Question 2: Housing Bonds Referendum

Authorize $125 million in bonds to fund housing projects for people with low or moderate incomes

Additional property taxes may be levied on property located in the City of Charlotte in an amount sufficient to pay the principal of and interest on bonds if approved by the following ballot question.

Shall the order authorizing $125,000,000 of bonds plus interest to provide funds to pay the capital costs of housing projects for the benefit of persons of low income, or moderate income, or low and moderate income, including construction of infrastructure improvements related thereto and the acquisition of land and rights-of-way required therefor, and providing that additional taxes may be levied in an amount sufficient to pay the principal of and interest on the bonds be approved, in light of the following:

(1) The estimated cumulative cost over the life of the bond, using the highest interest rate charged for similar debt over the last 20 years, would be $198,396,312.50 (consisting of $125,000,000 principal amount of bonds plus $73,396,312.50 of interest).

(2) The estimated amount of property tax liability increase for each one hundred thousand dollars ($100,000) of property tax value to service the cumulative cost over the life of the bond provided above would be $0.00 per year.