|Ballot Proposition||The issuance of not to exceed $50,000,000 of City of Southlake, Texas general obligation bonds for park (including open space and passive parks) improvements, and the imposition of a tax sufficient to pay the principal of and interest on the bonds.
La emisión de bonos de obligación general de la Ciudad de Southlake en Texas que no deberá ser superior a $50,000,000 para realizar mejoras en los parques (lo cual incluye espacios abiertos y parques de recreación pasiva) y la imposición de un impuesto que sea suficiente para pagar el capital y los intereses de los bonos.
|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 would Proposition A pay for?||Proposition A would pay for the purchase of land as well as to construct, renovate, improve, and/or equip parks and open spaces in Southlake.
While the city has not specified which projects the bonds would fund, in June 2021 it approved a new Parks, Recreation & Open Space/Community Facilities Master Plan. Top-ranked priority projects included improvements to the Southlake Sports Complex, Bob Jones Park, and Liberty Park at Sheltonwood.
|If I vote FOR||The city will issue up to $50 million in bonds to purchase land for open space and public park uses as well as storm water management.|
|If I vote AGAINST||The city will not issue up to $50 million in bonds.|
|Tax Consequences||According to the city, there would be no increase to property tax to fund the bond program.
|City contact information||City Secretary’s Office
|Resources||“2021 Bond Election,” City of Southlake, https://www.cityofsouthlake.com/3967/2021-Bond-Election
“Parks, Recreation & Open Space Master Plan,” City of Southlake, https://www.cityofsouthlake.com/807/Parks-Recreation-Open-Space (includes link to the master plan document)
|Recent news articles||“New Southlake parks plan seeks to bring amenities, more green space,” Community Impact Newspaper (Jul 9, 2021) https://communityimpact.com/dallas-fort-worth/grapevine-colleyville-southlake/parks-recreation/2021/07/09/new-southlake-parks-plan-seeks-to-bring-amenities-more-green-space/|