinance No. 1030). This bond will require an estimated 1.12 mill increase to make the annual debt service payment. The approximate amount of taxes that would be levied annually on $100,000 in assessed value to retire this debt over a 20 year period are as follows: Estimated Annual Tax Amount on $100,000 of Assessment: $112.32. Estimated Mill Rate with Public Safety Building Bond: 13.87 mills. The estimates above are based on current market conditions. Actual costs will not be known until bonds are actually sold and annual assessments certified each year.