On Tuesday, November 8, the citizens of Johns Creek will have the opportunity to vote for a proposed parks bond.
The bond referendum, for an amount up to $40,000,000, will be specifically used for the development and acquisition of parks and green space.
Recommendations for projects are derived from the Recreation and Parks Strategic Plan. The Recreation and Parks Strategic Plan is a reflection of the community’s needs and priorities for the provision of recreation sites, facilities, and programs.
Sample Ballot Question
Shall general obligation debt of the City of Johns Creek, Georgia be issued in the aggregate principal amount of up to $40,000,000 in order to fund the acquisition, construction and installation of city parks and recreation land, improvements and facilities and paying the cost of such debt?
Parks Bond FAQ
What is a Bond Referendum?
A bond referendum is a voting process that gives voters the power to decide if a municipality should be authorized to raise funds through the sale of bonds. A general obligation (G.O.) bond is a long-term borrowing option that pledges the City’s full faith and credit (taxing power) to repay the debt over a specific term.
How much would the city issue in bonds?
If citizens vote in favor of the bond financing question on the November 8 ballot, the City will have the authority to issue up to $40 million in general obligation (G.O.) bonds.
If approved, how quickly can the projects start?
If the bond is approved by Johns Creek residents, the City would accelerate the construction schedule. Construction could begin on selected projects as early as mid-2017 with completion of all the identified projects expected within five years.
What happens if the bond referendum does not pass?
If the Parks Bond Referendum does not pass, the projects identified on the list and others in the Recreation and Parks Strategic Master Plan will still be addressed, but projects will be funded through the City’s General Fund and will compete with other city priorities including public safety and transportation.
Bonds can be repaid by cities in a variety of ways. The most common method is a tax applied to the appraised value of a single family home within a city’s boundaries. Home values are determined by the county Tax Assessor’s Office.
*PLEASE NOTE: The estimated computations below include the following assumptions: an estimated 0.5 mill rate impact based on a 3% interest rate, spread over 30 years, and a homestead exemption of $15 thousand, for a $40 million bond.
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