Question 1 - Street and Highway Bonds

Shall the City of Mesa, Arizona, be authorized to issue and sell general obligation bonds of the City in the principal amount not exceeding $100,000,000 to provide funds to design, acquire, construct, reconstruct, improve, furnish, equip and install streets, highways, bridges, street lights, traffic signals, communication infrastructure, pedestrian improvements, multi-use path and trail improvements, other vehicular and multi-modal transportation improvements, and including acquisition of land or interests therein necessary for such purposes, and pay all necessary legal, financial, consulting and other costs and fees in connection therewith; such bonds to be issued in one or more series as tax exempt or taxable bonds; 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 fixed or variable interest not exceeding nine percent (9.0%) per annum, and may have principal payable not later than 25 years from the date of issuance of each series? 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.