Eagle City Hall Bond Measure (May 2013)
This measure authorized the City of Eagle to increase its debt by $1.2 million through issuing general obligation bonds in that amount in order to fund the acquisition of its city hall, which it currently leases.
This is the fifth time this measure has been on the ballot.
|Eagle City Bond Question|
- These results are from the Ada County elections office.
Text of measure
Question on the ballot:
SHALL THE CITY OF EAGLE BE AUTHORIZED TO INCUR AN INDEBTEDNESS AND ISSUE AND SELL ITS GENERAL OBLIGATION BONDS IN THE PRINCIPAL AMOUNT NOT TO EXCEED $1,200,000 TO PAY THE COST OF ACQUISITION OF CITY HALL, TOGETHER WITH RELATED IMPROVEMENTS AND COSTS, THE BONDS TO MATURE AND TO BE PAYABLE FROM A LEVY OF TAXES FOR A TERM WHICH MAY BE LESS THAN BUT WHICH SHALL NOT EXCEED FIFTEEN (15) YEARS, ALL AS MORE FULLY PROVIDED IN ORDINANCE NO. 692, ADOPTED ON FEBRUARY 26, 2013?
IN FAVOR OF issuing general obligation bonds as stated in Ordinance No.692
AGAINST issuing general obligation bonds as stated in Ordinance No.692
The following information is required by Section 34-439, Idaho Code: The anticipated interest rate on the proposed bonds is 2.0% per annum. The range of anticipated rates is from 1.0% to 4.0% per annum. The total proposed principal amount to be repaid over the 15-year life of the bonds is $1,200,000; the total interest anticipated to be paid over the life of the bonds, based on the anticipated interest rate, is $194,932; the total amount to be repaid over the life of the bonds is $1,394,932. The City has existing indebtedness, payable from the library bond levy, of approximately $1,124,875, including interest accrued to the date of election.
Supporters argued that this measure makes financial sense for the city.
Jeff Kunz, former co-chairman of Eagle City Hall Location Task Force and chairman and treasurer of Committee in Favor of Eagle City Hall Ownership, wrote this in support of the measure: "If you could own your home in 15 years or less and reduce your payments by 62.0 percent, would you do it? Of course! And that's the same easy choice facing Eagle voters on May 21, when the city of Eagle will hold a special $1.2 million general obligation bond election to purchase Eagle City Hall."
Those who oppose this measure argued that the voters have already turned these bonds down four times before and that the city should respect the wish of the voters. Some also disapproved of the city councils decision to build the city hall a number of years ago, even though voters had already turned down bond funding to purchase it three times, implying that the council tried to force the hand of the voters on this issue.