Res 1596 - Spe Elec Parks Bond
COUNCIL BILL NO. 2260
RESOLUTION NO. 1596
A RESOLUTION OF THE CITY OF WOODBURN, MARION COUNTY, OREGON,
CALLING A SPECIAL ELECTION TO SUBMIT TO THE VOTERS THE QUESTION
OF CONTRACTING A GENERAL OBLIGATION BONDED INDEBTEDNESS IN THE
AMOUNT OF $5,000,000 TO FINANCE PARKS AND COMMUNITY FACILITIES;
AND TO PAY ALL COSTS INCIDENTAL THERETO.
WHEREAS, the City Council of the City of Woodburn, Marion County, Oregon
(the "City"), has determined that there is a need to acquire property; construct, equip and furnish
a City community center; construct and renovate City park and recreational facilities; construct
parking facilities and related improvements and to pay all costs incidental thereto; and
WHEREAS, the total cost of the Project is estimated to be $7,000,000, Bonds will
be sold in an amount of not to exceed $5,000,000, The City plans to apply for federal and state loans
and grants and apply other City revenues and asset sale proceeds toward the balance of the costs of
the Project; and
WHEREAS, all of the costs are for capital construction or improvements or costs of
issuing bonds; and
WHEREAS, the "Taxpayer Protection Initiative" (Measure 93) has qualified for
placement on the general election to be held November 7, 2000; and
WHEREAS, Measure 93 requires, in part, that bond measures to be voted at
elections held on and after November 7, 2000 comply with certain of its provisions, even though
Measure 93 would not take effect, if approved by the voters, until December 7, 2000; and
WHEREAS, Measure 93 requires, if adopted, that the ballot for a bond measure
contain: (I) the words "a yes vote on this measure is a vote to increase taxes;" (2) a projection of the
total cost of the bond, including interest; (3) the "revenue" the measure the would produce annually;
and (4) that it be approved by not less than the percentage of voters who vote for Measure 93; and
WHEREAS, the City Council determines that it is in the best interests of the District
and its voters to attempt to comply with the requirements of Measure 93 for this bond election;
NOW, THEREFORE,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. That a special election is hereby called for the purpose of submitting to the
qualified voters of the City the question of contracting a general obligation bonded indebtedness in
the name of the City in a sum not to exceed $5,000,000, Bond proceeds will be used to acquire
Page I - COUNCIL BILL NO, 2260
RESOLUTION NO, 1596
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property; construct, equip and furnish a City community center; construct and renovate City park and
recreational facilities; construct parking and related improvements and to pay all costs incidental
thereto. The bonds shall mature over a period of not more than 25 years;
Section 2. That the special election hereby called shall be held in the City on
November 7,2000, The election shall be conducted pursuant to ORS 254.465 et seq.;
Section 3. That the City Recorder shall cause to be delivered to the Election Officer
of Marion County, Oregon the attached Notice of Bond Election, not later than 61 days prior to the
election;
Section 4. That the Election Officer is requested to give the electorate of the City
notice that the election shall be conducted by mail pursuant to Oregon law; and,
Section 5. That the City Recorder shall give notice of the election by posting the
attached Notice of Election at a conspicuous place in City Hall and two other public places not less
than ten days prior to the election. /
ApproVedastofonn:L)J.00-~ 'b /2 S. ~ 0 "0
City Attorney Date
Approved:
Richard Jennings, May r
August 28, 2000
August 29, 2000
Auqust 29, 2000
August 29, 2000
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office Ofth~
ATTEST: fY)~ .
Mary nnant City Recorder
City of Woodburn, Oregon
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RESOLUTION NO. 1596
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NOTICE OF BOND ELECTION
City of Woodburn
Marion County, Oregon
NOTICE IS HEREBY GIVEN that on November 7,2000, an election will be held
in Marion County, Oregon, The following question will be submitted to the qualified voters thereof:
CITY OF WOODBURN
CAPTION:
P ARKS AND COMMUNITY FACILITIES GENERAL OBLIGATION
BOND AUTHORIZATION
QUESTION:
Shall the City be authorized to contract a general obligation bonded indebtedness in
an amount not to exceed $5,000,000? If the bonds are approved, they will be payable from taxes on
property or property ownership that are not subject to the limits of Section 11 and lIb of Article XI
of the Oregon Constitution,
SUMMARY:
A "yes" vote on this measure is a vote to increase taxes. This measure authorizes
issuance of general obligation bonds of not to exceed $5,000,000, to acquire property; construct,
equip and furnish a City community center; construct and renovate City park and recreational
facilities; construct parking and related improvements; and pay all costs, The total cost is estimated
to be $7,000,000. The City plans to apply for federal and state loans and grants and use other City
revenues to pay the balance of the cost. Bonds would mature over a period of not to exceed 20
years. The total projected estimated cost of the bonds, principal and interest, at an average annual
estimated interest rate of5,75%, would be $8,955,846. The revenue (the estimated average annual
tax levy assuming a level tax rate), is estimated to be $471,360 annually. The estimated average
property tax rate, based on the foregoing assumptions, would be $0.46 per $1000 of assessed value,
Mary Tennant, City Recorder
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