Voters in the Tulsa suburb of Broken Arrow will go to the polls on Dec. 9 to decide on a $38.5 million general obligation bond issue for parks, public safety, streets, and drainage projects. The City Council set the election last week.
If voters approve, the bonds will be sold over three years to keep the property tax rate at its current level. The council originally considered a project list totaling $48 million, but whittled it down to avoid a tax increase from the current 15 mills.
A recreation center was among the items taken off the bond list, with its $7 million price tag redistributed to storm-water efforts and other infrastructure projects.
The bond list includes drainage projects for the first time in the city’s history. Voters approved $53 million of GOs in 2004, which were sold over four years.
Projects to be financed with the bond proceeds include $15.3 million of street improvements, $12.7 million for parks, $7.1 for public safety, and $3.3 million for storm water drainage and detention facilities.
The city’s GO bonds are rated A1 by Moody’s Investors Service and A-plus by Standard & Poor’s. Broken Arrow has $65.4 million in outstanding debt.
