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A. Except for preliminary planning, site acquisition, or as necessary to comply with the provisions of subsection (C) of this section, the Assembly shall not appropriate moneys for any capital project which requires the Borough to incur bonded indebtedness to finance all or part of the project, until said project has been approved by a majority of the votes cast on the question at a general or special election.

B. The ballot question placed before the voters as required by subsection (A) of this section shall clearly and concisely state the primary purpose, total construction cost including site acquisition, and the projected annual maintenance and operation cost of the project.

C. Each ordinance providing for a bond proposition to be submitted to the voters for construction of a new capital improvement shall specify:

1. The proposed geographical vicinity of the project;

2. The conceptual site plan indicating the relationship of the proposed project with the roads and buildings or structures immediately surrounding the site;

3. The estimated time schedule for beginning and completion of the project;

4. If possible, a minimum 10-year projection regarding impacts on traffic flow;

5. Financial information to include:

a. Estimated total project cost, including interest,

b. The estimated amount to be paid by the Borough, by the state and by the federal government, if applicable,

c. The approximate amount that would be due in annual taxes on $100,000 in assessed value to retire the debt remaining after state and federal reimbursement, and

d. The approximate amount per capita per annum to retire the debt, based on estimated current population;

6. The date by which the first portion of the bonds is anticipated to be sold; and

7. A clause stating that authority for unissued bonds will terminate on completion of all of the authorized construction projects.

This subsection does not apply to bond propositions for upgrades, renovations or additions to existing facilities. Completion of construction shall be determined in accordance with FNSBC 8.40.010(B). (Ord. 96-007 § 2, 1996; Ord. 86-090 § 2, 1986; Ord. 85-001 § 2, 1985. 2004 Code § 3.01.025.)