Bonds were sold in competitive sale on January 12, 2012 and the Official Statement is now available. This bond sale was a competitive bond offering receiving 9 bids. The lowest bid, which was awarded, contained an overall True Interest Cost (TIC) of 2.25%.
Voters Approve Ballot Measure 3-377
On November 8, 2011, the voters of West Linn approved Ballot Measure 3-377 authorizing the issuance of up to $8.5 million in general obligation bonds to allow for the acquisition, construction and furnishing of a new police station to be located at 8th Avenue and 13th Street.
It was estimated that this measure will increase the property tax rate by $0.16 per $1,000 of assessed value [update: 14 cents] and that the tax impact on an average West Linn home with an assessed value of $285,000 is estimated at $46 per year [update: $40].
2012 General Obligation Bonds
Purpose: Land acquisition, design, construction and furnishing of new police station
Original Issuance Amount: $8,500,000
Outstanding Balance (as of 6/30/13): $8,365,000
Maturity Date: 12/1/2031
Below is the Official Statement that was issued by the City for this bond sale.