I feel I must answer the uninformed description of the street bond election by Beverly Van Ast in the Feb. 8 "Mail Call" section of the Roundup.
First, the General Obligation bond is for $3.8 million, not $5 million. The bonds will not be sold until after the voters approve the bond issue in the primary election, March 12. Therefore, the interest rate will not be determined until that time. The interest rate is estimated to be about 5 percent, not 8 percent.
As for "the money to do the streets," about $2 million a year is budgeted by the Town of Payson each year for street repair, and $300,000 to $500,000 is budgeted for new surfacing projects.
The $3.8 million bond funds will not be "an open pocket book" for the town council. By law, Glenn Smith, the Town of Payson C.F.O., is charged with the responsibility of allocating the funds to the priority streets that have been selected by the Citizens Ad Hoc Committee report to the town council on Aug. 21. 2001. The tax from the bond issue will not "be a shock to all taxpayers now and for the next 17 years." The bond term is 15 years. The median assessor's full cash value for a home in Payson is $108,000, and the estimated tax increase on that value would be $21.60 per year, or $324 over the 15 years, or about the cost of a tank of gas for your car each year.
"Are our streets really that bad?" Yes! Beverly Van Ast should have been with the Citizens Ad Hoc Committee when they were determining how bad the streets were, and established a priority list of streets that would be in the bond recommended to the town council for repair.
I suggest that Beverly should obtain a copy of the publicity pamphlet, recently mailed to all registered Payson voters, regarding the primary election on March 12, 2002. On pages 16-19, are the true facts regarding the bond election.
Citizen's Bond Committee