BOARD OF COUNTY COMMISSIONERS
P.O. Box 1300
Idaho City, Idaho 83631
Terry C. Day, District I Commissioner; Jamie A. Anderson, District II Commissioner; Robert A. Fry, District III Commissoner Chairman; and Mary T. Prisco, Clerk to the Board
April 17, 2012
– Boise County Commissioners want to make sure information you have about the May 15th Special Election for a Budget Increase is accurate and timely. Candidate forums throughout the county are engaging voters in the discussion.
Monday’s Commissioners’ meeting included a presentation by Cameron Arial, Vice President of Public Finance with Zions Bank, on the mechanics of bonding and the benefits of pooled borrowing through the Idaho Bond Bank.
Boise County will retain Arial for financial advisor services. There is no out-of-pocket expense to the county at this time and he would be paid only if a bond is sold and with those proceeds. Arial will provide the County with specific estimates of the costs per $100,000 of assessed value for various term lengths.
Taxpayers will have this information as soon as Commissioners receive it. Watch for next week’s article and keep checking the website www.boisecounty.us for information as it becomes available.
Concerning the ballot question, (see the actual ballot language below) the new law stipulates the required ballot language and the Commissioners knew it was not as specific as some would like. The Board emphasizes that the impact of the budget increase is to pay the Alamar judgment only. Voting for the budget increase will allow Boise County to refinance the Alamar debt with a bond at a lower interest rate. Voting for the budget increase will provide an end to searching for legal remedies.
If the budget increase is approved, current and future commissioners will be forced to follow a strict repayment schedule as outlined in Idaho Code 63-1305A. The Commissioners must use the maximum amount of property tax permitted (3%), all forgone amounts, and all surplus funds to pay the debt first and the special election budget increase second. The levy rate is calculated on the remaining payment balance and cannot exceed 0.1% which equals $100 per 100,000 assessed value. When the Alamar debt is paid in full the taxpayers are protected from further use of the budget increases by a mandatory return to 2012 tax collection levels.
Commissioners invite questions and comments. Please contact: Bob Fry, 208 365-8705, email@example.com ; Terry Day, 208 392-9505, firstname.lastname@example.org ; or Jamie Anderson, 208 462-3439, email@example.com .