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Boise, Idaho, City Sewer District Bond (November 2021)
| Boise City Sewer District Bond | |
|---|---|
 | |
| Election date November 2, 2021 | |
| Topic City bonds | |
Status Approved | |
| Type Referral | Origin Lawmakers |
Boise City Sewer District Bond was on the ballot as a referral in Boise on November 2, 2021. It was approved.
A "yes" vote supported authorizing the city to issue up to $570 million in revenue bonds to fund infrastructure improvements for the city's sewer districts at a total estimated debt service cost of $815,104,000 ($570,000,000 in principal and $245,104,000 in interest) and with the bonds paid entirely through city water renewal system revenue. |
A "no" vote opposed authorizing the city to issue up to $570 million in revenue bonds to fund infrastructure improvements for the city's sewer districts at a total estimated debt service cost of $815,104,000 ($570,000,000 in principal and $245,104,000 in interest) and with the bonds paid entirely through city water renewal system revenue. |
A simple majority was required for the approval of City Sewer District Bond.
Election results
|
Boise City Sewer District Bond |
||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
|
|
27,363 | 80.74% | ||
| No | 6,528 | 19.26% | ||
Text of measure
Ballot title
The ballot title for City Sewer District Bond was as follows:
| “ | TO CONTINUE TO PROTECT THE BOISE RIVER, ENSURE RELIABLE SEWER SERVICES, ENCOURAGE ECONOMIC DEVELOPMENT, AND TO TAKE CLIMATE ACTION, IN OCTOBER 2020 BOISE CITY COUNCIL APPROVED ESSENTIAL IMPROVEMENTS TO BOISE'S WATER RENEWAL SYSTEM (WITH AN ESTIMATED REPLACEMENT VALUE OF $3,000,000,000), INCLUDING UPGRADING AGING PIPES AND WATER TREATMENT FACILITIES, CONSTRUCTING AN ADDITIONAL FACILITY TO KEEP UP WITH CUSTOMER DEMAND AND LAUNCHING A RECYCLED WATER PROGRAM. IMPROVEMENTS WILL BE MADE AND CAN BE PAID FOR WITH CASH FROM HIGHER UPFRONT SEWER RATE INCREASES (UP TO 53%) OR FINANCED TO KEEP UPFRONT SEWER RATE INCREASES LOWER AND MORE AFFORDABLE. SHALL THE CITY OF BOISE CITY, IDAHO BE AUTHORIZED TO KEEP UPFRONT SEWER CUSTOMER RATE INCREASES LOWER AND MORE AFFORDABLE BY ISSUING AND SELLING ONE OR MORE SERIES OF REVENUE BONDS UP TO $570,000,000 OVER THE NEXT 10 YEARS? | ” |
Ballot summary
The ballot summary for this measure was:
| “ |
The following information is required by §34-913, Idaho Code: The purpose for which the City's proposed bonds are to be used, the date of the special bond election (November 2, 2021), and the principal amount of the bonds are set forth above on the ballot or in the City's bond election ordinance no. ORD-39-21. The interest rate anticipated on the proposed bonds based on current market rates is 2.49% per annum but will be fixed at time of each series issuance. The total amount to be repaid over the life of the proposed bonds based on the anticipated interest rate, is estimated to be $815,104,000, consisting of $570,000,000 in principal and $245,104,000 in interest. Principal and interest on the bonds are paid solely from the revenue of the City's water renewal system, so the estimated average annual cost to the taxpayer on the proposed bond based on the data above is a tax of $0 per $100,000 of taxable assessed values. The bonds will mature over a period not to exceed thirty (30) years. The total existing indebtedness, including interest accrued as of November 2, 2021, of the City is $92,461,534.67. The total existing indebtedness of the water renewal fund, including interest accrued as of November 2, 2021, is $1,787,886.72. | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
This measure was put on the ballot through a vote the Boise City Council.
See also
External links
Footnotes
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