What is a bond referendum?
A bond referendum is a voting process that gives voters the power to decide if a municipality should be authorized to raise funds through the sale of bonds. A general obligation (G.O.) bond is long-term borrowing in which a municipality pledges its full faith and credit to repay the debt over a specified term. G.O. bonds are a fiscally responsible option available to the City for these types of projects. They are the highest-rated form of debt which result in the lowest interest-cost debt a municipality can issue.
Why does the City issue General Obligation Bonds?
Bonds make capital projects more affordable and put less stress on the City’s budget. By using bonds to finance these projects, we can pay for them in installments over time rather than needing all the money at the outset.
What is the total amount of the proposed 2023 Bond Program?
The total amount of the eleven proposed projects is $140,045,000 in city projects funded by issuing municipal bonds with no projected increase to the City tax rate.
What are the project categories and the funding requirements for each?
• Proposition A – Transportation: $99,330,000
• Proposition B – Parks and Recreation: $12,155,000
• Proposition C – Library Facilities: $28,560,000
What are the projects in each proposition?
• Proposition A – Transportation Infrastructure: Common Street, Barbarosa Road/Saur Lane, Conrads Lane, Kohlenberg Road, Citywide Street Improvements, Citywide Intersection Improvements, South Kowald Lane, Solms Road
• Proposition B – Parks and Recreation: Mission Hill Park – Phase 2
• Proposition C – Library Facilities: Southeast Library Branch
Can I vote for some bond propositions and not others?
Yes. There will be three separate bond propositions. Each will appear as a separate question on the ballot.
How were these specific projects selected to be part of the bond program?
The process to put together a package of projects began in late 2021 when City Council appointed a citizen-led Bond Advisory Committee that reviewed master plans, assessed needs, reviewed citizen input and considered recommendations from boards and commissions to develop a list of high-priority projects. The committee held a series of meetings to gather information about each proposed project and further prioritize the list. As part of the process, committee members listened to presentations on proposed projects, toured project locations, conducted public input to receive feedback and reviewed preliminary engineering reports. The committee’s proposed projects were presented to City Council. After deliberating the project list, the City Council determined the final slate of projects and called for a bond election.
Will the proposed program require a City property tax rate increase?
It is projected that this 2023 Bond Program should not impact the City’s property tax rate.
When and where will voting on the 2023 Bond Program take place?
The last day to submit an application to register to vote in this election is April 6th.
Early Voting – Voting Locations
• Monday, April 24: 8am-6pm
• Tuesday, April 25: 8am-6pm
• Wednesday, April 26: 8am-6pm
• Thursday, April 27: 8am-6pm
• Friday, April 28: 8am-6pm
• Saturday, April 29: 10am-4pm
• Monday, May 1: 7am-7pm
• Tuesday, May 2: 7am-7pm
Election Day Voting – Voting Locations
• Saturday, May 6: 7am-7pm
Where can I find more detailed information on the 2023 Bond Program and the process of project development?
Project details, cost breakdowns, committee presentations, resource documents, etc. are available at www.nbtexas.org/3561/2023-Bond-Election.