CAPTION:
WEST LINN POLICE AND COURT FACILITY GENERAL OBLIGATION BOND AUTHORIZATION
QUESTION:
Shall the City issue general obligation bonds in an amount not exceeding $10,800,000 for a new police and court facility?
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:
This measure authorizes the City to issue general obligation bonds in an amount not exceeding $10,800,000 for a new police and court facility. If authorized, the bonds would finance the costs of capital construction and capital improvements associated with a new police and court facility, including, without limitation, providing funds to:
•Design, construct, equip and furnish a new police and court facility.
•Refund the City’s outstanding $1.5 million financing agreement, the proceeds of which will be used to acquire property for the new police and court facility site.
•Pay bond issuance costs.
The new police and court facility will replace the existing station on Willamette Falls Drive, which was constructed in 1936 and has significant structural deficiencies. The bonds will be issued in one or more series and mature over 20 years or less. If bonds are issued, property taxes on a West Linn home with an assessed value of $200,000 are anticipated to increase by approximately $60 per year.
