There are no additional annual costs added to the operating budget as a result of bond expenditures.
Shreveport's General Obligation Credit Ratings:
S&P: A as of December, 2017
Moody’s: A3 as of December, 2017
Yes. The completion date depends on the timing of bond's sale, but these projects could be completed over the next few years.
No additional city employees will be needed to as a result of the bond.
There are only three proposition categories, and they are as follows:
These facility upgrades will save the City utility costs, operational costs, and bring facilities into current code and life safety compliance. Replacing public safety facilities and apparatuses increases services and improves efficiencies by decreasing response times and reducing maintenance costs. The SPD substations will also make the police more visible, which serves as a crime deterrent. The investment in our recreational facilities and playground equipment will enhance quality of life in these communities.
Top priorities include the Police Substations to get Patrol to their new facilities and vacate a portion of the police facility. The vacated portion of the building could be demolished and the new building constructed. A Fire Department priority would be to replace front-line response vehicles. The administration will also recommend priority to roadway repairs and repairs to the Convention Center roof.
The next step would be program analysis, followed by schematic design, which identifies the footprint for the project and solidifies the project's construction budget—all of which is driven by the funding allocated for this project. The next step is design development.
The bonds will be issued in phases over the next few years. Each tranche, or portion, of bonds will require council approval. Interest cost has been approximated around 3%, depending on the market at the time of sale.
The Economic Development Fund project is not included in the proposal. The workload necessary for the projects will provide jobs available during the span of years the bonds are issued and funds spent for contractors. The bonds address public safety and quality of life.
No. If approved, the bond issue proposal will not increase taxes. The proposal will provide relief to the city budget for maintenance, and will not cost additional expenses.
Municipal bonds are an essential source of funding that municipalities routinely use to finance capital improvements. The pay-back source continues to be from ad valorem collections.
83 out 96 projects are currently complete (86% complete - 14% in progress).
90 projects are expected to be completed by years end (94% complete by the end of 2019).
Bond money can only be spent on capital improvement projects that have a useful lifespan approximating the bond's maturity date.
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Mayor Perkins and the Council chose two citizens from their districts. After reviewing all of the City directors' greatest needs, the Citizen Committee presented recommendations to Mayor Perkins and the Council. The City Council then passed the bond proposal by majority vote, recommending it to be sent on to the voters in November.
Bond monies go towards capital projects that cannot be funded by the operating budgets in the General Fund.
Short for "Millage Rate", these are tax rates used to calculate property taxes. The rate represents the amount per every $1,000 of a property's assessed value. Assigned rates are multiplied by the total taxable value of the property in order to arrive at the property taxes.
The 2019 Bond continues on 6 of the 6.2 mills from the expiring '96 and '99 bonds.