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Resolution #17




RESOLUTION NO. 17

A RESOLUTION OF LA GRANDE SCHOOL DISTRICT NO. 1, UNION 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 $31,850,000 TO FINANCE CAPITAL COSTS; DECLARING INTENT TO REIMBURSE EXPENDITURES; AND RELATED MATTERS.

WHEREAS, the Board of Directors (the “Board”) of La Grande School District No. 1, Union County, Oregon, (the “District”) has determined that a need exists for the District to finance capital costs, as more fully described in the notice of bond election attached hereto as Exhibit A (the “Project”) and pay bond issuance costs; and

WHEREAS, in connection with the Project, the District has evaluated the need for safety improvements, the joint funding of safety improvements with other public and private entities and the funding of safety improvements in accordance with ORS 332.176; and

WHEREAS, the costs of the Project and issuance costs are estimated to be not more than $31,850,000; and

WHEREAS, ORS 328.205, 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 District anticipates incurring expenditures (the “Expenditures”) to finance the costs of the Project and wishes to declare its official intent to reimburse itself for any Expenditures it may make from its general funds on the Project from the proceeds of voter-approved general obligation bonds (the “Bonds”) which may be issued as tax-exempt obligations or qualified tax credit bonds; and

WHEREAS, the Board has determined that those moneys advanced to pay the Expenditures prior to the issuance of such Bonds are available only for a temporary period and it is necessary to reimburse the District for the Expenditures from the proceeds of such Bonds.

NOW, THEREFORE, the Board of Directors of La Grande School District No. 1, Union County, Oregon, resolves as follows:

1.             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 $31,850,000. Bond proceeds will be used to finance the Project and pay all 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.

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2.             The measure election hereby called shall be held in the District on the 4th day of November, 2014. As authorized by the County Clerk of Union County, Oregon, and the Oregon Secretary of State, the election shall be conducted by mail pursuant to ORS 254.465 and 254.470.

3.             The District authorizes the Superintendent, Business Manager (each an “Authorized Representative”) or his/her designee 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.

4.             The Authorized Representative shall cause to be delivered to the Election Officer of Union 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 thanSeptember 4, 2014, (sixty-one (61) days prior to the election date).

5.             The District hereby declares its official intent pursuant to Treasury Regulation Section 1.150-2 to reimburse itself with the proceeds of the Bonds for any of the Expenditures incurred by it prior to the issuance of the Bonds.

6.             The law firm of Hawkins Delafield & Wood LLP, is hereby appointed to serve as Bond Counsel with respect to the issuance of the Bonds and Piper Jaffray & Co. is hereby appointed to serve as Underwriter with respect to the issuance of the Bonds. The District will pay the fees and expenses of Bond Counsel and Underwriter from Bond proceeds.

ADOPTED by the Board of Directors of La Grande School District No. 1, Union County, Oregon this 25th day of June, 2014.

LA GRANDE SCHOOL DISTRICT NO. 1,

UNION COUNTY, OREGON

By:_____________________________

                                                                                    Joe Justice, Chair, Board of Directors

ATTEST:

By:___________________________

                                                                                    Larry Glaze, Superintendent/District Clerk

 

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EXHIBIT A

NOTICE OF BOND ELECTION

LA GRANDE SCHOOL DISTRICT NO. 1

UNION COUNTY, OREGON

NOTICE IS HEREBY GIVEN June 25, 2014 that a measure election will be held in La Grande School District No. 1 located in Union County, Oregon on November 4, 2014. The following shall be the ballot title of the measure to be submitted to the district’s voters:

CAPTION: (10 WORD LIMIT)

BONDS FOR REPLACEMENT, SAFETY, SECURITY REPAIRS AND SYSTEM UPGRADES

QUESTION: (20 WORD LIMIT)

Shall La Grande Schools replace, repair and improve safety, security, facilities and systems by issuing $31,850,000 in bonds? 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: (175 WORD LIMIT)

If approved, this measure is expected to finance site improvements, capital costs, furnishing and equipping for the following projects:

  • Central Elementary School Replacement
  • Additions at Island City (including classrooms, kitchen, and flooring)
  • Classroom Additions at Greenwood
  • High School Improvements, (including new Industrial Arts Building, gymnasium and auditorium improvements)
  • Code/Life Safety, Envelope (roofs, siding, windows, etc.) and Systems (technology, mechanical, electrical, etc.) improvements at all buildings
  •  Bond issuance and demolition costs

Bonds would mature in a period not to exceed twenty-one (21) years and may be issued in one or more series.  The overall tax rate for bonds is estimated to be approximately $1.99 per $1,000 of assessed property value or $199 annually for a home with an assessed value of $100,000.  Results may differ based upon actual interest rates incurred and growth in assessed value.

The following authorized District Official hereby certifies the above ballot title is true and complete.

_______________________________________________

Signature of authorized District Official

_______________________

Date signed

_________________________________________________

Printed name of authorized District Official

_______________________

Title

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