Proposition 3 - Anchorage Roads and Drainage Service Area Roads and Storm Drainage Bonds

For the purpose of providing roads and storm drainage capital acquisition, construction, renovation and upgrades in the Anchorage Roads and Drainage Service Area, as provided in AO 2024-4, shall Anchorage borrow money and issue up to $47,110,000 in principal amount of general obligation bonds and increase the municipal tax cap by an annual amount not to exceed $48,000 to pay for associated annual operations and maintenance costs? Voter approval of this bond proposition authorizes for each $100,000 of assessed taxable property value (based on the estimated 2024 assessed valuation in the Anchorage Roads and Drainage Service Area): (i) an annual increase in taxes of approximately $12.43 to retire the proposed bonds, and (ii) an annual increase in the municipal tax cap (Charter 14.03(b)(2)) of approximately $0.17 to pay for annual operation and maintenance costs related to the proposed capital improvements. The debt shall be paid from real and personal property taxes levied and collected within the Anchorage Roads and Drainage Service Area, without cost to properties in Chugiak, Eagle River, Girdwood and other areas outside the Service Area. The Municipality will also pledge its full faith and credit for payment of the debt.