On April 3, 2018, the city approved the General Obligation Bond sale of $37.8 million, which was issued in May 2018. 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 was lower than the original estimate of 4%
The city of Surprise levied 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 rate is adopted annually in June. The current secondary property tax rate is $0.3880.
On September 1, 2020 the Surprise City Council approved a second and final round of bonds to be issued pursuant to the bonds approved by voters in the November 7, 2017 Bond Election. This second bond issuance occurred September 30, 2020 in the amount of $17,460,000.