STRAIGHT TALK ABOUT THE 2006 BOND PROGRAM From Jeff Greenspan, Chairman, STOP - Stop Taxing Our Property, a concerned voters group

WASTED ON INTEREST: The city is asking us to approve $879 million in bonds at up to 12% interest and a 25-year term. This could result in two BILLION dollars in interest. The total cost of the bond program could exceed three times the value the city will derive from it. The city currently maintains over $1.5 billion in debt. Do we need more? Truth: 1 City: 0

PAY-AS-YOU-GO: 100% of the bond projects can be financed without the bonds! Every project in question can be financed on a pay-as-you-go basis through the citys normal budget approval process. Truth: 2 City: 0

PLANNED TAX INCREASE: Phoenix property taxes are going up an average of 23% this year as a result of the February 2006 property reassessment. Mayor Gordon promises: The bond program is not going to raise taxes.? STOP wonders how a property tax increase of 23% is not going to raise taxes and regrets that you cant see your 2006 property tax bill before you vote. Mayor Gordon knows you wont see this bill until August. Truth: 3 City: 0

SKIRTING THE LAW: State law requires city revenue to equal the city budget. The city claims they can keep the additional revenue from the tax increase even if the bonds are defeated. However, state law requires that the tax rate be reduced to reconcile with city budget requirements when there is a surplus. A NO?vote will free up that revenue for a tax rate reduction. Truth: 4 City: 0

DOUBLE TAXATION: We already pay for ASU with our state taxes because its state university. And we already subsidize ASU in Mexico City. Now, the city wants Phoenix residents to pay another $210 million for ASU in Phoenix. Another $200 million is slated for special interests and non-profits. Enough is enough. Truth: 5 City: 0

FEAR: STOP represents many civil servants and private contractors who are afraid to speak out for fear of retribution from their union or city hall. This includes firemen, police, teachers, city staffers, and contractors who are afraid their private mail-in ballots will be read by the city. Truth: 6 City: 0

Now that you know the truth, please vote NO?on March 14.

Paid for by Stop Taxing Our Property.

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