Show CITY OF NORTH SALT LAKE SPECIAL NOTICE Bond Election for To be held hold November 7 1961 with Nith Election Election Elec Elec- tion 7 am a.m. to 8 pm p.m. 90 No Mo Main No Salt elake Lake In answer to 10 Petitions p presented to the City Council October 1961 which were signed by a substantial percentage of the tax tax resident tax payers of our 4 CO community th the cou coti council R. R cil iI of Salt Lake approved approved ap- ap proved calling colling for another bond election at the same time place and date as 05 the municipal election to insure a good representative pr e. e vote of a section cross of our mu municipality It It was the opinion of the sponsors sponsors sponsors spon spon- sors of the petitions that this was not the case in the tha thelast thelast last bond election when only onry a small percentage voted The City Council has also been requested to give good publicity to the coming bond election in this and other newspapers inasmuch as whole whore subdivisions did not receive their brochures which were mailed out from the city office explaining t the e bond issues Watch for Subsequent ads in n this publication tion which will explain In in d detail t il the features features features fea fea- tures necessity and adv advantages of Voting g gYES YES on the following Bond Propositions PROPOSITION NO 1 Waterworks and expansion of storage supply and distribution system which are needed I immediately PROPOSITION NO 2 50 J Improve and develop pr present sent 8 acre acre park site and secure sites for additional parks and playgrounds in the thc east and north sections of the thc city i PROPOSITION NO 3 Purchase new fire fighting equipment and alarm system Enlarging present city h hall ll for ho housing sing fire department equipment Davis County fire fighting facilities are now taxed over in trying to provide adequate ade ade- quate service This is a much needed protection which will also reduce your insurance rates I PROPOSITION NO 4 This amount Is needed to complete our city's new civic center In addition to adequate offices it will provide our community with a branch of the Davis County Library and an ary auditorium l m to m meet t th the nee needs Js of our fast growing area At present there is no public municipal available in the south end end of of Davis J County IT IS IMPORTANT TO YOU AS A PROPERTY OWNER TO VOTE YOTE YES ON THE ABOVE PROPOSITIONS BECAUSE 1 If the bond election in is is approved by the voters the city council will then be in a position to earmark earmark earmark ear ear- mark by ordinance approximately 70 70 of the sales sales' tax receipts for repayment of these bonds 2 North Salt Lake is in a fortunate position because of large contributions to sales tax receipts through industries in the city Annual receipts from this sales tax are arc approximately which is the equivalent of an 8 mill property tax levy 3 It will only cost approximately ly 17 per year of this sales tax m money ney to pay principal and interest on these bonds and will pay them off i. i LP L over a P peno period d 0 of f 20 years 1 i I. I l 4 4 You will have the use and advantages of these improvements over over this 20 year year year- period 5 Over the past 20 years construction ion costs have increased approximately Interest expense would be about 37 against this possible increase if construction is postponed and the past inflationary pattern continues 6 Property owners of other cities have insisted that their city councils adopt and ordinance to mark ear-mark portions of Sales Tax Funds for Capital Improvements Improvements Improvements Improve- Improve ments to avoid Increase property taxation This procedure is also recommended by municipal financial fin fin- ancial andal experts and consultants as a safeguard for channeling sales tax receipts for much needed capital improvements Without resorting Jo fo increased ed property taxation or increased w water wafer fer rates I as as' as the case may be in North Salt Lake A majority of of this council rec recognizes this a a good sound fiscal procedure and therefore recommends ds to you the taxpayers of this community that you also insist on safeguarding your sales tax funds for capital improvements I V V. V 7 7 The Community cannot st stagnate g tel In ord order r to protect protect pro pro- the value of the investment you ha hay have p in y your ur I home or business business' the community will have hake to progress progress pro pro- gress and grow growl The propositions ons presented on 1 r J. J this this bond election are a safeguard to you against v higher property taxes and higher water rates which this growth and expansion can create The he community will have to face up to the fact that these recommended improvements must be made If the bond election is again defeated they will 1 have ave to be financed over a short period of time probably 4 or 5 years and the property taxes will have to be increased as well as the water v rat rates s to supply the additional revenue which will willbe willbe willbe be required for this type of term short financing Inasmuch as all of the capital improvements which are recommended are long term investment for forI I Improvements it is recommended that they be handled by long term bonding over a 20 year period 1 8 Contrary to many rumors which have circulated j. j in our community North Salt Lake is presently only bonded to 10 o a small percentage of its capacity to do so There are in water bonds outstanding If we add to this the proposed capital improvements bonds the total in indebtedness indebtedness in- in indebtedness in- in will be which is very sub sub- substantially substantially under the legal limitations of the amount of bonded banded indebtedness which this city may incur 9 Regardless of which party is elected in November the city must move forward and provide the best possible place to live for the least cost to the property owner This can be done with the sales tax money if properly used REMEMBER NO PROPERTY TAX INCREASE IS NECESSARY FOR THIS FINANCING I VOTE Y YES Y S E ON THE BONDS NOVEMBER |