Voters in the Phoenix suburb of Surprise will decide Nov. 3 on the city’s first general obligation bond issue, a $184.9 million proposal that would devote $156.6 million to transportation projects.
Remainder of the proceeds would be divided among public safety, parks, and economic development efforts.
Approval of the bonds would enact a secondary property tax, with the revenue devoted to support of the GOs. The new tax rate would be approximately 99 cents per $1,000 of a property’s full cash value, or $178 a year for a $180,000 home.
Surprise has no outstanding GOs. Excise tax bonds issued by the Surprise Municipal Property Corp., which are supported by sales taxes and the city’s portion of state shared revenues, are rated AA-minus by Standard & Poor’s.
The City Council approved the election by a vote of 4 to 3.
