Question 1 - Parks and Recreation Bonds Referendum

Additional property taxes may be levied on property located in Chowan County in an amount sufficient to pay the principal of and interest on bonds if approved by the following ballot question. Shall the order authorizing $15,000,000 general obligation bonds plus interest, for the purpose of financing, in part, the acquisition, construction and equipping of parks and recreation facilities in the County and providing that additional taxes may be levied in an amount sufficient to pay the principal of and interest on the bonds be approved, in light of the following: (1) The estimated cumulative cost over the life of the bonds, using the highest interest rate charged for similar debt over the last twenty years, would be $23,416,800 (consisting of $15,000,000 principal amount of the bonds plus $8,416,800 of interest). (2) The amount of property tax liability increase for each one hundred thousand dollars ($100,000) of property tax value to service the cumulative cost over the life of the bond provided above would be ($64.00) per year.