2012 Bond Measure Projects: Overview
11/7 UPDATE: Bond Measure No. 9-86 has passed by a vote of 51.70% to 48.30%. Thank you to everyone participating in this important community decision. This website will be updated in the future regarding the various projects and priorities.
RESOLUTION NO. 345
At the Bend Park & Recreation District board meeting on July 3, 2012, the Board of Directors voted to place the following bond measure on the November 2012 ballot. This is an excerpt from the Board of Directors meeting report. The remainder of the report is available here.
A RESOLUTION OF BEND METRO PARK AND RECREATION DISTRICT, DESCHUTES COUNTY, OREGON, CALLING A MEASURE ELECTION TO SUBMIT TO THE ELECTORS OF THE DISTRICT THE QUESTION OF CONTRACTING GENERAL OBLIGATION BONDED INDEBTEDNESS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $29,000,000 TO FINANCE CAPITAL COSTS; AND RELATED MATTERS.
WHEREAS, the Board of Directors (the “Board”) of Bend Metro Park and Recreation District, Deschutes County, Oregon (the “District”), has determined that a need exists to protect fish habitat in the Deschutes River, preserve natural areas and wildlife habitat for future generations, create a safe passage at the Colorado River Dam, create public access to the Deschutes River by completion of more than 3 miles of the Deschutes River Trail, and create and develop parks; and
WHEREAS, the Board has determined that a need exists to finance the capital costs of these projects, as more fully described in Exhibit A, attached hereto, and pay bond issuance costs (the “Project”); and
WHEREAS, the costs of the Project and issuance costs are estimated to be not more than $29,000,000; and
WHEREAS, ORS 266.512, as amended, subject to voter approval, authorizes the District to contract bonded indebtedness to provide funds to finance the costs of the Project and to pay bond issuance costs; and
WHEREAS, the Board anticipates incurring expenditures (the “Expenditures”) to finance the costs of the Project, described herein, and wishes to declare its official intent to reimburse itself for any Expenditures it may make from its available funds on the Project from the proceeds of the Bonds, the interest on which shall be excluded from gross income under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”); and
WHEREAS, the Board has determined that those moneys advanced to pay the Expenditures prior to the issuance of the Bonds are available only for a temporary period and it is necessary to reimburse the District for the Expenditures from the proceeds of the Bonds.
NOW, THEREFORE, the Board of the District resolves as follows:
- A measure election is hereby called for the purpose of submitting to the electors of the District the question of contracting general obligation bonded indebtedness in the name of the District in an amount not to exceed $29,000,000. Bond proceeds will be used to finance the Project and pay Bond issuance costs. The Bonds shall mature over a period of not more than twenty-one (21) years from the date of issue and may be issued in one or more series.
- The measure election hereby called shall be held in the District on the 6th day of November, 2012. As authorized by the County Clerk of Deschutes County, Oregon, and the Oregon Secretary of State, the election shall be conducted by mail pursuant to ORS 254.465 and 254.470.
- The District hereby declares its official intent pursuant to Treasury Regulation Section 1.150-2 to reimburse itself for Expenditures of the Project paid prior to the issuance of the Bonds with proceeds of the Bonds.
- The District authorizes the Executive Director, or his designee (the “Authorized Representative”) to submit the final ballot title and explanatory statement and to take such further action as is necessary to carry out the intent and purposes herein in compliance with the applicable provisions of law.
- The Authorized Representative shall cause to be delivered to the Election Officer of Deschutes County, Oregon (the “Election Officer”), a Notice of Bond Election (the “Notice”) in substantially the form of, attached hereto as Exhibit A, which shall be approved and filed by the Authorized Representative of the District, not later than September 6, 2012, (sixty-one (61) days prior to the election date).
- The law firm of Hawkins Delafield & Wood LLP is hereby appointed to serve as Bond Counsel with respect to the issuance of the Bonds. The District will pay the fees and expenses of Bond Counsel from Bond proceeds.
EXHIBIT A: NOTICE OF BOND ELECTION
BEND METRO PARK AND RECREATION DISTRICT DESCHUTES COUNTY, OREGON
NOTICE IS HEREBY GIVEN that on November 6, 2012, a measure election will be held in Deschutes County, Oregon. The following shall be the ballot title of the measure to be submitted to the district’s voters on this date:
CAPTION: BONDS FOR WATER SAFETY, NATURAL AREAS, PARKS AND TRAIL IMPROVEMENTS
QUESTION: Shall BMPRD issue $29,0 00,000 in General Obligation Bonds to protect natural areas, connect trails, improve parks and provide water safety? 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 costs including:
- Preserve fish / wildlife habitat in and along Deschutes River
- Purchase / preserve natural areas
- Create safe water passage at Colorado Dam
- Complete Deschutes River Trail
- Create / improve parks
- Create covered, open-air community recreation facility.
The Board placed this measure on the ballot to fund construction of new projects and to purchase land for new parks and trail connections to serve the community and its guests.
The Board would provide oversight of the projects. Proceeds would be audited and open for public review.
The criteria for projects include public input using a survey, public meetings, and comments on-line.
Each series would mature within 21 years from the date of issuance. The measure is estimated to cost taxpayers no more than .24 per thousand of assessed value each year. For the owner of a home with a medium assessed value of $200,000, the estimated monthly cost would be $4.00, or $48.00 per year.
View the potential projects at links below:
- Deschutes River Trail & Parks
- Colorado Dam Safe Passage
- Land for Southeast Bend Parks
- Simpson Community Recreation Center
- Pine Nursery Park Phase II
Thank you for your interest in the bond measure projects. If you would like to provide comments, you may attend an upcoming board meeting, send a letter to 799 SW Columbia, Bend, OR 97702 or email firstname.lastname@example.org.