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.
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. This first sale of bonds will not exceed $40 million and will be used to fund public safety, traffic congestion mitigation and pavement preservation projects. The remaining nearly $20 million in bonds will be sold at a later time to meet with future project timelines. The bonds will be paid for through a secondary property tax of $0.42 per $100 of assessed limited property value. Standard & Poors has upgraded the city’s GO Bond rating from AA- to AA. 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 does not currently have.
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 May 2018 and Summer 2020. To purchase bonds, please contact your financial advisor for more information.