Shall the County Council (the "Council") of Summit County, Utah (the "County"), be authorized to issue General Obligation Bonds (the "Bonds") in a principal amount not to exceed Fifty Million Dollars ($50,000,000) for the purpose of paying all or a portion of the costs of the acquisition of passive and active open space, conservation easements, and constructing recreational amenities and environmental and wildlife mitigation measures and related improvements; said Bonds to be due and payable in not to exceed twenty-six (26) years from the date of issuance of the Bonds?
Property Tax Cost of Bonds: If the Bonds are issued as planned, an annual property tax sufficient to pay debt service on the Bonds will be required over a period of twenty-six (26) years in the estimated amount of $40 per year on a $715,000 primary residence and in the estimated amount of $73 per year on a business or secondary residence having the same value.
The foregoing information is only an estimate and is not a limit on the amount of taxes that the County may be required to levy to pay debt service on the Bonds. The County is obligated to levy taxes to the extent provided by law in order to pay the Bonds. The amounts are based on various assumptions and estimates, including estimated debt service on the Bonds and taxable values of property in the County.