Policy 816: Disclosure Requirements for Bond and Levy Elections

ELECTIONS TO AUTHORIZE BONDED INDEBTEDNESS   

In the event the district proposes to submit any question to its electors that would authorize any bonded indebtedness, it shall provide a brief official statement setting forth in simple, understandable language information on the proposal substantially as follows:

  1. The purpose for which the bonds are to be used including, but not necessarily limited to, a description of the facility and/or project that will be financed, in whole or in part, by the sale of the bonds; the date of the election; and the principal amount of the bonds to be issued;
  2. The anticipated interest rate on the proposed bonds based upon current market rates and a maximum interest rate if a maximum is specified in the question to be submitted to electors;
  3. The total amount to be repaid over the life of the bonds based on the anticipated interest.  Such total shall reflect the following three components: (1) the principle to be repaid; (2) a total of the interest to be paid; and (3) the sum of both;
  4. The estimated average annual cost to the taxpayer of the proposed bond, in the format of “A tax of $ per $100,000 of taxable assessed value, per year, based on current conditions;”
  5. The length of time, reflected in months or years, in which the proposed bonds will be laid off or retired; and
  6. The total, existing indebtedness, including interest accrued, of the district.

For purposes of determining the estimated average annual cost to the taxpayer, the formula shall be as follows:  ((Bond Total/Taxable Value) x 100,000)/Duration = estimated average annual cost to taxpayer.  The bond total is the total amount to be bonded as based on the anticipated interest rate.  The duration is the time in years.  Taxable value is the most recent total taxable value for property for the school district, which will be obtained from the county treasurer or assessor’s office.

The official statement shall be made a part of the ballot prior to the location on the ballot where a person casts a vote and shall be included in the official notice of the election.  Failure to include the information set forth above in accordance with Idaho law may result in invalidation of the outcome of the election.

ELECTIONS TO AUTHORIZE LEVY

Whenever the district proposes to submit any questions to its electors that would authorize any levy, except for the levies authorized for the purposes provided in Idaho Code §§63-802(1)(h) and 33-802(4) and except for levies relating to bonded indebtedness as described above, it shall provide a brief official statement setting forth in simple understandable language information on the proposals substantially as follows:

  1. The purpose for which the levy shall be used; the date of the election; and the dollar amount estimated to be collected each year from the levy; and
  2. The estimated average annual cost to the taxpayer of the proposed levy, in the form of “A tax of $ per one hundred thousand dollars ($100,000) of taxable assessed value, per year, based on current conditions, with the dollar amount calculated by multiplying the expected levy rate by $100,000”; and
  3. The length of time reflected in months or years, in which the proposed levy will be asked assessed.

The official statement shall be made a part of the ballot prior to the location on the ballot where a person casts a vote and shall be included in the official notice of the election.

ELECTIONS TO AUTHORIZE SUPPLEMENTAL LEVY

In the event the district proposes to authorize any supplemental levy as authorized by Idaho Code §33-802(3) or (5), the ballot shall include a disclosure of the purposes for which the levy revenues will be used.  Such disclosure will be separate from the ballot question.  The disclosure will:

a)   Be set forth in simple, understandable language.

b)   Include a detailed description of the purposes for which the levy revenues will be used and the approximate amount of levy funds to be allocated for each purpose, such that school district electors have fair notice of the specific items the levy revenues will support.

c)   Be placed immediately above the ballot question on the ballot.

Failure to include the required disclosure on the ballot may result in invalidation of the outcome of the election.

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LEGAL REFERENCE:

Idaho Code Sections:

33-802B – Disclosures in Elections to Authorize Supplemental Levy

34-913 – Disclosures in Elections to Authorize Bonded Indebtedness

            34-914 – Disclosures in Elections to Authorize a Levy

63-802(1)(h) – Limitation on Budget Requests

ADOPTED:   September 21, 2022

AMENDED: 

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