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The bonds are not subject to referendum unless, within 30 days after the hearing, a petition <br />is filed with the City Administrator signed by voters equal to at least five percent of the <br />votes cast in the last general City election. In that event, the bonds are subject to a <br />referendum, and may be issued only if approved by a majority of voters who vote on that <br />question. If the referendum passes, the taxes to pay the debt service on the bonds would be <br />levied on market value rather than tax capacity. However, if no timely petition is filed, the <br />taxes to pay debt service are levied on tax capacity. <br />The CIP Act has established certain criteria that must be met. In accordance with these <br />criteria, the City has considered the following eight points: <br />1. Condition of the City's infrastructure and need for the project <br />2. Demand for the improvement <br />3. Cost of the improvement <br />4. Availability of public resources <br />5. Level of overlapping debt <br />6. Const/benefits of alternative uses of funds <br />7. Operating costs of the proposed improvements <br />8. Options for shared facilities with other cities or local governments. <br />10 <br />