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 $0.67 per $1000 of assessed value. The owner of a home assessed at $200,000 is estimated to pay $134.00 a year.
EXPLANATORY STATEMENT
The District's Barlow Tank elevated reservoir was built in the 1930'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 1930's 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 the 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 water 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 if issuance and may be issued in one or more series. The estimated average annual cost of this bond would be $0.67 per $1000 of assessed value. The owner of a home assessed at $200,000 is estimated to pay $134.00 a year.
Submitted by:
Kathy Damon Manager
Lusted Water District
No argument FOR or AGAINST this measure were filed.