In order for the City to proceed with the current bond financing plan, the existing bonds will need to be approved by the voters for refunding. Refunding the existing bonds and issuing new debt for the remaining amount will allow the City to issue the new bonds using the existing 1% sales tax.
If approved by voters, it will CONTINUE to authorize the tax to be used to repay bonds and provide funds for capital improvements.
This ballot measure MUST be approved by voters to move forward with any of the bond projects also being voted on by the citizens of Cabot.
This will NOT be a new tax. This will be an extension of the current 1% sales and use tax that was originally presented and approved in 2005, and extended in 2013 by voters.
□ FOR the issuance of Refunding Bond
□ AGAINST the issuance of Refunding Bond