The issuance of $22,000,000 bonds for a new municipal building for the police department, senior citizen center, municipal court, and city administration offices, and necessary demolition of buildings for such purpose. Taxes sufficient to pay the principal of and interest on the bonds will be imposed.
La emisión de bonos de $22,000,000 para un nuevo edificio municipal para el departamento de policía, el centro para personas mayores, el tribunal municipal y las oficinas de administración de la ciudad, y la demolición necesaria de edificios para tal propósito. Se impondrán impuestos suficientes para pagar el capital y los interéses de los bonos.
|If I vote FOR||The city will issue $22 million in bonds.|
|If I vote AGAINST||The city will not issue $22 million in bonds.
|Tax Consequences||According to the city, “the project will not result in a property tax rate increase. ...For a large, significant project such as a new Municipal Complex, financing helps keep property taxes low and allows the City to complete the project sooner than relying on cash reserves. By financing the project now, the City can take advantage of it's exceptional credit rating, pay lower interest rates for bonds, and lock in construction costs, avoiding future increased costs of deferred improvements. The City can utilize funds from existing debt that is being paid off toward a new bond, along with other funds in the current budget, to finance the project.”|
|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.|
|What projects would this bond cover?||According to the city, “the proposed bond is for design and construction of a new two-story, approximately 35,000 square-foot Benbrook Municipal Complex to house the Police Station, Senior Citizen's Center, Municipal Court, City Hall Offices, and a Visitor's Center. Planned outdoor amenities include a large greenspace for picnics/relaxation, a water fountain/splash feature for public enjoyment, and a band shell for festivals and events on the grounds.”
The new complex would be located on the site of the existing Senior Citizen's Center building, 1010 Mercedes Street, located between City Hall and the Police Station.
|Resources||Contact City Secretary
City of Benbrook, “Benbrook Voters to Consider Bond for New Municipal Complex,” http://benbrook-tx.gov/CivicAlerts.aspx?AID=486