City Council Calls For Bond Election May 8
May 12, 2010: Read a Thank You Letter from the Mayor
News: Moody’s Joins S&P In Assigning Richardson “Triple A” Bond Rating
2010 Bond Ratings Statistics City of Richardson
Schedule of Ratings 2010
Richardson Obligation Refunding
Notice of Election: English | Spanish
Early Voting Locations
Election Day Locations - Please be aware of this Notice of Location Change: English | Spanish
In a unanimous vote, the Richardson City Council has approved placing a bond election before voters on the May 8, 2010 ballot. The issues will be separated into four propositions, allowing residents to support or deny any set of proposed City projects.
At its Feb. 15 meeting, the City Council heard from finance experts who informed the Council that now appears to be a good time to sell bonds due to the sluggish economy. The slump in the construction market is expected to allow the City to find low bids for projects, while historically low interest rates are anticipated to allow the City to borrow money at a low cost. In addition, the City’s tax base appears stable, while the property tax rate in Richardson remains lower than most other surrounding cities in the Metroplex.
The sale of the bonds would be used to complete 32 identified projects ranging across the City. Among the most notable is construction of a new recreation center to be built in the Heights Park neighborhood along with the replacement of the public pool, a $3.7 million plan to replace 4.8 miles of alleys in several neighborhoods, construction of City of Richardson signs at City gateways along major roads and the replacement of Fire Station 4 near Huffhines Park.
If voters approve all of the propositions, then the measures would be supported by a six cent tax increase to support financing for the bonds. That would have about a $110 annual impact on the average homeowner in Richardson.
The last time a bond election went before Richardson voters was May 2006. At that time, $55 million was approved to construct and repair infrastructure and public facilities.
In the coming weeks, the City of Richardson will send out an informational flyer to inform residents about the specific projects in each of the bond propositions.
This initial information on the 2010 Bond Election will also be updated with a special link on this Web site to better inform voters about the individual bond propositions.
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