BOND QUESTION NO. 2 | PURPOSE: PARK IMPROVEMENTS/ COMMUNITY SERVICES
Shall the Mayor and Council of the City of Tempe, Arizona, be authorized to issue and sell general obligation bonds of the
City in the principal amount of $10,500,000 to provide funds: to acquire, construct and improve park and recreation (including park lakes) infrastructure, equipment and facilities; to improve recreation and sports facility lighting; to improve athletic field lighting; and to improve park and street landscaping?
Payment of Bonds: 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.
Shall Tempe be authorized to issue and sell $10,500,000 general obligation bonds for park improvements/ community services?
The following provisions apply to all bonds to be voted on.
Specific information for the authorized purposes is set out in the questions.
In addition to each specific authorized purpose, bond proceeds may be used to pay for bond insurance or other credit support for the bonds, all legal, accounting, financial, architectural, design, engineering and construction management costs and all other costs incurred in connection with the issuance of the bonds and the purposes set forth in each question. The City may contract for letters of credit, surety bonds, lines of credit or other credit or liquidity support in connection with any one or more series of bonds.
• The bonds may be issued in one or more series.
• The bonds may be issued in the denomination of $1,000 each or multiples thereof.
• Interest rates may be fixed or variable but shall not exceed 8% per annum.
• Interest may be evidenced by separate certificates and will be paid on July 1 and January 1 or more frequently.
• 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.
• Bonds will mature over a period not to exceed 25 years from their date of issuance.
• Bonds will mature on the days of each year determined by the Mayor and Council.
THE VOTER MAY VOTE “FOR THE BONDS” OR “AGAINST
THE BONDS” ON EACH SEPARATE BOND QUESTION.
[Information courtesy City of Tempe]