09/11/2006: "CC To Sell Bonds For Turtle Back & Carlson Bld Purchase"

On September 12, 2006 at 3:30 p.m., the Council will hold a public hearing to consider a proposed bond ordinance
Close to 16 million dollars in bond obligations is about to be incurred by the County. The selling of the bonds will help pay for a portion of the purchase and preservation of parts of the Turtle Back property on Orcas island previously reported , and also the recently purchased Carlson Building in Friday Harbor. previously reported According to testimony to the County Council, the Land Bank has agreed to contribute 10 million dollars toward the purchase, with the rest of the money coming from other groups

The sale of the bonds for the Orcas purchase will be "paid back" to the County by the Land Bank from the their share of taxes collected on land sales. In July, Lisa Lawrence, Land Bank Commissioner, and Land Bank Director Lincoln Bormann informed the County Council that based on land sale projections, there will be sufficient revenue to meet the bond payments, while also continuing to pursue other land acquisitions. and projects. important to the Land Bank. (previously reported Under questioning by the Council at past presentations, Mr. Bormann told the CC that some of the properties which have been protected by conservation easements, will now be sold, and that the sales will generate money in addition to the normal funds received by the Land Bank from taxes.

The information provided below is a copy of the required legal notice for the Public Hearing on Tuesday, September 12th:
"NOTICE IS HEREBY GIVEN that the San Juan County Council will hold a public hearing at 3:30 PM on Tuesday, September 12, 2006, in the County Council Hearing Room on the 2nd Floor, 350 Court Street, Friday Harbor, Washington, or at a location that will be posted in advance, to accept testimony regarding an Ordinance of the County Council of San Juan County, Washington, authorizing the issuance and sale of limited tax general obligation bonds of the County in the aggregate principal amount of up to $15,780,000 to provide for acquisition of property for conservation purposes, building acquisition and other capital improvements to County facilities; providing the date, and form of the bonds; providing for the disposition of the bond proceeds; providing for the annual levy of taxes to pay the principal of and interest on the bonds; and authorizing the sale of the bonds and the preparation and approval of a preliminary official statement."