Shady Cove City Water System Bond Question (November 2012)
County authorized and published summary of Question:
|“|| If approved, this measure would provide funds to finance capital costs of a municipal water system through the construction of all or a portion of the system or the acquisition of all or a portion of Shady Cove Waterworks’ assets. Bond proceeds may be used to acquire water and real property rights and to pay costs of issuing bonds.
The City will implement the project in phases and is applying for federal and state loans and grants. The City intends to issue bonds for each phase and in an aggregate amount not to exceed $23,000,000 and only for costs not covered by grants.
Bonds would mature in 40 years or less from issuance and may be issued in one or more series.
The City may choose to pay the bonds from user fees in combination with property taxes, with the majority of bonds being paid from user fees.
|Question 118-Shady Cove City Water System|
Election results from Jackson County Current Election Results Summary
Text of measure
Language on the ballot:
|“||Shall the City issue general obligation bonds in an amount not exceeding $23,000,000 for a municipal water system? If the bonds are approved, they will be payable from taxes on property or property ownership that are not subject to the limits of sections 11 and 11b, Article XI of the Oregon Constitution.||”|