Proposition 495 - Street and Transportation Improvement Bonds

Shall the Mayor and Council of the City of Buckeye, Arizona, be authorized to issue and sell general obligation bonds of the City in the principal amount of $145,000,000 to provide funds: Purpose: To design, acquire, improve, construct, reconstruct and rehabilitate the streets. avenues, alleys, bridges, storm drains and highways of or within the City; to design, acquire, install, construct and reconstruct street lighting, traffic signal/control systems, underground utility lines, landscape improvements and bicycle program improvements, including shared use paths and trails; and to acquire land and interests in land for transportation purposes. Payment of Bonds: Each series of these bonds will be issued at the option of the Mayor and Council as general obligation bonds of the City pursuant to Title 35, Chapter 3, Article 3, Arizona Revised Statutes, payable from the levy of an ad valorem tax against the taxable property located within the City, and the issuance of these bonds will results in a property tax increase sufficient to pay the annual debt service of the bonds, unless the Mayor and Council provide for payment from other sources.