Tax Impact Information
The anticipated interest rate on the proposed bond issue, based upon current market rates, is three and eighty-seven hundredths percent (3.87%) per annum. The total amount to be repaid over the life of the bonds, based on the anticipated interest rate, is $71,665,875, consisting of $49,000,000 in principal and $22,665,875 of interest. The term of the bonds will not exceed twenty (20) years from the date of issuance.
The estimated average annual cost to the taxpayer of the proposed bond is a tax of $3.60 per $100,000 of taxable assessed value, per year, based on current conditions.
The total existing indebtedness of Ada County, including interest accrued, is $0.00.
Financial Information
The total cost of the jail expansion project, including land acquisition costs, site development, design, permitting, construction, and furnishing is estimated to be $69.6 million.
To date, the County has spent approximately $3.5 million on land acquisition costs, site development, and partial design of the project. An additional $66.1 million will be needed to complete the project as estimated.
The County plans to use a dedicated construction fund and available budgeted funds to pay an additional $17.1 million, and is asking voters to authorize the issuance of up to $49 million in bonds to fund the remaining cost.
The total project cost of $69.6 million, the County is proposing to pay $20.6 million from currently available funds and bond for $49 million.