The proposed 2014 general obligation bond issue increases the levy rate by a maximum of $3.1554 per $1,000 in valuation over the life of the bonds. For a property owner with a $100,000 assessed valuation, the annual tax impact is estimated at $171.65 to pay for the new bond issue.
The maximum total levy rate for all debt service in Centerville is estimated at $4.5921 per $1,000 valuation. For a property owner with a $100,000 assessed valuation, the annual total tax impact is estimated at $249.81 to pay for all general obligation debt service.
Landowners in the street paving project area are looking at a 10 percent special assessment of the total project cost or approximately $405,000 that can be used to pay for the bonds. Plus, $55,000 is available in road use tax to pay for the bonds.
Summers asked Bill Buss, with Hall Engineering, and he confirmed, that the bonding and state funds is for street work only and doesn’t include water or sewer.
The timeline offered by Summers has the Centerville City Council holding a public hearing on Jan. 20. The council is expected to authorize the issuance of the 2014 general obligation bonds on April 21.
Bids for the project are expected to be let in June.
Jay Dillard participated by telephone.
The special meeting adjourned at 5:54 p.m. The next regular Centerville City Council meeting is at 5:30 p.m. Monday, Nov. 18 at City Hall.