Kimberly School District No. 414 Bond Issue Question (May 2013)
This measure authorized the Kimberly School District No. 414 to increase its debt by $3 million through issuing general obligation bonds in that amount in order to fund the improvement projects described below in the Text of measure section.
|Kimberly School District 414 Bond|
- These results are from the Twin Falls 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 Board of Trustees of School District No. 414 (Kimberly), Twin Falls County, State of Idaho, be authorized to issue general obligation school bonds of said District in the principal amount of up to $3,000,000 to become due in such installments as may be fixed by the Board of Trustees, the final installment to fall due not later than twenty (20) years from the date of issuance of such bonds, for the purpose of financing the costs of renovation and improvements to the historic L.A. Thomas Gymnasium, completion of the Sports Complex, construction of technology classrooms in Kimberly High School, improvement to facilities throughout the District, and acquisition of related equipment for such school facilities, all as provided in the Resolution adopted by the Board of Trustees on March 21, 2013?
IN FAVOR OF issuing bonds in the principal amount of up to $3,000,000 for the purposes stated in the bond election resolution
AGAINST issuing bonds in the principal amount of up to $3,000,000 for the purposes stated in the bond election resolution
The following statements are required by Sections 34-439 and 34-439A, Idaho Code:
The project to be financed by the sale of the proposed bonds is the renovation and improvements to the historic L.A. Thomas Gymnasium, completion of the Sports Complex, construction of technology classrooms in Kimberly High School, improvement to facilities throughout the District, and acquisition of related equipment for such school facilities. The date of the District’s special general obligation bond election is May 21, 2013. The principal amount of the proposed bonds is up to $3,000,000, to be repaid within not later than twenty (20) years from the date of issuance.
The principal amount of $1,489,000 of the proposed bonds is to be issued as qualified school construction bonds (“QSCBs”). The anticipated interest rate of the District on the proposed QSCBs, based upon the federal subsidy of interest for QSCBs, is zero percent (0.00%). The total amount to be repaid over the life of the QSCBs is $1,489,000 consisting of $0.00 in interest and $1,489,000 of principal for a total of $1,489,000.
The anticipated interest rate of the bonds not expected to be issued as QSCBs (the “Tax-Exempt Bonds”) is three and twenty-three hundredths percent (3.23%), based upon current market rates. The total amount to be repaid over the life of the Tax-Exempt Bonds, based upon the anticipated interest rate, is $2,270,400 consisting of $759,400 in interest and $1,511,000 of principal for a total of $2,270,400. The estimated annual levy to pay all of the proposed bonds, after receipt of an estimated $561,060 of state bond levy equalization funds, is $33,144 in years 2014 to 2027 and $911,439 in years 2028 to 2030. As of May 21, 2013, the total existing bonded indebtedness of the District, including interest accrued, is $12,173,174.38.
State of Idaho
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