Kendrick City Sewer Revenue Bond Issue Question (May 2013)
This measure authorized the City of Kendrick to increase its debt by $1.5 million through issuing sewer revenue bonds in that amount in order to fund improvements to the sewer system and facilities of the city. These bonds will be repaid solely through revenue from the city sewer system in not more than 40 years.
|Kendrick City Bond|
- These results are from the Latah County elections office.
Text of measure
Question on the ballot:
This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
SHALL THE CITY OF KENDRICK ISSUE AND SELL ITS SEWER REVENUE BONDS TO PAY THE COSTS OF CONSTRUCTION AND IMPROVEMENTS TO THE SEWER SYSTEM AND FACILITIES OF THE CITY IN A PRINCIPAL AMOUNT OF NOT TO EXCEED $1,500,000? THE BONDS SHALL MATURE OVER A PERIOD OF NOT TO EXCEED FORTY (40) YEARS, AND SHALL BE PAYABLE SOLELY FROM THE REVENUES OF THE SEWER SYSTEM, ALL AS MORE FULLY PROVIDED IN ORDINANCE No. 743, ADOPTED ON MARCH 18, 2013.
IN FAVOR OF ISSUING REVENUE BONDS, YES
AGAINST ISSUING REVENUE BONDS, NO
The following information is required by Idaho Code §34-439, as amended:
The project to be financed by the sale of the proposed bonds is the cost of capital improvements to the wastewater system and treatment lagoons of the City. The date of the City's special revenue bond election is May 21, 2013. The existing sewer revenue indebtedness of the City is $963,973. The interest rate anticipated on the proposed sewer revenue bonds is 2.5%. The range of anticipated rates is from 2.5% to 4%. The total amount to be repaid over the life of the proposed sewer revenue bonds, both principal and interest, based on the anticipated interest rate, is estimated to be $2,374,403.20.