On April, 18, 2018 the city issued the first General Obligation Bond sale of $37 million. We received 10 bids in a highly competitive process. Piper Jaffray submitted the winning bid which resulted in a bond yield of 2.97%, which is lower than the original estimate of 4%
The city of Surprise will levy a secondary property tax pursuant to Ariz. Rev. Stat. § 35-458 for the purpose of retiring the debt associated with the Surprise General Obligation Bonds which were approved by voters on November 7, 2017. The city will levy a secondary tax each year until the General Obligation debt has been retired.
The secondary property tax will be adopted by the Surprise City Council on June 19, 2018 at or after 6:00 pm at City Hall Council Chambers, located at 16000 N. Civic Center Plaza. After adoption, the tax rates will be effective for the 2018 tax year.