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Coquille Valley Sentinel
Coquille, Oregon
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July 2, 2003     Coquille Valley Sentinel
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July 2, 2003
 

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l Coquille grandparents proud of major league ball player. Page AlL Independence Day Excitement. Page B1-B2. i /' ' L }.i )l=) k ) i Saving our beaches ] , from legislation. I 1121 Number 27 Coos County, Oregon. Wednesday, July 2, 2003 www.coquillevalleysentinel.com 50 Cents line bond rating decreases taxpayer burden JUMP obligation bonds to finance the county's portion of a natural are more than $9 million less than authorized by voters, and, an upgraded bond rating, heralds a savings for taxpayers. approved the issuance of the bonds up to $27 million of the pipeline. On Wednesday, the county sold in general obligation bonds including issuance costs. The were sold for an interest cost of 4.56 percent. tax levy for the bonds will be 44-cents per thousand or a cost to tax payers of $44 per $ 100,000 of assessed value. In 1999 for a bond sale of $27 million was estimated at 6.25 per- levy of 918 cents per thousand which would have placed a $91.80 per $100,000 of assessed value on property tax payers. good news for county tax payers, Moody's Investor the county's bond rating from B I to A3 in conjunc- sale of the bonds. of these tough economic times, many states and local gov- are receiving downgrades in their bond rating," said Carol financial advisor with Seattle-Northwest Securities "The board of commissioners and the citizens they repre- be very happy about receiving this upgrade." to Coos County Commissioner Nikki Whitty, a conser- between the cost of the 1999 bond measure and the bonds reduced the principal required by more than $9 and reduced the annual debt service by more than $1 million. cost was reduced by more than $11 million and the was reduced by more than $20 million. of work that has gone into this project is unbetiev- . "But tlaat work resulted m a substantml savings tot While bond ratings and ales to finance the county's portion of the natural gas pipeline took place this week, MasTec Inc. began bringing equirlment into the area to begin construction on the 66 mile pipeline to run from Roseburg to Coos Bay. Mastec will also build line taterals to Coquille, Myrtle Point and-Bandon.-Nodate has been set for constrm- tion to begin. However a ground breaking ceremony is scheduled to take place July 11. Coos County taxpayers." According to Coos County Treasurer Mary Barton, bond ratings are important to local and state governments due to the ratings effect upon the interest rates on the bond sale. "Some local governments that are located in remote areas are never able to achieve an investment grade bond rating," Barton said. "The nat- ural gas pipeline project helped Coos County realize that goal. In fact, we were told the rating agency considered upgrading our bond rating to A2, but because of our remote location and the uncertainty of the coun- ty's receipts of federal timber dollars, the rating of A3 was assigned. I was very happy with the upgrade." ng pace hope CHAVEZ warm weekend the participants of the for Life event held at High School. The to celebrate can- VOrship and raise money research, is the L Cancer Society's largest campaign. Held in locations across the ; COquille event itself had 300 people who jog- or running around the Sponsorship dollars. of these motivated par- are veterans of Relays the annual experi- on hope and per- true of event Co- Cook and Donna Who are back for a sec- of organizing teams SIGN OF THE TIMES-The Relay for Life, held last Saturday at the Coquille High School track brings survivors out to celebrate their victories against the disease. The annual walk not only raises money for the American Cancer Society, but also salutes the courage of survivors and honors those who have fallen. to water and sewer rates approved equille City Council gave final Water and sewer rate increases at a evening. to City Manager Terence turn out for the meeting was light in sewer rates. water rate was increased to the first 1,000 gallons of 1,000 gallons used over the basic amount will cost consumers $2.70. Residential summer sprinkling rates are set at 50-cents per 1,000 gallons of water used in excess of the winter average consumption. Flat monthly surcharges were also enacted. The surcharge on a one inch meter is $3 up to $35 for a six-inch meter. The basic monthly service charge for those living outside of the city limits increased to $21.75 including the first 1,000 gallons of water. For each addition, 1,000 gallons over the basic unit the charge is $4.05. Monthly sewer rates inside the city limits increased to $20 including 1,000 gallons. Each additional 1,000 gallons will cost consumers $4.65. The new rate increases are due to state mandated upgrades to the city's sewer and water system. Capital water improvements have been estimated to cost about $2,880,000.,About $2.3 million of that will go into collection and storage facilities with the treatment facility estimated to cost about (See Water increase approved, page A3) In addition to saving nearly $10 million on the principal amount of the bonds, the county received a "very, very low interest rate," said Coos County Commissioner John Griffith. "The same time we sold the bonds, the Federal Reserve lowered the already low interest rates," Griffith said. "Media were reporting rates were the lowest since 1958." Whitty, who*had at one time worked for the Oregon State Treasury, said she appreciated the importance of a good bond rating. "For the board of commissioners to receive this rating upgrade for Coos County is like getting straight A's on a report card," she said. (See Bond rating, page A3)