Bond Amortization

This shows an Amortization Schedule for the Public Safety Complex (Question 6).

In an effort to provide potential impacts of both Bonds, it’s important to note that these are projections only, with a number of variables, and do not reflect a definitive tax impact on either project:

• First, the Bonds are only one portion of a larger townwide budget. Revenues and expenses could result in the projected impact being much less than projections or greater than projections.
• Also, the Amortization Schedule assumes projects are to be completed by a certain date, which affects State Reimbursement. If the project is completed later than scheduled, we would fund the initial years with Bond Anticipation Notes or Interest Only Notes which would delay the impact for a year or two.

The Amortization Schedules provide the following projections:

• If the Public Safety Complex Bond (Question 6) were to pass, the Amortization Schedule projects an 18 cent Tax Rate Impact for Year One and a 24 cent Tax Rate Impact for Year Two.
  • As an example, an 18 cent Tax Rate Impact on a $450,000 home in North Kingstown would result in an $81 annual increase to taxes ($6.75/month). A 24 cent Tax Rate Impact on a $450,000 home in North Kingstown would result in a $108 annual increase to taxes ($9/month).

This shows an Amortization Schedule for both the Public Safety Complex and the School Facility Bond Referendum (Questions 6 & 7).

In an effort to provide potential impacts of both Bonds, it’s important to note that these are projections only, with a number of variables, and do not reflect a definitive tax impact on either project:

• First, the Bonds are only one portion of a larger townwide budget. Revenues and expenses could result in the projected impact being much less than projections or greater than projections.
• Also, the Amortization Schedule assumes projects are to be completed by a certain date, which affects State Reimbursement. If the project is completed later than scheduled, we would fund the initial years with Bond Anticipation Notes or Interest Only Notes which would delay the impact for a year or two.

 The Amortization Schedules provide the following projections:

• If the Public Safety Complex Bond (Question 6) and School Facilities Bond (Question 7) were to pass, the Amortization Schedule projects a 42 cent Tax Rate Impact for Year One and a 85 cent Tax Rate Impact for Year Two.
  • As an example, a 42 cent Tax Rate Impact on a $450,000 home in North Kingstown would result in a $189 annual increase to taxes ($15.75/month). An 85 cent Tax Rate Impact on a $450,000 home in North Kingstown would result in a $382.50 annual increase to taxes ($31.88/month).