2008 Bond Initiative -
Updated January 2010
November 4, 2008
Voters approved $16 million in bonds for the following three propositions:
- $2.5 million for remodeling/renovating of Old City Hall/Old Murphy Schoolhouse.
- $7.5 million for Parks and Recreation.
- $6 million for Street Improvements.
*Potential property tax increase up to $.08 within 3-5 years.
Financing of First Issuance
- March 2009 Issuance of $6,400,000
- 20 year debt – final maturity 2029
- Interest Rate of 4.32%
- Standard and Poor rating of “A+”, rating outlook “positive”
Old City Hall/ Schoolhouse $500,000
Parks and Recreation $2,300,000
Streets $3,600,000
