LUSTED WATER DISTRICT GENERAL OBLIGATION BOND AUTHORIZATION
QUESTION: Shall Lusted Water District be authorized to issue general obligation bonds not exceeding $900,000?
If the bonds are approved, they will be payable from taxes on property or property ownership that are not subject to the limits of sections 11 and 11b, Article XI of the Oregon Constitution.
SUMMARY: If approved, this measure would provide funds for capital construction and improvements and bond costs. Specifically, the bonds are expected to fund the demolition and removal of the existing elevated Barlow water tank and the construction and equipping of a new elevated water tank and pay fees associated with issuing the bonds.
The bonds would mature in twenty (20) years or less from the date of issuance and may be issued in one or more series. The estimated average annual cost of this bond would be $0.70 per $1000 of assessed value. The owner of a home assessed at $200,000 is estimated to pay $139.40 a year.
EXPLANATORY STATEMENT
The Barlow Water Tank elevated reservoir provides gravity-feed to the entire water district. Without the Barlow Tank in operation, water could not be provided to the 410 families in the district or to Sam Barlow High School.
The District’s Barlow Tank elevated reservoir was built in the 1930’s and moved to its current location in the 1950’s. Video inspection reports were provided to Compass Engineering and Lee Engineering to conduct a comprehensive study regarding the condition of the reservoir and the useful life of it. The study determined that the reservoir should be replaced before any failures occur. The structure does not meet current earthquake standards and poses safety issues. A comparison of costs by the District indicate that replacing the existing elevated reservoir rather than repairing it would save the District money over time.
Passage of the bond measure would provide funds to demolish and remove the existing elevated Barlow tank and construct and equip a new elevated water tank and pay fees associated with issuing the bonds.
The bonds would mature in twenty (20) years or less from the date of issuance and may be issued in one or more series. The estimated average annual cost of this bond would be $0.70 per $1000 of assessed value. The owner of a home assessed at $200,000 is estimated to pay $139.40 a year.
Submitted by:
Kathy Damon,
Office Manager
Lusted Water District
No argument FOR or AGAINST this measure were filed.