Moscow School District No. 281 Bond Issue Question (May 2013)
This measure authorized the Moscow School District No. 281 to increase its debt by $10.8 million through issuing general obligation bonds in that amount in order to fund the improvement projects described below in the Text of measure section. These bonds will be repaid not more than 20 years from the date they were issued.
|Moscow SD 281 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 Board of Trustees of School District No. 281 (Moscow), Latah County, State of Idaho (the "District"), be authorized to issue general obligation school bonds of said District in the principal amount of up to $10,800,000 to be issued in one or more series and to become due in such installments as may be fixed by the Board of Trustees of the District, the final installment of each series to fall due not later than twenty (20) years from the date of issuance of such series of bonds, for the purpose of financing the costs of renovating, remodeling and adding to existing schools and school facilities in the District, acquiring related equipment and making safety and security improvements throughout the District, all as provided in the Bond Election Resolution adopted by the Board of Trustees on March 26, 2013?
IN FAVOR OF ISSUING BONDS IN THE PRINCIPAL AMOUNT OF UP TO $10,800,000 FOR THE PURPOSES STATED IN THE BOND ELECTION RESOLUTION
AGAINST ISSUING BONDS IN THE PRINCIPAL AMOUNT OF UP TO $10,800,000 FOR THE PURPOSES STATED IN THE BOND ELECTION RESOLUTION
The following statement is required by Sections 34-439 and 34-439A, Idaho Code:
The project to be financed by the sale of the proposed bonds is the costs of renovating, remodeling and adding to existing schools and school facilities in the District, acquiring related equipment and making safety and security improvements throughout the District. The date of the District's special general obligation bond election is May 21, 2013. The principal amount of the proposed bonds to be issued is $10,800,000 to be repaid not later than twenty (20) years from the date of each series thereof.
The interest rate anticipated on the proposed bond issue, based upon current market rates, is three and twenty-one hundredths percent (3.21%). The estimated annual bond levy is approximately $722,775 and the total amount to be repaid over the life of the bonds from such bond levy, based on the anticipated interest, is $14,455,500, consisting of $10,800,000 in principal and $3,655,500 of interest.
As of May 21, 2013, the total existing bonded indebtedness of the District, including interest accrued, is $0.00.
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