MCCALL, Idaho — Voters in McCall can expect to see a water revenue bond on the May 21 ballot that city officials said has the potential to cost taxpayers up to $16.5 million.
The May 2024 election will include a water bond that the City of McCall said will fund "required" renovations and storage improvements for the city's water treatment facility. According to a news release from the City of McCall, the upgrades are needed in order to "meet increased water demand, comply with federal regulations and enhance protection against wildfire."
City officials said the bond is crucial and are urging people to familiarize themselves with the bond propositions and vote in the upcoming election.
"Please get engaged and participate in this upcoming election. The water bond will directly impact our water customers inside McCall City Limits. It is crucial for every McCall resident voter to be aware of the potential outcomes," said McCall Mayor Bob Giles.
Below are the water bond terms as outlined by the City of McCall and on the 2024 McCall Water Bond ballot:
- Voting YES
- Issuing the bond would result in slight cost increase to McCall residents. According to the city, the average water user will see an increase of approximately $3 per month.
- However, a YES vote will ensure that rate increases remain affordable and predictable, according to the news release.
- The city said that with passage of the bond, the cost of improvements will be spread over current and future McCall water users.
- Voting NO
- A NO vote will potentially increase the rate by up to 100%, or $75 per month for the average residential water customer over the span of at least three years, according to the bond terms.
- Rejecting the bond will result in only current water customers funding the project, with no impact on future McCall water customers.
- Pursuant to an ordinance adopted on February 22, 2024, by the City Council of the City of McCall, Valley County, Idaho (the "City"), there will be a special municipal bond election held between the hours of 8:00 a.m. and 8:00 p.m. on May 21, 2024, in the City regarding the City's proposed issuance of water revenue bonds in an amount not to exceed $16,500,000 for the purposes of improving water quality by funding improvements to certain treatment and storage facilities of the City's water system.
The interest rate anticipated on the proposed bonds based on current market rates is 3.83% per annum. The total amount to be repaid over the life of the proposed bonds, principal, and interest, based on the anticipated interest rate, is estimated to be $24,136,750, consisting of $16,500,000 in principal and $7,636,750 in interest. The estimated average annual cost to the taxpayer of the proposed bonds is a tax of $0.00 per $100,000 of taxable assessed value, per year, based on current conditions. The proposed bonds will mature within twenty (20) years from the date of each series of bonds. The total existing indebtedness of the City, including interest accrued as of May 21, 2024, is $3,485,911. The total existing indebtedness of the City's Water Fund, including interest accrued as of May 21, 2024, is $0.
Important Dates for Voting:
- Election Day: May 21, 2024
- Early Voting: May 6th - May 17th
- Absentee Request Deadline: Last Day May 10th
Watch more Local News:
See the latest news from around the Treasure Valley and the Gem State in our YouTube playlist:
HERE ARE MORE WAYS TO GET NEWS FROM KTVB:
Download the KTVB News Mobile App
Apple iOS: Click here to download
Google Play: Click here to download
Watch news reports for FREE on YouTube: KTVB YouTube channel
Stream Live for FREE on ROKU: Add the channel from the ROKU store or by searching 'KTVB'.
Stream Live for FREE on FIRE TV: Search ‘KTVB’ and click ‘Get’ to download.
