In order to purchase Tollgate Farm for use as park and open space to protect wildlife habitat, provide community recreational fields and retain North Bend's rural character, shall the City of North Bend incur indebtedness and issue not more than $3,560,000 of unlimited tax general obligation bonds maturing within 20 years, which shall be payable from excess property tax levies upon all taxable property within the City, as provided in Ordinance No. 1120?

EXPLANATORY STATEMENT

Upon approval by the voters, Proposition No. 1 would authorize the City of North Bend to issue bonds in an amount not to exceed $3,560,000, to be used to purchase the historic Tollgate Farm property located within North Bend, generally between W. North Bend Way and SR 202. Once purchased, the Tollgate Farm property would be preserved as park and open space, and could be used for ball fields and other active recreational uses, wildlife habitat protection and preservation, agricultural uses, walking trails, and other passive forms of outdoor recreation. The bonds would be payable from an annual property tax levy, for not more than twenty years, upon all taxable property within the City. The estimated levy for the purchase of the Tollgate Farm property is $0.61 per thousand dollars of assessed valuation.