Lake Stevens Library Capital Facility Area Proposition No. 1
General Obligation Bonds to Build Lake Stevens Library The Snohomish County Council adopted Motion No. 17-385 concerning a proposition to finance a library facility. This proposition would authorize the Lake Stevens Library Capital Facility Area to acquire, construct, furnish and equip a new library in Lake Stevens; to incur indebtedness to finance such improvements through the issuance of up to seventeen million dollars ($17,000,000) in general obligation bonds maturing within 20 years; and to levy annual excess property taxes to repay such bonds. Explanatory Statement A vote for Proposition 1 will authorize the Lake Stevens Library Capital Facility Area to borrow up to $17,000,000 and to issue and sell general obligation bonds with a maximum term of twenty (20) years to acquire, construct, furnish and equip a new library in Lake Stevens, and to impose annual excess property tax levies to pay principal and interest of such bonds. The bond proceeds will be used to pay the capital costs of the project, including property acquisition, design and construction of the facility; demolition and other site preparation; planning, financial, legal, relocation and other necessary services; and furnishing and equipping the facility, including the cost of the collection of books and other library materials. The Lake Stevens Library Capital Facility Area will levy annual excess property taxes for collection commencing in 2019 to pay the bond indebtedness.
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