Lusted Water District, Multnomah County, General Obligation Bond Authorization
QUESTION: Shall Lusted Water District be authorized to issue general obligation bonds in an amount not exceeding $480,000? If the bonds are approved, they will be payable from taxes on property ownership that is not subject to the limits of sections 11 and 11b, Article XI of the Oregon Constitution.
SUMMARY: This measure may be passed only at an election with at least a 50 percent voter turnout. If approved, the bond funds would be used to remove the existing Barlow tank and construct and equip a new elevated water tank and to pay costs of issuance. The bonds will mature in 20 years or less.
EXPLANATORY STATEMENT
The District hired Inland Marine to perform routine cleaning and inspection of the elevated reservoir (Barlow Tank). Video inspection reports were provided to Compass Engineering and Lee Engineering to conduct a comprehensive study regarding the condition of the reservoir. It was determined that the 1930’s reservoir will need to be replaced before any possible failures occur.
Submitted by:
Ron Fortune
Chairman, Board of Commissioners