Voter approval of this measure provided the District with the authority to sell up to $77.5 million in general obligation bonds. However, the bonds will be sold only as funding is needed to meet the cash flow requirements of the construction projects. As a result, the sale of the bonds would occur in phases, with two or three issuances likely.  Press Release

In the first two years, the anticipated tax rate will be .07 cents per $1,000 of assessed value. In 2009, as more construction projects begin and the remaining bonds are borrowed, the tax rate is expected to increase to its maximum of .15 cents per $1,000 of assessed value. By 2013, the individual tax rate is expected to decline slightly as new residents and businesses share the fixed annual cost of TVF&R's bond payment. This decline is expected to continue through 2026.

Over the life of the bond, the average cost to the typical homeowner is expected to be approximately $29/year.