DALLAS - Fort Worth, Texas will ask voters to approve $292 million of general obligation bonds for streets, sidewalks and parks May 10.
The city council approved the ballot measure at its Feb. 11 meeting, where council members noted that the bonds would not require a tax increase.
The ballot proposal came to the council after nearly two years of work by a bond committee tasked with narrowing the list of projects to be covered by the proceeds of the issue.
While the city has typically devoted 2% of bond proceeds to public art, this proposal would reduce that to about 1.2%, according to city staff.
About 75%, or $220 million, would be applied to transportation and infrastructure, while parks and community services would receive about $31 million.
Fort Worth carries GO ratings of AA-plus from Standard & Poor's, Aa1 from Moody's Investors Service, and AA from Fitch Ratings, all with stable outlooks.
The city priced about $172 million of water and sewer bonds on Feb., drawing yields of 3.79% on 5% coupons maturing in 2034. RBC Capital Markets was book-runner on that deal.
The state's fifth-largest city had about 741,206 people according to the 2010 Census, and $847 million of debt outstanding, according to Moody's.
"The city's overall debt burden is high at 7.3%, which is reflective of overlapping debt issued by various independent school districts located within and around the city," Moody's noted in a 2013 report.
