Polk County News 6A Polk County Itemizer-Observer • November 1, 2017 Dallas school district to sell remainder of bond Healthy growth in housing means bond could be paid off early, reduced taxes, or new bond ahead By Jolene Guzman The Itemizer-Observer DALLAS — Dallas School District will sell the remain- der of its $17 million school maintenance bond in De- cember, with financing op- tions that allow for an early pay off or a reduced tax rate for property owners. The district issued about $9.7 million in 2015 and will issue $7.3 million in Decem- ber. When passed by voters, the eight-year, $17-million bond was slated to cost $1.74 per $1,000 of assessed value on properties. Healthy growth in as- sessed value in the district from a resurging housing market has reduced that rate significantly. This year, property own- ers will pay $1.45 per $1,000 of assessed value, said Lau- ren MacMillan, the senior vice president of Piper Jaf- fray, the firm helping the district with the bond sale. In the initial bond sale, the firm projected an as- sessed value growth rate of 1.5 percent for 2016, in- creasing to 2.5 percent for the current tax year, based on a pattern of growth in the years prior. Alex Bowers, an associate JOLENE GUZMAN/ Itemizer-Observer file Workers finish the new entrance to Oakdale Heights Elementary School. The improve- ments were paid for with bond proceeds. with Piper Jaffray, said growth bottomed out at 1.66 percent in 2015. Since then, the picture has changed. “In the good news front, you guys have been growing very fast,” Bowers said. “There’s been a lot of as- sessed value growth on the rolls on the last few years.” In current tax year, 2017- 18, the growth rate is 6.28 percent. The year before, it was 4.12 percent. Piper Jaffray recommends the district stick with con- servative growth estimates, even with the recent build- ing recovery. “For the current issue, we recommend keeping that going. It’s always easier to explain why it came in lower than higher, so we are rec- ommending 2.5 percent growth rate for the life of the bond,” Bowers said. “We think that is very conserva- tive. We are willing to have a conversation with the dis- trict if you thought it was going to grow more than that.” Board member Michael Blanchard asked that the firm look at what would happen with 3.5 or 4 percent growth-rate assumption. “I think using a 2.5 per- cent assumption on our as- sessed value growth is probably going to be too conservative by far,” he said, “if you look back at our historical growth going back through the last 15 years.” He said it took from the 2008 housing crash to 2012 to see a growth rate of less than 3 percent. The growth rate for the current year is more than 6 percent — and a lot of build- ing is occurring, Blanchard added. “If we assume 3.5 or even 4, which I think is more real- istic over the short term, what would that do in terms of our total interest cost and what is the premium?” MacMillan said the bond could be paid off a little sooner if a higher growth rate is factored in, given that those assumptions are accu- rate. “That’s why we like to use really conservative growth assumptions, because then if the actual assessed value comes in higher, the levy rate will come in lower,” MacMillan said. “Where if we got really aggressive on our growth assumptions and the growth didn’t meet what we had been project- ing, then the levy rate would come in higher and that kind of upsets people.” With that said, she said the firm could plug the high- er rates to see how that would affect the pay off. “We tend to be really con- servative on that and we love to take direction from the district,” MacMillan said. “You know the district better. You obviously know what is going on here.” The district has four op- tions for structuring the bond pay-off, two that raise the rates to close to $1.70 and pays it off faster, as soon as 2024. Another two keeps lower rates over the full life of the bond — pay off in 2026 — but allows the district to go out for another bond sooner without raising tax rates above $1.74, MacMillan said. “There are plenty of op- tion we can explore based on what the district’s needs are,” she said. The board met Tuesday after press time to decide which payback structure to use and to talk about what growth rate to project. Check polkio.com for an update. would not have had to build my own." He is survived by his wife, Marie; daughters, Pamela and Margaret; sons, William and Dan; along with numer- ous grandchildren and great-grandchildren. He was preceded in death by his parents, Charles and Amparo Myers; and daugh- ters, Diane and Connie. Funeral Services were on Monday, Oct. 30, at 11 a.m. at Dallas Mortuary Tribute Center. Visitation will be on Sunday from 1 to 5 at Dallas Mortuary Tribute Center. Memorials may be made to the Wounded Warrior Proj- ect. To leave an online con- dolence for the family, go to www.dallastribute.com sewing, and a variety of craft projects. She was a member o f t h e To l e d o Un i t e d Methodist Church and Christ’s Church in Mon- mouth. Geri was also a member of the Order of Eastern Star. Survivors include a son David (Carol) Melton, of Mo n m o u t h ; d a u g h t e r s Louise (Jim) Breen, of Eu- gene, and Cheryl (Jon) Deb- ban, of Salem. Geri was proud of her children, five grandchildren, eight great- grandchildren, and a great- great-grandson. Geri was preceded in death by her husband of 62 years, Dick; her parents Harry and Pearl Coleman; her brother Jack Coleman; and a grandson Thomas Melton. Viewing will be Thursday, Nov. 2, from 10 a.m. to noon at Farnstrom Mortuary, 410 Monmouth St., Independ- ence, followed by a funeral service at 2 p.m. at Corner- stone Church of God, 4395 Independence Highway, In- dependence. Farnstrom Mortuary is handling arrangements. Please share your messages and condolences at Farn- stromMortuary.com. OBITUARIES Wanda Ortman March 25, 1921 – Oct. 10, 2017 Wanda Ortman, 96, went peacefully Tuesday, Oct. 10, to meet her Lord and Sav- iour. She was born on March 25, 1921, to Carl E. and Ethel Glover Curry in Los Angeles, she was the youngest of five children. S h e married Fred, her husband of 66 years, May 17, 1942, and after two sons were born they decided that LA was no place to raise kids. In 1947, they moved to Salem, where Fred worked as a ma- chinist, and she worked for Oregon Pulp and Paper as a secretary. They moved to Salem 412 Lancaster Drive NE Salem, OR 97301 (503) 581-6265 Low Cost Cremation & Burial Funerals & Memorials Simple Direct Cremation $595 Simple Direct Burial $710 Traditional Funeral $2,275 Discount priced Caskets, Urns and other Memorial items. Privately owned cremation facility. Locally owned and operated by Oregon families. www.ANewTradition.com Dallas in 1956. She worked for the State Highway De- partment in Salem and later for the Weighmasters, retir- ing in 1987. She enjoyed music, espe- cially hymns and classical. She enjoyed Bible Studies with friends, and was a de- voted “Prayer Warrior.” She always put people before possessions, and made many good friends. She is survived by sons John (Lori), of El Sobrante, Calif., and Bob (Peggy), of Dallas; daughter-in-law Gisela Burk, of Pinole, Calif.; and grandchildren Stephen and Christina. She was pre- ceded in death by her hus- band Fred and grandson Aaron. The family wishes to thank the Dallas Retirement Village for the excellent care given to Wanda for the past many years. A memorial service will begin at 10 a.m. on Saturday, Nov. 4, in the Dallas Retire- ment Village Chapel. Private interment will be in the Bel- crest Memorial Park in Salem. Memorials are sug- gested to Weekday School of the Bible or Child Evangel- ism, in care of the Dallas Mortuary Tribute Center at 287 SW Washington St., Dal- las, OR 97338. www.dallas- tribute.com Charles D. ‘Charlie’ Myers Jr. Sept. 2, 1934 – Oct. 24, 2017 C h a r l e s D. “C h a r l i e” Myers Jr., a resident of Dal- las, died on Tuesday, Oct. 24. He was born on Sept. 2, 1934, in Florence, Ariz., the son of Charles and Amparo Myers. Charlie attended Florence H i g h School through his sopho- more year. He then joined the U.S. Ma- rine Corps at the age of 17. He served in V M O - 2 and VMO- 6 , w h e re he served with the latter in the Korean War. He was hon- orably discharged in 1955 at the rank of sergeant. He then worked railroad maintenance of way for the Southern Pacific Railroad for 10 years. Charlie married Marie Beal on Nov. 7, 1969. They were going to celebrate 48 years of marriage together. He was a farmer and a logger. He logged through- out Northern California and Oregon, and was seriously injured in a logging accident at Detroit when a log rolled over him. He and his family moved to Dallas in 1977 to take care of Charlie’s par- ents. Shortly after the move, he began working at the Dallas School District in building and grounds maintenance. He once said if a part was broken and was no longer sold, he would take it home and machine a new part himself. Charlie was well liked and respected by his peers, and retired from the district in 1994. Charlie had a love of his country, trains, dogs, and most especially his wife Marie. Charlie was an avid reader. He also enjoyed whittling and drawing. His realistic drawings and scale wooden models of ship and steam locomotives won many awards at the Polk County and Oregon State fairs. He had a D-6 CAT and made many ponds through- out Polk County. Never idle, even during his retirement, Charlie built a full-sized rail- road on his property and was well known for inviting f r i e n d s a n d c h i l d re n’s groups to enjoy train rides and having picnics there. He insisted, "If my parents had only bought me a Lionel train when I was young — I Geraldine Rae Melton Aug. 8, 1924 – Oct. 22, 2017 Geraldine Rae Melton “G e r i ,” o f Mo n m o u t h , passed away Sunday, Oct. 22, 2017, at the age of 93. Geri was born in Wallowa on Aug. 8, 1924, to Harry and P e a r l (McGinnis) Coleman. Geri at- tended school in Wallowa and graduated in 1942 from Wallowa High School. During the fall and winter of 1942-1943, Geri briefly attended Willamette University in Salem. In 1943, Geri moved to Toledo, where she worked for C.D. Johnson Lumber Company, later in 1959 Georgia Pacific, and then after Cheryl was born, the G e o rg i a Pa c i f i c Cre d i t Union. Early in 1946, Geri met R i c h a rd L o u i s Me l t o n “Dick,” and later that year they were married on Nov. 10, 1946, in Portland. They lived in Toledo, where they raised their three children: David, Louise, and Cheryl. After retiring, Dick and Geri moved to Monmouth to be closer to their family, espe- cially their grandchildren. Besides spending time with her family, Geri loved a variety of outdoor activities, including time spent in her beloved Wallowa County. She also enjoyed cooking, Obituary Information Obituaries cost $8 per col- umn inch (25 words) and in- clude a photo and flag for vet- erans. Death notices run free. Obituary information must be submitted by 4 p.m. on the Monday before publication to be included in the newspaper. Most funeral homes handle obituary information and pro- vide it to the newspaper. 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