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Buckeye council authorizes immediate $75 million in voter‑approved general obligation bonds
Summary
The Buckeye City Council voted unanimously May 6 to authorize issuing $75 million of voter‑approved general obligation bonds as the first tranche of a $282 million program, to be repaid by a secondary property tax not to exceed $2.25.
The Buckeye City Council voted unanimously on May 6 to authorize the city to issue $75,000,000 of voter‑approved general obligation (GO) bonds as the first tranche of a larger $282,000,000 program.
Finance staff told the council the first issuance will be repaid through a secondary property tax and officials expect to close the first sale in June. William Coppi, finance staff, told the council, "with your approval tonight, basically finance staff will move forward with issuing $75,000,000 of voter approved, GO bonds." He also said one rating agency had just rated the city "AAA," a designation he called beneficial for lowering interest costs.
Why it matters: the bonds will fund projects listed in the city’s capital improvement plan and are…
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