Phoenix is Making an try To finish its widespread obligation bond drought by shifting forward with a plan to ask voters subsequent yr to approve $500 million of debt to fund tasks Inside the rising metropolis.
The metropolis council gave the plan the inexperienced mild in a 6-2 vote on Tuesday.
“That is an thrilling alternative for us to Spfinish money on The biggest method forward for the metropolis of Phoenix from libraries to new parks amenities To hearth stations,” said Mayor Kate Gallego, including that the metropolis has not placeed a GO bond problem on the Pollsince 2006.
Phoenix Mayor Kate Gallego says the metropolis’s first widespread obligation bond election since 2006 Is An alternative To take a place Finally.
The metropolis’s GO bond committee will now consider unfunded capital wants and report its findings And proposals to the council in December or January, Based mostly on Don Wilson, Phoenix’s communications director. If accredited by the council, a bond election Can be held in November 2023.
Some council members said the bonds have been needed To deal with the metropolis’s progress. Between 2020 and 2021, Phoenix’s inhabitants rose by 13,224, the second largest obtain amongst cities, Based mostly on the U.S. Census Bureau.
The final time Phoenix problemd new GO bonds was in 2012.
The metropolis’s Fiscal Performance Committee useful shifting forward with a bond election after considering property tax income …….