The district found pro committee members but no con committee members for the voters’ pamphlet. So I volunteered via the county to help provide some balance so that voters are presented with both sides of the issue – kinda like democracy.
The district’s cost analysis is about 150% too low. The owner of a property with a 2024 Tax Year AV of $550,000, can expect a tax obligation, for just this bond, of $1,200 per year on average for the next 22 years.
This bond is being run a year too early. The bond schedule shows taxes won’t start to be collected until 2026. Also, the Auburn SD should be moving away from high interest bonds and use well-planned, frugal, interest-free, 6-year, capital levies as other districts are practicing. The bond management company has estimated bond interest alone will be $459M on top of the advertised bond principal of $532M for an actual total to local property taxpayers of $991M.
And local property taxpayers are already on the hook to continue payments on the existing bond’s remaining total payments of $612M that won’t be paid off until 2040. For a logical, mathematically correct cost analysis, see BondNo.com
Submitted by: Jeff Heckathorn, BondNo.com