Work has started this week toward projects approved by voters from the General Obligation Bond Election.

 

According to the city, the $16.5 million bond package is focused on street repairs, storm drainage improvements, public safety equipment and multiple parks and recreation projects. A new fence for Kiddie Park, construction of a green space downtown and the continued renovation of the Price Fields Complex are three of the major recreation projects planned.

 

Acting City Manager, Mike Bailey, says the City Council will determine which projects will be funded with each tranche, the first of which is expected to be issued by the end of June. Bailey says that about $10.25 million is secured for the first tranche, meaning the city will be able to move quickly to begin constructing.

 

The second tranche, $3.35 million, is set for issuance in the fall of this year, while the third, $3.14 million, is scheduled for fall of 2019 and the last, $1.2 million, will likely be issued in the fall of 2020.

 

According to Bailey and the city, G.O. bonds are secured by ad valorem (or property) taxes and are one of only two ways a municipality may levy those tax revenues. The City of Bartlesville has a self-imposed $15 million cap for its G.O. bond debt service. Bonds are issued over time in a series, or “tranche,” as the old bonds mature. The City of Bartlesville’s G.O. bonds are typically held by banks, and interest rates are determined by the interest rate environment and the municipality’s bond rating at the time.

 

?The City of Bartlesville’s current Standard & Poor’s rating stands at AA-.

 

 

 

 

 

 

 

 

 

 

 

 

[Thanks to the City of Bartlesville for information and the picture]