General Obligation (GO) Bond

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Presentation transcript:

General Obligation (GO) Bond Mitch Wagner

What is a GO Bond? Provided for the construction, reconstruction, repair, improvement, and/or rehabilitation of streets, roads, and intersections Completed with or w/o the use of other funds Can only be passed by majority vote of Citizens GO bonds are considered the safest bond for municipalities

$10,000,000 For Street Repair 2019 - $4,000,000 2023 - $3,000,000 2026 - $3,000,000 77% - specific street projects 23% - remaining infrastructure improvements or possible matching funds for grants.

Est. Annual Ad Valorem Tax Est. Monthly Ad Valorem Tax Average Ad Valorem Tax House Value Est. Annual Ad Valorem Tax 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 $100,000 77.30 68.22 66.77 65.32 122.56 119.07 116.02 175.78 170.35 165.43 160.51 155.59 150.67 145.76 91.45 House Value Est. Monthly Ad Valorem Tax 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 $100,000 6.44 5.69 5.56 5.44 10.21 9.92 9.67 14.65 14.20 13.79 13.38 12.97 12.56 12.15 7.62 Avg. Annual AV Tax - $123.39 Avg. Monthly AV Tax - $10.28

Streets Est. Cost TOTAL: $7,720,000 $500,000 $550,000 $300,000 4th Street – Ellison to HWY 54 $500,000 Sunset Dr. – 5th St. to 15th St. $550,000 SW 5th St. – HWY 54 to Main St. $300,000 24th St. – HWY 54 to East St. Ellison St. – Railroad to 12th St. $400,000 East St. – 4th St. to 12th St. $450,000 Beaver St. – 4th St. to 12th St. Crumley St. – 5th St. to 14th St. $360,000 7th St. – Sunset to Main St. Lakeview Dr. – Sunset to Sunset $350,000 Hurliman Rd. – HWY 412 to HWY 54 $3,260,000 TOTAL: $7,720,000

Open House – Join Us Thursday, September 5th at 6:00 pm City Hall – 424 Main St. Round table discussion and forum

Your Vote Counts GO Bonds only approved by voters Voting on Tuesday, September 10th 7 am – 7 pm Precinct #700201 – 1st Baptist Church (2201 N. Lelia St.) Precinct #700102 – Church of Jesus Christ of LDS (5402 Memory Lane) Precinct #700305 – First Christian Church (802 N. Quinn) Precinct #700202 – PTCI Conference Room (607 S. Main St.) Precinct #700205 – Texas County Activity Center (5th and Sunset)