Flagstaff Eyes GO Package

Voters in Flagstaff could decide in November on $86.2 million of general obligation bonds for a capital improvement package recommended by the city’s staff.

The bond proceeds would finance six projects, reduced from a total of 23 undertakings considered by a citizens bond task force.

Projects to be funded by the bonds include a $42 million public works center, a $23 million municipal court facility, $12 million of street improvements, and a $4.7 million expansion of an existing radio system for public safety agencies. 

The city also wants to spend $3.5 million for design on a railroad overpass project and $1 million to conduct an environmental study for a planned water project.

Flagstaff’s GO debt is rated Aa3 by Moody’s Investors Service and AA by Standard & Poor’s.

The Flagstaff City Council will consider a request next month to put the bond proposal on the upcoming November ballot.

Current property taxes on an average $300,000 home in Flagstaff are around $250 per year for debt service on existing bonds.

If the bonds are not approved, the council could decide to lower the secondary property tax rate as existing debt is retired, or keep the tax rate constant to retire the debt earlier.

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER