Fine Print of the Park Bond 2008 Referendum

On November 4, 2008, Cobb voters voted “YES” to this ballot referendum: “Shall Cobb County, Georgia, for the purpose of providing funds to acquire land located in Cobb County for use as public parks in perpetuity, issue bonded debt in the aggregate principal amount not to exceed $40,000,000?”

Here are the fine details of the Park Bond 2008 Referendum that passed 65% of the vote.

“Pursuant to a Resolution adopted by the Board of Commissioners (the “Board of Commissioners”) of Cobb County, Georgia (the “County”) on July 22, 2008 (the “Resolution”), and a call of election issued by the Board of Elections and Registration of Cobb County, Georgia, notice is hereby given to the qualified voters of the County as follows: 1. On November 4, 2008, an election will be held in Cobb County to submit to the qualified voters of Cobb County the following question: ( ) YES ( ) NO “Shall Cobb County, Georgia, for the purpose of providing funds to acquire land located in Cobb County for use as public parks in perpetuity, issue bonded debt in the aggregate principal amount not to exceed $40,000,000?” 

2. All qualified voters desiring to vote in favor of the County issuing such bonded debt shall vote “Yes” and all qualified voters opposed to the County issuing such bonded debt shall vote “No.” If more than one-half of the votes cast are in favor of the County issuing such bonded debt, then the County thereby shall have authority to issue such general obligation bonded debt in the aggregate principal amount not to exceed $40,000,000 (the “Proposed Park Bonds” or the “Bonds”).

3. If approved, the County shall be authorized to issue the Proposed Park Bonds in an aggregate principal amount not to exceed $40,000,000. The proceeds from such Proposed Park Bonds, if issued, shall be used to fund all or a portion of the cost of acquiring land located in the County for use as public parks in perpetuity and to pay the expenses incident thereto. The final maturity date of such Proposed Park Bonds shall be no later than December 31, 2023. The maximum rate or rates of interest on such debt shall not exceed seven percent (7.0%) per annum. The maximum amount of principal to be paid in each respective year during the term of such Proposed Park Bonds shall not exceed the following amounts: Year Principal Amount 2010 $ 3,500,000 2011 1,050,000 2012 1,110,000 2013 1,430,000 2014 1,510,000 2015 1,590,000 2016 1,670,000 2017 3,440,000 2018 3,610,000 2019 3,800,000 2020 4,000,000 2021 4,210,000 2022 4,430,000 2023 4,650,000 Total $40,000,000 The County may issue such Proposed Park Bonds in an aggregate principal amount less than $40,000,000 and may reduce the principal amounts maturing shown above.

The County may issue the Proposed Park Bonds at one or more times, provided that the aggregate principal amount so issued (excluding refunding bonds) shall not exceed $40,000,000. The Proposed Park Bonds shall be dated, shall be payable on the dates, shall have such redemption terms, shall be issued in such denominations, and shall have such other terms and conditions as the Board of Commissioners may determine prior to the issuance of such Bonds.

4 Reference is hereby made to Section 36-82-1(d) of the Official Code of Georgia Annotated, which provides in part that any brochures, listings or other advertisements issued by the Board of Commissioners of the County or by any other person, firm, corporation or association with the knowledge and consent of the Board of Commissioners of the County shall be deemed to be a statement of intention of the Board of Commissioners of the County concerning the use of the bond funds, and such statement shall be binding on the Board of Commissioners in the expenditure of any such bond funds or interest received from such bond funds which have been invested, unless the Board of Commissioners uses such bond finds for the retirement of bonded indebtedness in the manner provided for in such Code Section or as otherwise authorized by such Code Section.

5. The last day to register to vote in the election is Monday, October 6, 2008. Anyone desiring to register may do so by applying in person at the voter registration office located at Cobb County Board of Elections and Registration, 736 Whitlock Avenue, Suite 400, Marietta, Georgia 30064, or by any other method authorized by the Georgia Election Code.

6. The election will be held on Tuesday, November 4, 2008. The polls will be open from 7:00 a.m. until 7:00 p.m. This 3rd day of October, 2008. COBB COUNTY BOARD OF ELECTIONS AND REGISTRATION By: Sharon Dunn Director for the Cobb County Board of Elections and Registration 10:3,10,17,24,31

Read more:Georgia Press Association Public Notice Website – M 2666 NOTICE OF ELECTION ON COBB COUNTY INCURRING BONDED DEBT TO ACQUIRE PARK LAND TO BE HELD ON NOVEMBER 4 2008

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