Measure on the ballot in the 2024 Oregon General Election in Coos Bay.
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Get StartedThis measure authorizes the City to issue general obligations bonds in a principal amount not to exceed $30 million in principal for the costs to construct an approximately 33,000 square foot library. This new library replaces the existing structurally failing library at Anderson Avenue and is expected to include space for library collections, study and computer locations, as well as community meeting and age-specific programming spaces. Bond proceeds will be also used for capital costs, including equipment, such as computers, furnishings, site improvements, and costs of issuing the bonds. The City will seek supplemental funds, such as donations and grants. If the City obtains supplemental funds, it may issue fewer bonds or use such funds to pay the bonds and decrease the tax levy. If the maximum bond amount is issued, the estimated annual tax rate is approximately $1.51 per $1,000 assessed value; actual levy rates may differ due to interest rates and changes in assessed value. The bonds may be issued in series for not more than 21 years.
Shall City of Coos Bay issue up to $30,000,000 general obligation bonds for a new Library? 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.
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