The Plano City Council cut more than $35 million from a proposed general obligation bond package, dropping it to $129 million from $164 million. Officials in the Dallas suburb said they felt voters would be more likely to approve the trimmed-down proposals.
The bond election is set for May 9. If voters approve the plan, the annual property tax bill on an average Plano home valued at $251,733 would go up about $60.
The bond program includes $48.7 million for parks and recreation improvements, $34.8 million for street projects, and $24.1 million for upgrades at the city’s recreation centers.
Plano voters have approved more than $800 million of debt for public projects since the late 1960s. The last bond election was for $144.8 million in 2005.
The city’s general obligation bonds are rated triple-A by Moody’s Investors Service and Standard & Poor’s.
