Ballot propositionShall the City Council of the City of Southlake, Texas be authorized to issue and sell one or more series of general obligation bonds of the City in the aggregate principal amount of not more than $50,000,000 for the purpose of designing, acquiring, constructing, renovating, improving, and equipping the City parks (including passive parks and open space improvements), and acquiring lands, interests in lands, and rights-of-way necessary thereto, such bonds to mature serially or otherwise (not more than 40 years from their date) in accordance with law; and any issue or series of said bonds to bear interest at such rate or rates (fixed, floating, variable or otherwise) as may be determined within the discretion of the City Council, provided that such rate of interest shall not exceed the maximum rate per annum authorized by law at the time of the issuance of any issue or series of said bonds; and shall the City Council of the City be authorized to levy and pledge, and cause to be assessed and collected, annual ad valorem taxes, within the limitations prescribed by law, on all taxable property in said City sufficient to pay the annual interest and provide a sinking fund to pay the bonds at maturity?
¿Debe el Ayuntamiento de la Ciudad de Southlake, en Texas, estar autorizado a emitir y vender una o más series de bonos de obligación general de la Ciudad por un monto principal total que no sea superior a $50,000,000, con la finalidad de diseñar, adquirir, construir, renovar, mejorar y equipar los parques de la Ciudad (lo cual incluye parques de recreación y mejoras en espacios abiertos) y adquirir tierras, intereses en tierras y los derechos de pasos necesarios para los mismos y que dichos bonos venzan en serie o de otro modo (a un máximo de 40 años a partir de su fecha) de conformidad con la ley; y que toda emisión o serie de dichos bonos devengue intereses a la tasa o tasas (fija, flotante, variable o de otro tipo) que determine el Ayuntamiento a su discreción, siempre que dicha tasa de interés no supere la tasa de interés anual máxima autorizada por la ley al momento de la emisión de toda emisión o serie de estos bonos? ¿Deberá además el Ayuntamiento de la Ciudad estar autorizado a recaudar y garantizar y encargarse de que se calculen y recauden, impuestos anuales de acuerdo al valor, dentro de los límites establecidos por la ley, sobre todas las propiedades sujetas a impuestos en dicha ciudad, que sean suficientes para pagar el interés anual y proporcionar un fondo de amortización para pagar los bonos a su vencimiento?
If I vote FORThe city of Southlake can issue $50 million in bonds and levy a tax to fund land acquisition, design, construction, renovation, improvements, and equipment for city parks.
If I vote AGAINSTThe city of Southlake cannot issue $50 million in bonds.
Tax consequencesThe city of Southlake will levy a tax in order to pay the interest on the bonds and create a sinking fund to repay the bonds when they mature. For more information, contact the City Manager’s Office, 817-748-8001.
What is a bond?A bond is essentially an IOU. Instead of going to a bank to get a loan, like an individual might do, governments can issue bonds to raise money for specific projects. An investor buys a bond on the understanding that they will be paid back, in full and with interest, on a set date (limited by law to 40 years). In most cases, governments must seek voter approval to issue a bond.
ResourcesCity of Southlake, “Parks, Recreation & Open Spaces Community Facilities Master Plan,” https://issuu.com/cityofsouthlaketexas/docs/pros-cf_plan_-_final_document_20130?e=26806531/54923064
Recent news articles“Southlake considering potential city bond for 2020,” Community Impact (Jan 15, 2020), https://communityimpact.com/dallas-fort-worth/grapevine-colleyville-southlake/government/2020/01/15/southlake-considering-potential-city-bond-for-2020/