Homer Alaska - Business

A discussion on Borough Proposition No. 1 will be featured at the Homer Chamber of Commerce luncheon meeting on Sept. 14. The meeting begins at noon at the Best Western Bidarka Inn.

The public is invited. Lunch for chamber members is $12; for nonmembers, $14.

The proposition will appear on the Oct. 5 ballot and deals with school capital improvement general obligation bonds. It asks voters: Shall the Kenai Peninsula Borough borrow up to $16,866,500 through the issuance of general obligation bonds?

The bond proceeds will be used for roof replacements at Chapman School, Homer Middle School, McNeil Canyon Elementary School, Ninilchik High School, the district's warehouse, K-Beach Elementary School, Kenai Central High School, Kenai Elementary School, Nikiski Middle/High School, Seward Elementary School and Soldotna High School.

The approximate annual amount of taxes on $100,000 of assessed real or personal property value (based on the borough's 2010 taxable assessed valuation) to retire the debt is $5.78, assuming 70 percent debt service reimbursement from the state of Alaska. According to information from the borough, no bonds will be issued "unless and until the project qualifies for at least 70 percent debt service reimbursement from the state of Alaska under existing or new legislation."