WC -1 - Truckee River Flood Management Authority Funding Question -

Summary

Shall Washoe County be authorized to levy an additional property tax rate for the purpose of paying for the cost of designing, acquiring, constructing, improving and equipping a flood protection project by the Truckee River Flood Management Authority for the Truckee River in the amount of $0.0248 per $100 of assess valuation and for the Truckee River Flood Management Authority to issue up to $89,000,000 of general obligation bonds for those purposes? The bonds are expected to require a property tax levy of 30 years for each series of bonds from the dates of issuance. The tax will terminate when these bonds have been retired in approximately 30 years from the dates they are issued. The cost of the $0.0248 property tax levy for the owner of a new $100,000 home is estimated to average $8.68 per year. If this question is approved by the voters, any property tax as authorized by this question will be outside of the caps on the taxpayer’s liability for property (ad valorem) taxes established by the legislature in the 2005 session and exempt from partial abatement from taxation as provided by NRS 361.4722, 361.4723 and 361.4724.