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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 />