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<br /> <br /> <br />I. Overview <br />The City of La Porte's last bond election was held on January 16, 1999. The City asked the voters for <br />I permission to issue debt related to five capital improvement projects to support the growth of the community. <br />The citizens agreed with a majority of the bond projects and voted 2 to 1 in favor of the projects. Only one <br />proposition failed. <br />': The voters were also asked to approve a'/z cent (.5%) sales tax increase to be dedicated for infrastructure <br />~ improvements. The voters responded by a 2 to 1 vote in favor of the Section 4B sales tax. The wording on the <br />ballot was designed for the general approval of the tax and did not limit it to specific projects. The first projects <br />planned from this revenue source were the construction of a new library and the costs associated with the <br />extension of Bay Area Boulevazd between Fairmont Pazkway and Spencer Highway. <br />In January 2002, it will be approximately three yeazs since our last bond election and there is a need to <br />introduce new projects to continue to support the growth of the community. At this time, we can safely issue <br />approximately $18 million in new debt without having to incur a tax increase, assuming interest rates remain at <br />a competitive level. <br />Attachment A <br />n <br />(1) <br />1 <br />