The Town Council approved a resolution allowing for the sale and issuance of bonds to fund the reconstruction project on Saguaro Boulevard.

Bids were received Dec. 4 by eight entities for the sale of the bonds. The council voted at its regular session that day to approve the resolution.

According to Town Manager Ken Buchanan, the bonds will be sold for a total of $7.5 million, well within the $8.2 million approved by voters in November 2013.

The secondary tax rate to be applied to the repayment of the bonds is 41 cents per $100 of assessed value on individual property.

A home with a full cash value of $100,000 per the Maricopa County Assessor has an assessed value of $10,000, leading to an average annual cost on the property owner’s tax bill of $41. Assessed value is 10 percent of the full cash value.

The average increase for a $350,000 home would be $143.50, and a $500,000 home would be $205 per year.

The town received a credit rating of Aa2 with a resulting interest rate on the repayment of the bonds of just over 1 percent.