Genoa-Hugo School District C-113 Bond Question (November 2012)
If approved, this question authorizes the Genoa-Hugo School District C-113 to issue up to $6.61 million in general obligation bonds with a repayment cost of $9.9 million in order to provide for local matching money necessary to qualify for up to 9.8$ million in State Financial Assistance. These fund will collectively be used to construct a new elementary and high school as well as other renovations. This debt will be paid through a tax increase of up to $498,000 per year.
|Genoa-Hugo School District, Question 3A|
Election results from Lincoln County Current Election Results Summary
Text of measure
Language on the ballot:
|“||SHALL GENOA-HUGO SCHOOL DISTRICT NO. C-113 DEBT E INCREASED $6.61 MILLION, WITH A REPAyMENT COST OF UP TO $9.9 MILLION, AND SHALL DISTRICT TAXES BE INCREASED BY UP TO $498,000 ANNUALLY, BY THE ISSUANCE PAYMENT OF GENERAL OBLIGATION BONDS TO PROVIDE LOCAL MATCHING MONEY REQUIRED FOR THE DISTRICT TO RECEIVE $9.8 MILLION IN STATE FINANCIAL ASSISTANCE UNDER THE "BEST" PROGRAM TO FINANCE THE COSTS OF:
WHICH STATE FINANCIAL ASSISTANCE WOULD NOT BE REQUIRED TO BE REPAID AND WILL BE DISTRIBUTED TO OTHER SCHOOL DISTRICTS IF THIS BALLOT ISSUE IS NOT PASSED;
AND WHICH GENERAL OBLIGATION BONDS WILL BEAR INTEREST, MATURE, BE SUBJECT TO REDEMPTION, WITH OR WITHOUT PREMIUM, AND BE ISSUED AT SUCH TIME OR TIMES, AT SUCH PRICES (AT, ABOVE OR BELOW PAR) AND IN SUCH MANNER AND CONTAINING SUCH TERMS, NO INCONSISTENT HEREWITH, AS THE BOARD OF EDUCATION MAY DETERMINE; AND SHALL AD VALOREM PROPERTY TAXES BE LEVIED WITHOUT LIMIT AS TO THE MILL RATE TO PRODUCE AN AMOUNT SUFFICIENT IN EACH YEAR TO PAY THE PRINCIPAL OF, PREMIUM IF ANY, AND INTEREST ON SUCH DEBT TO FUND ANY RESERVES FOR THE PAYMENT THEREOF?
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