Res 1693 - GO Bond Election CC
COUNCIL BILL NO. 2410
RESOLUTION NO. 1693
A RESOLUTION CALLING A SPECIAL ELECTION TO SUBMIT TO THE VOTERS
THE QUESTION OF CONTRACTING A GENERAL OBLIGATION BONDED
INDEBTEDNESS IN THE AMOUNT OF $5,075,000 TO CONSTRUCT, EQUIP AND
FURNISH A CITY COMMUNITY CENTER; CONSTRUCT AND RENOVATE
PARKING FACILITIES; ACQUIRE PROPERTY, AS NEEDED; CONSTRUCT
RELATED IMPROVEMENTS AND PAY ALL COSTS INCIDENTAL THERETO.
WHEREAS, the City finds that it is financially feasible and in its best interests to
construct, equip and furnish a City community center; construct and renovate parking facilities;
acquire property, as needed; construct related improvements and pay all costs incidental thereto
(the "Project"); and
WHEREAS, the total cost of the Project is estimated to be $5,895,000. The City plans to
apply for federal and state loans and grants and other contributions and this bond measure would
authorize the City to issue bonds to pay the balance of the cost. Bonds will be sold only in an
amount necessary to complete the financing, but in no event more than $5,075,000; and
WHEREAS, the City adopted Ordinance No. 2250 (the "SDC Ordinance") on November
23, 1999, which established a methodology for collecting parks and recreation system
development charges (the "SDCs") and which adopted a report entitled "Parks and Recreation
System Development Charges Executive Summary, Methodology, and Rates Study Update"
dated September 30,1999 (the "1999 Report"). Section 4(B) of the SDC Ordinance provided, in
part, that SDCs be deposited into trust accounts to be used, in part, to provide for capital
improvements and for the "payment of principal and interest, necessary reserves and costs of
issuance under any bonds or other indebtedness issued by the City to fund capital improvements
. .. ." Although the actual dollar amount of SDCs revenue to be received by the City can only be
estimated, the appendix to the 1999 Report provides for the use of up to $1,564,200 of SDCs for
financing the new community center; and
WHEREAS, the City Council therefore determines that an amount not to exceed
$1,564,200 be pledged to the payment of debt service on the bonds to be sold as authorized by
the voters of the City, to be paid, as budgeted, over the maturity life of the bonds and that ad
valorem taxes be levied to the extent that the SDCs are insufficient to meet debt service on the
bonds; NOW, THEREFORE
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. 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 $5,075,000. Bond proceeds will be used to
construct, equip and furnish a City community center; construct and renovate parking facilities;
acquire property, as needed; construct related improvements and pay all costs incidental thereto.
The bonds shall mature over a period of not more than 20 years.
Page I - Council Bill No. 2410
, Resolution No. 1693
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Section 2. The special election hereby called shall be held in the City on November 5,
2002. The election shall be conducted pursuant to ORS 254.465 et seq..
Section 3. The City Recorder shall cause to be delivered to the Elections Officer of
Marion County, Oregon the attached Notice of Bond Election (Attachment A), the terms of
which are incorporated herein, not later than 61 days prior to the election.
Section 4. The Elections Officer is requested to give the electorate of the City notice that
the election shall be conducted by mail pursuant to Oregon law.
Section 5. 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 in the City not
less than ten days prior to the election.
Approved as to Form:
City Attorney
Date
APPROVED
Passed by the Council August 26, 2002
Submitted to the Mayor August 26. 2002
Approved by the Mayor August 26, 2002
Filed in the Office of the Recorder August 26, 2002
ArrEST: ~~
M Te. t, Recorder
City of Woodburn, Oregon
Page 2 - Council Bill No. 2410
Resolution No. 1693
A:lRes-elec2 82002.doc
NOTICE OF BOND ELECTION
City of Woodburn
Marion County, Oregon
NOTICE IS HEREBY GIVEN that on November 5, 2002, an election will be held
in City of Woodburn, Marion County, Oregon. The following question will be submitted to the
qualified voters thereof:
CITY OF WOODBURN
CAPTION:
COMMUNITY CENTER GENERAL OBLIGATION BOND AUTHORIZATION
QUESTION:
Shall the City be authorized to contract a general obligation bonded indebtedness
in an amount not to exceed $5,075,000? 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 11 b of
Article XI of the Oregon Constitution.
SUMMARY:
This measure authorizes the City to issue general obligation bonds to construct, equip and
furnish a community center; acquire property; construct and renovate parking facilities; construct
related improvements and pay all costs incidental thereto. The project would replace the current
Community Center with a new building at Front and Oak Streets. The new center would be
available for recreation programs for youth, adults and senior citizens; conferences; public
meetings; and performing arts. The total cost is estimated to be $5,895,000. The City will apply
for federal and state loans and grants and other contributions and general obligation bonds would
be issued to pay the balance of the cost, but in no event more than $5,075,000. The City will
pledge park and recreation system development charges in an amount not to exceed $1,564,200
to pay principal and interest over the life of the bonds. The City will levy ad valorem taxes
annually in amounts necessary to pay remaining principal and interest. The bonds would mature
over a period of not to exceed 20 years.
City of Woodburn
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