Jerome County Jail Bond Measure (May 2013)
This bond measure was the fifth attempt by the Jerome County Commission to get authority from the voters to issue bonds in order to fund a new jail. The last failed bond measure was last year and asked for $10.7 million dollars and was approved by a majority of the voters, 63%. But for this type of measure a 66.7% super majority is required. The County Commission insisted on the necessity of this measure as the County Jail has not passed inspection for many years.
|Jerome County Jail Bond|
- These results are from the Jerome County elections office.
Text of measure
The question on the ballot:
| SHALL THE BOARD OF COMMISSIONERS OF JEROME COUNTY, IDAHO, BE AUTHORIZED
TO ISSUE AND SELL THE GENERAL OBLIGATION BONDS OF THE COUNTY IN A PRINCIPAL AMOUNT NOT TO EXCEED $11,200,000 TO PAY THE COST OF ACQUISITION AND CONSTRUCTION OF A JAIL FACILITY AND COSTS INCIDENTAL THERETO, SAID BONDS TO MATURE OVER A PERIOD WHICH MAY BE LESS THAN BUT WHICH SHALL NOT EXCEED TWENTY-FIVE (25) YEARS AND TO BE PAYABLE AS TO BOTH PRINCIPAL AND INTEREST FROM THE PROCEEDS ON TAXES TO BE LEVIED UPON ALL TAXABLE PROPERTY IN THE COUNTY, ALL AS MORE FULLY PROVIDED IN RESOLUTION NO. 2013-4, ADOPTED ON MARCH 18, 2013?
The following information is provided pursuant to Section 34-439, Idaho Code: The County has no existing indebtedness. The estimated interest rate anticipated on the proposed bonds is 3.0%. The range of interest rates is 2% to 5%. The total principal to be repaid over the life of the proposed bonds is $11,200,000; the total interest to be repaid over the life of the proposed bonds is $6,588,544.79; the total amount to be repaid over the life of the proposed bonds, principal and interest, based on the anticipated interest rate is estimated to be $17,788,544.79.
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