Voter Information

Shall the Board of Education (the “Board”) of the Davis School District, Utah (the “District”), be authorized to issue General Obligation Bonds in an amount not to exceed ($475,000,000) Four Hundred Seventy-Five Million Dollars (the “Bonds”) for the purpose of financing all or a portion of the costs of acquiring land and equipment, constructing new schools and renovating and improving existing facilities; said Bonds to be due and payable in not to exceed twenty-one (21) years from the date of issuance of the Bonds?

Property Tax Cost of Bonds: If the Bonds are issued as planned (and without regard to the existing taxes currently paid for existing bonds (“Existing Bonds”) that will reduce over time), a property tax sufficient to pay debt service on the Bonds will be required over a period of twenty-one (21) years in the estimated average amount of $269.10 per year on a $534,000 primary residence and in the estimated amount of $489.27 per year on a business property having the same value.

As noted above, the District has other Existing Bonds for which a tax decrease would occur upon the retirement of the same, which may not occur if the proposed Bonds are issued. However, the combination of the scheduled retirement of the Existing Bonds and the issuance of the proposed Bonds, as planned, is expected to result in no property tax rate increase ($0.00) on a primary residence or business property within the District from current property tax levels.

The foregoing information is only an estimate and is not a limit on the amount of taxes that the Board may be required to levy to pay debt service on the Bonds. The Board 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 District.

☐ FOR THE ISSUANCE OF BONDS (YES)
☐ AGAINST THE ISSUANCE OF BONDS (NO)