APRIL 2, 2002 FACT SHEET - GENERAL OBLIGATION BONDS

 PROPOSITION # D

EAGLE RIVER/CHUGIAK PARKS & RECREATION SERVICE AREA

BOND AMOUNT
$960,000

 ADDITIONAL
INFORMATION
CONTACTS

John Rodda, Manager
Parks & Beautification
343-4562

Tim Rogers,
Capital Budget Officer
343-4467

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It is the expectation of the Municipality of Anchorage that the general obligation bonds proposed for April 2, 2002 will be used to make capital improvements to facilities in each service area noted.  Projects listed below describe how we expect to use the bonds.  However, as project development progresses, changes in scope, project feasibility, phasing, timeline, or estimated costs may occur that result in acceleration, delay, or substitution of projects.

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AMERICAN LEGION FIELD AT OBERG - Reorient and expand existing field.  Relocate well pump house, parking, trails around perimeter.  Excavate, level field, and reseed.

EAGLE RIVER COMMONS - Continued development of downtown Eagle River park space according to public approved 2000 Master Plan.  Improvements may include festival staging areas, sports fields(s), and picnic/playground areas.

EAGLE RIVER PARKS PLAYGROUND EQUIPMENT UPGRADE - Upgrade and replace parks playground equipment in the Eagle River/ Chugiak Parks & Recreation Service Area to meet safety and ADA requirements.

SOUTH FORK CONFLUENCE - Construct parking lot and install picnic tables and fire pits.  Management authority will be given to State Parks.

 WHAT IT COSTS

OPERATING COSTS
Additional annual operations and maintenance costs: $6,500.
The Municipal tax cap will be increased to fund additional operations and maintenance costs.

DEBT SERVICE
Estimated annual debt service*: $81,900
Basis for estimate:  Assumes bonds are sold as a package @ 5.75% interest, with bond repayment term corresponding to the expected life of the assets financed, i.e., 20 years).
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HOW THE BONDS ARE PAID

The bonds will be paid through taxes levied in the Eagle River/Chugiak Parks & Recreation Service Area.

Estimated Property Tax:  .0450 mills or $4.50 annually per $100,000 assessed valuation to retire the bond debt;  .0036 or $0.36 annuyally per $100,000 assessed valuation  Taxes are levied for operations and maintenance costs; for a total of $4.86 annually per $100,000 assessed valuation.  Taxes are levied in the Eagle River/Chugiak Parks & Recreation Service Area.

* repayment of principal and interest

 George Wuerch, Mayor
February 2002 
This fact sheet is prepared, paid for and distributed by the Municipality of Anchorage.