Voter approval of this measure provided the district with the authority to sell up to $77.5 million in general obligation bonds (PDF). 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.
In the first two years, the anticipated tax rate will be $0.07 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 a maximum of approximately $0.15 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.
Over the life of the bond, the average cost to the typical homeowner is expected to be approximately $29 per year.