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36 Dr , Jahns observed that there are three steps normally taken when dealing with potential geological hazards : recognition of the hazards , determining the characteristics and evaluating the hazard , and reckoning with the effect of the hazard which factor involves other matters such as financial , political , social , other considerations . He stated that in the present instance there seemed to be little disagreement in recognizing the kinds of potential hazards , but there was disagreement as to evaluation of the hazards , which is understandable since data is not and never can be entirely complete . He summarized some of the considerations of the Seismic Board with regard to active faulting in the Shores area and noted that the Board in reaching its conclusion assumed that a great earthquake must be expected at least once in the lifetime of the project . He then observed that since construction is guided by the recommendations of the Seismic Report , and the engineering provisions are above ordinary building requirements , it was their belief that there would be less damage from a major earthquake in Redwood Shores than in other areas of San Mateo County , Mr . Kuebelbeck reviewed the financial aspects of the project , distinguishing GID 1 -64 from other similar districts . He noted that GID -1 -64 financing utilized level debt service avoiding " balloon" payments upon maturity of bonds ; that assess - ment of property within the district is at 25% of the fair market value ; that bonds issued in any one year should not exceed 1 . 5% of the projected fair market value for the next succeeding year ; and , that the financial guidelines thereby limited the amount of bonds to be sold at a given time . He also noted that the financial guidelines had been scrutinized by the State Attorney General ' s office and the Knox Committee of the State Legislature , and that no formal detrimental comments have been received . He added that even with the highest tax rate in the United States since the depression and the decrease in housing market being the greatest since World War II , the guidelines have prevailed , that a confiscatory tax rate will not result , and that what is happening this year is the exception that proves the rules of the guidelines . Mayor Bury welcomed the Legislators present and expressed appreciation for their willingness to attend this meeting in spite of their demanding schedules . Congressman McCloskey stated that all were aware of the present problem, which is a federal one , relative to Redwood Shores , caused by a Committee of Congress during hearings last spring involving FHA and VA recommendations and resulting in stoppage of loan commitments by FHA for the project until reports from the Geological Survey and Corps of Engineers on technical judgments of the geological hazards in the area were submitted in accordance with the recommendations of the Government 'rig TS