NOTICE OF SPECIAL REVENUE BOND ELECTION
CITY OF GRACE
In accordance with Section 34-602 of the election laws of the State of Idaho, NOTICE IS HEREBY GIVEN that a SPECIAL REVENUE BOND ELECTION WILL BE HELD ON TUESDAY, MAY 18, 2021. The polls will be open from 8 a.m. to 8 p.m. at the following location:
Gem Valley Performing Arts Center
704 S. Main
Grace, ID 83241
An elector must be a registered voter who has resided in this state and city for at least thirty (30) days preceding the election.
Electors can request an absentee ballot at https//idahovotes.gov, or by contacting the Caribou County Clerk’s office at (208)547-4324 ext. 4.
Absentee request forms must be received by the Caribou County Clerk’s office at 159 S. Main by 8:00 pm on May 7, 2021. Ballots must be returned to the Caribou County Clerk’s office by 8:00 pm on May 18, 2021.
Handicap accessibility information available at the clerk’s office phone 547-4324.
The question submitted will be:
SHALL the City of Grace, Idaho, be authorized to incur an indebtedness and to issue and sell its revenue bonds in an amount not to exceed $3,200,000 to pay the cost of constructing improvements to the Wastewater system of the City, said bonds to be payable solely from Wastewater system revenues, over a term which may be less than but which shall not exceed FORTY (40) years, as more fully provided in Ordinance No. 2021-1?
The purpose for which the proceeds of the bonds will be used is for improvements to the wastewater system, to include improvements to waste treatment to meet federal requirements. The City currently has outstanding long-term indebtedness of $1,928,247 paid solely from water system revenues. Since the bond will be paid solely from wastewater revenues, there will be no tax authorized on any taxable assessed value.
The interest rate anticipated on the proposed bonds is 2.0%. The total principal amount to be repaid over the life of the bonds is $3,200,000; the total interest estimated to be paid over the life of the bonds is $1,470,826; the total amount estimated to be repaid over the life of the bonds is $4,670,826. The bonds will be payable over a term which may be less than but which will not exceed forty (40) years.
Said election will be conducted pursuant to Title 34 Idaho Code.
Publish May 6 and 13, 2021 in the Caribou County Sun..
Click here to view a sample ballot.