Why does the ballot show a different interest rate (4.5%) and term (40 years) than what has been previously presented?

The ballot is required by state law to disclose the maximum market rate and term; however, BWSD has received pre-approval of a loan from IDEQ with 1.75% interest rate and 30 year term. 

Letter from DEQ stating loan agreement numbers (AS PREVIOUSLY DISCUSSED BY THE BAYVIEW BOARD):

The ballot for the November 6, 2018 election will read as follows: