During Tuesday night’s city council meeting, the Coos Bay City Council voted to add a bond measure to the November 2024 ballot to fund the construction of a new library. The council needed to make several decisions regarding the specifics of the bond measure, most notably determining the duration of the bond. Expensive projects like constructing new buildings are typically funded through the issuance of municipal bonds. The money is often borrowed for multiple decades, and the borrowed amount is paid back to creditors with interest, similar to a home mortgage.
The council voted for a 20-year bond. Compared to a 30-year bond, a 20-year bond would result in significantly less interest paid, but it would also impose a higher tax paid during the duration of the bond. The bond measure will require taxpayers to pay an additional $1.51 per $1,000 of assessed property value. If the measure passes, based on a house assessed at $170,000 (approximately the average home value in Coos Bay), the average property owner would pay about $250 more per year in property taxes.
The councilors took ample time during the discussion to ensure that the language of the ballot measure was clear. An advisory vote previously sent to voters had asked whether the new library should be built at the current site on Anderson Avenue or elsewhere. The confusing language of that measure led to misunderstandings among voters. To avoid similar confusion, the Coos Bay Council aimed to make it clear that the new library would be constructed at the site of the existing library at 525 Anderson Avenue. With a 175-word limit for ballot measure descriptions, the council had to ensure the description was concise yet comprehensive, clearly outlining the implications of both passing and failing the measure.
The councilors voted unanimously to add the measure to the November ballot.
Leave a Reply
You must be logged in to post a comment.