This measure would allow the City to borrow up to $600 million by issuing general obligation bonds. The bonds would be repaid with revenue from an “ad valorem” property tax. “Ad valorem” means according to the value of the property. The City would impose a tax based on the value of real property and improvements within the City to pay the principal and interest of the bonds. The City would use this money to build, buy, improve, and rehabilitate facilities and infrastructure and for affordable housing in Oakland. The projects financed by the bonds would be completed as needed according to City Council established priorities as set forth in the City’s Capital Improvement Plan.