|Ballot proposition||The issuance of $18,700,000 bonds by the City of Saginaw, Texas, for construction and equipment of a municipal library and levying a tax sufficient to make the payments of principal and interest thereon.
La emisión de $18,700,000 en bonos por parte de la Ciudad de Saginaw, Texas para la construcción y el equipamiento de una biblioteca municipal, y la imposición de un impuesto suficiente para realizar los pagos de capital e interés de los mismos.
|If I vote FOR||The city will issue $18,700,000 in bonds for improvements to construct and equip a new library, and levy a tax to make the payments on the bond.|
|If I vote AGAINST||The city will not issue $18,700,000 in bonds.|
|Tax consequences||If the proposition passes, the city estimates that the property tax rate will increase by 3.68 cents; for Saginaw’s average-priced home of $188,000, the property tax would increase by $69.11.|
|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?||Proposition C bonds would fund a new, 30,000 sq ft library on W McLeroy Blvd north of Opal Dr.|
|Resources||Contact City Secretary
“The ABC’s of Saginaw: 2021 Bond Program” link: http://ci.saginaw.tx.us/1204/2021-Bond-Program (Includes descriptions of bond projects and the process used to select them, as well as links to estimated tax impacts and other bond program documents)