Independence City Bond Issue, Measure 27-107 (May 2013)

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A Independence City Bond Issue measure was approved on the May 21, 2013, election ballot in Polk County, which is in Oregon.

This measure authorized the City of Independence to increase its debt by $5.91 million through issuing general obligation bonds in that amount in order to refinance previous borrowings for the projects described below in the Summary under the Text of measure section. These bonds may be outstanding for 20 years.[1]

Election results

Measure 27-107
ResultVotesPercentage
Approveda Yes 581 54.71%
No48145.29%
These results are from the Polk County elections office.

Text of measure

Question on the ballot:

Shall Independence issue $5.91 million in general obligation bonds to refinance outstanding borrowings that financed capital costs? 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.[1][2]

Summary:

Approval of this measure will allow the City to refinance existing borrowings with general obligation bonds. The refinancing will help preserve the current level of police, library, water, sewer, storm and other City services. The payments on the general obligation bonds are expected to be significantly less than the payments on the outstanding borrowings. The City will refinance borrowings for the following projects:

1. the Independence Public Library
2. Improvements to Highway 51
3. Acquisition of property for placement of the new boat launch, ball fields and other public park projects
4. Two new water reservoirs and water system improvements
5. Improvements to Hoffman Road
6. The Riverview Park Amphitheater and downtown streetscapes

The bonds would mature in 20 years or less from the date of issuance and may be issued in one or more series.[1][2]

See also

External links

References

  1. 1.0 1.1 1.2 Independence City Election Notice
  2. 2.0 2.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.