Mesa | parks bonds - East Valley Tribune: Elections

Mesa | parks bonds 100%

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Question: Shall Mesa, Arizona, be authorized to issue and sell General Obligation Bonds of the City in the principal amount of $70,000,000 to provide funds to acquire, construct, improve, furnish and equip parks, recreational facilities, aquatic facilities, museums, open space, bike and pedestrian paths, land and interests in land, and pay all costs thereof; the bonds, and any bonds issued to refund the City’s bonds, may be sold at prices that include premiums not greater than permitted by law; may bear interest not exceeding 8% per annum, and may have principal payable not later than 25 years from the date issued?

These bonds will be issued as General Obligation Bonds and the issuance of these bonds will result in a property tax increase sufficient to pay the annual debt service on bonds, unless the governing body provides for payment from other sources. The bonds may be refunded by the issuance of refunding bonds of a weighted average maturity of less than 75% of the weighted average maturity of the bonds being refunded.

[Information courtesy City of Mesa]

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