You are tasked with calculating the property tax needed to fund construction and operation of a $22.5
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You are tasked with calculating the property tax needed to fund construction and operation of a $22.5 million complex. The facility's annual operating budget is forecast at $3.6 million, to be covered by revenues from programs offered at the facility. A 30 year general obligation bond with a rate of 5.5% will be issued to pay for the facilities construction cost. The net assessed value of property in the municipality is $725 million.
1. Calculate the additional mileage required to cover the project's debt service.
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-0078110931
16th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
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