SCHOOLS ADDITION RENEWAL AND DESIGN BONDS

Shall Anchorage borrow up to $34,300,000 through the issuance of general obligation bonds to pay for addition and renewal of Chester Valley and Sand Lake Elementary Schools and design plans for Girdwood K-8 School within Anchorage, as provided in Ordinance No. AO 2008-7? The projects currently qualify for 60% state debt reimbursement (subject to annual Legislative appropriation as described below).

The general obligation bond proceeds will be used to pay costs of demolition, planning, designing, site preparation, constructing, renovating, installing and equipping educational capital improvement projects, but not limited to the projects described above.

The projects currently qualify for 60% state debt reimbursement. If the State chooses to make full reimbursement, the annual increase in taxes would be $3.54 to retire the proposed bonds (based on $100,000 of 2008 real and personal property value). State reimbursement is subject to annual Legislative appropriation.

Voter approval of this bond proposition authorizes for each $100,000 of assessed real and personal property value (based on the estimated 2008 assessed valuation) an annual increase in taxes of approximately $8.84 to retire the proposed bonds (subject to reduction with State reimbursement money).

The debt will be paid from real and personal property taxes levied and collected areawide in Anchorage. Anchorage will also pledge its full faith and credit for payment of the debt.

To be voted upon by all qualified voters residing within the Municipality of Anchorage.

www.asdk12.org/bonds/