The Town's proposed 2023 bond issuance program includes a total issuance in the amount of $9,500,000 consisting of $5,000,000 in General Obligation Bonds and $4,500,000 in Certificates of Obligation. Details of the proposed issuance are as follows: Since 2012, Addison voters have approved several bond programs to fund various projects throughout Town. Once voter approval is secured, the City Council is authorized to issue general obligation bonds to pay for projects.
The proposed 2023 General Obligation Bond issuance totals $5,000,000 and consists of the following:
$5,000,000 from the authorized $32,602,000 ($0 issued to date), from Proposition B of the 2019 Bond Election for street improvements. The funds would be used for the reconstruction design of Monfort Drive ($900,000) and Quorum Drive ($4.1M). Design contracts for both projects are anticipated to be brought before Council in late spring or early summer of 2023.
The proposed 2023 Certificates of Obligation issuance totals $4,500,000 and consists of the following:
- $2,000,000 for public infrastructure improvements for the Vitruvian Development. The amended and restated master facilities agreement with UDR, that was approved by Council on June 25, 2013, commits the Town to approximately $49.9M in public infrastructure investment. To date, approximately $13M of the total commitment remains. After this proposed issuance, approximately $11M of the total commitment will remain.
- $2,500,000 for Airport Fund capital improvement projects supported and serviced by Airport Fund revenue. These projects include reconstruction of Jimmy Doolittle Road and the east side airport service road.
With the proposed issuance, and accounting for anticipated growth in taxable property values, the Interest and Sinking (I&S) tax rate is estimated to decrease from $0.164740/$100 in Fiscal Year 2023 to $0.162192/$100 in Fiscal Year 2024. The 2019 Bond Committee estimated that for Fiscal Year 2024 the I&S tax rate would be approximately $0.2465/$100, which is almost 52% higher than the current estimate for Fiscal Year 2024.
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