Twin Falls City Revenue Bond Issue Question (May 2013)
This measure authorized the City of Twin Falls to increase its debt by $38 million through issuing its revenue bonds in that amount in order to fund the improvement of the wastewater collection and treatment facilities of the City. These bonds will be paid from wastewater system revenues in not more than 30 years from the date of issue.
|Twin Falls City Bond|
- These results are from the Twin Falls County elections office.
Text of measure
Question on the ballot:
Shall the City of Twin Falls, Idaho, be authorized to incur an indebtedness and to issue and sell its revenue bonds in an amount not to exceed $38,000,000 to pay all or a portion of the cost of acquiring and constructing improvements and betterments to the wastewater collection and treatment facilities of the City, said bonds to be payable solely from wastewater system revenues, over a term which may be less than but which shall not exceed thirty (30) years from the date of the bonds, as more fully provided in Ordinance No. 3048?
IN FAVOR OF issuing revenue bonds for the purposes provided by Ordinance No. 3048
AGAINST issuing revenue bonds for the purposes provided by Ordinance No. 3048
The following information is required by §34-439, Idaho Code:
The purpose for which the proceeds of the bonds will be used is improvements and betterments to the wastewater collection and treatment facilities of the City and related improvements. The City currently has outstanding indebtedness, including accrued interest, of $40,157,732. The interest rate anticipated on the proposed bonds is two and one-half percent (2.50%). The range of anticipated rates is from one-half percent (.50%) to four percent (4.0%). The total proposed principal amount to be repaid over the life of the bonds is $38,000,000; the total interest to be paid over the life of the bonds, based on the anticipated interest rate is $11,803,693; the total amount to be repaid over the life of the bonds is $49,803,693. The bonds, if approved and issued, will be payable over a term which may be less than but which will not exceed 30 years from their date, to be determined by the City Council at the time the bonds are issued.