Road & Parks Bond Election 2008
Voters Approve Bonds for Roads and Parks
(November 5, 2008) City of Georgetown voters approved two bond propositions on the November 4, 2008 ballot. Proposition 1 authorizing $46 million for road bonds passed with 65 percent of the vote. Proposition 2 authorizing $35.5 million for parks and recreation bonds passed with 58 percent of the vote.
“Passage of both bond packages means that the City will be able to make improvements to our roads and parks in order to accommodate a growing population,” says Paul Brandenburg, city manager. “City staff will work with the City Council to develop a timeline for the projects in the two propositions.”
Road and parks projects will be phased over 10 to 15 years or longer in order to avoid a major impact to the City tax rate in any single year. Bond issuances will not affect the property tax bill of homeowners who have an exemption available to those 65-or-older or disabled.
Brandenburg says, “Given the uncertainty of the current economy, we will exercise necessary prudence in issuing bonds. We also want to get going on needed traffic improvements and projects to expand and improve our parks, so the City Council will have to prioritize the most urgent projects.”
Voter Information Prior to November 4, 2008 Election:
Two bond propositions will be on the November 4 ballot for City of Georgetown voters. In August, the City Council voted to put these two items on the ballot:
Proposition 1 is for authorization to issue up to $46 million in bonds for street and road projects.
Proposition 2 is for authorization to issue up to $35.5 million in bonds for parks and recreation projects.
If approved by the voters, bonds for the projects listed below could be issued in multiple series over a 10 to 15 year period, or longer. This means that, in effect, the City can take out loans to pay for these projects, and the loans must be paid back by Georgetown taxpayers. Passage or defeat of the bond propositions will not have an effect on the frozen tax payments of homeowners who are 65 years-of-age or older, or are disabled.
Total estimated cost for proposed parks and recreation bond projects, including issuance cost: $35.5 million
Combined estimated cost for Prop 1 road projects and Prop 2 parks and recreation projects: $81.5 million
Bond Project Timing
If approved by the voters, bonds would be issued in multiple series over a 10 to 15 year period, or longer. Road and parks projects would be phased over this period as bonding capacity allows (see Tax Impact and “Contract with the Voters” section below).
Other factors that affect the timing of projects include the environmental permitting process, availability of land, new residential or commercial developments, funding from Williamson County or TXDOT for some road projects, tax rate constraints, and other factors.
Project Cost Estimates
The total cost for each bond proposition is based on estimated costs for the proposed projects. Project scope or costs could change.