Decide Surprise General Obligation Bond Information

On November 7, 2017 registered voters in Surprise approved the three *General Obligation (GO) Bond questions in the areas of Public Safety, Traffic Congestion Mitigation and Pavement Preservation. The three questions represent 10 Capital Improvement Projects for a total bond amount of $59.5 Million. (View Election Results)

This website will be updated regularly through 2022, when all projects are expected to be complete. Please check back often for status updates, photos on project progress, financial reports and other important information.

2017 Bond Project Timeline
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NOTE: This timeline shows approximate targets for project start and completion. Some projects may start late or conclude early. Please check the status of each project within the “Bond Projects and Status” page for more detailed information on timing.

Bond Sale Timeline

At the April 3, 2018 Regular Meeting, City Council approved a Resolution authorizing city staff to proceed with the first bond sale related to the General Obligation Bond Election approved by voters November 7, 2017. The first sale of bonds was in the amount of $37.8 million and is being used to fund public safety, traffic congestion mitigation and pavement preservation projects.

The remaining nearly $18 million in voter authorized bonds was approved by Council on September 1, 2020. This second issuance of the 2017 GO bonds was sold and closed on Sept. 30. The City bonds were very well received in the marketplace, typically issuers can expect to receive 5 bids, we received 11 from very reputable financial institutions. The winning bid results in a net interest cost of 0.527%, which is less than our projections and lowers debt service payment in the final year by $600,000. The bonds will be repaid by means of a secondary property tax of $0.3880 per $100 of assessed limited property value. Standard & Poors upgraded the city’s GO Bond rating from AA- to AA at the time of the first bond issuance, and has reaffirmed that rating for the second issuance. Read the letter...

*What is a General Obligation (GO) Bond?

GO Bonds are a way cities finance civic capital needs and improvements. GO Bonds are sold to investors who are repaid with interest. The repayment comes from a secondary property tax, which Surprise initiated at the time of the first GO Bond issuance.

How can I buy bonds?

Bonds are sold in minimum denominations of $5,000. The interest rates may range from 2.0% to 5.0%. The bonds will be sold in September 2020. To purchase bonds, please contact your financial advisor for more information.