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A bond is a form of debt obligation that, when issued, provide the city with funds to finance large capital improvements that serve a public purpose, such as streets, drainage, libraries, parks, and other community facilities. General Obligation Bond Programs require voter approval and are repaid through a portion of property tax revenues.
The City’s existing debt portfolio for General Obligation Bonds is rated as AA2 from Moody’s Investors Service. The rating reflects the agency’s evaluation of the City’s size, financial condition, tax base, and internal controls compared to those of other local governments across the United States. Further, they reflect the City’s prudent financial management and planning to preserve a healthy financial position. While the most recent ratings provide some indication of how future debt might be rated, any debt that is authorized as a result of this election will be rated at the time of issuance based on conditions as they exist at that time.
Based on public input and citizen feedback, the City Council appointed residents to a Citizen Bond Review Committee in January 2017. The Committee’s charge was to review and evaluate current and future community needs and recommend projects for City Council consideration and inclusion in a potential November 2017 bond election. The City Council reviewed the Committee’s recommendations and financial implications and approved a resolution calling an election on November 7, 2017 to allow citizens to vote on the committee’s recommended projects.