Question 1 - School Bonds Referendum

Additional property taxes may be levied on property located in the County of Union, North Carolina in an amount sufficient to pay the principal of and interest on bonds if approved by the following ballot question. Shall the order authorizing $39,425,000 of bonds plus interest to pay the capital costs of providing for the design, construction and renovation of facilities for Union County Public Schools, including, but not limited to, the design of a new high school to be known as Parkwood High School and the design and renovation of converting the current Forest Hills High School into a middle school to be known as East Union Middle School, the acquisition of equipment and furnishings therefor and the acquisition of land or rights-of-way, if necessary, 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 bond, using the highest interest rate charged for similar debt over the last 20 years, would be $61,547,156 (consisting of $39,425,000 principal amount of bonds plus $22,122,156 of interest). (2) The estimated 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 $8.00 per year.