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Tucson City Road Bond Proposition 409 (November 2012)
A Tucson City Road Bond proposition was on the November 6, 2012 election ballot in Pima County, Arizona. It was approved.
This proposition authorized Tucson City to sell up to $100,000,000 in aggregate principal amount of general obligation bonds to fund the restoration, repair, resurfacing and improvement of City streets. These bonds resulted in an increase in property tax.[1]
The residential tax impact of these bonds, as estimated by the Pima County Assessor, was to be $18 per year per $100,000 of assessed property valuation. The bonds were designed to be repaid through the City's secondary property tax, resulting in an estimated rate increase of 33 cents.[2]
Election Results
| Proposition 409 City of Tucson | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| 72,483 | 50.33% | |||
| No | 71,530 | 49.67% | ||
- Election results from Pima County, Final Unofficial Results
Text of measure
Language on the ballot:
| “ | Shall the City of Tucson be authorized to issue and sell not exceeding $100,000,000 in aggregate principal amount of its general obligation bonds exclusively to provide funds to restore, repair, resurface and improve the condition of its streets, including payment of all necessary costs and fees in connection therewith; such bonds to be issued in one or more series, maturing not more than 30 years from the date of issuance of each such series, and bearing interest at a rate or rates not in excess of 8% per annum?
The issuance of these bonds will result in a property tax increase sufficient to pay the annual debt service on bonds.[1][3] |
” |
See also
Footnotes
- ↑ 1.0 1.1 Pima County Elections, Local Questions/Propositions
- ↑ News 4 Tucson, Voters asked to approve $100 million bond to fix Tucson streets September 23, 2012
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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