Buckeye Plans $282M Bonds for Safety and Roads

A General Obligation (GO) Bond is a debt obligation that provides a local government with funds to finance considerable capital improvements, such as major street and intersection improvements, parks, libraries, swimming pools, new fire stations, and police facilities. Moreover, a GO bond program requires voter approval, and the bonds issued can only be used for the purposes approved by the voters. In addition, the city’s property tax backs the debt from bonds. As a result of this backing, GO bonds are seen as the most secure bonds offered by cities. Consequently, due to their safe nature, interest rates on GO bonds are usually the lowest available for cities.

Two questions regarding obligation bonds in 2024

• Question 1 | Proposition 494: Public Safety
  The bond seeks $137 million to fund various public safety projects, including:
  • A new Public Safety Headquarters
  • Training facilities
  • Westpark and Victory Fire Stations
• Questions 2 |Proposition 495: Streets & Transportation
  The second part of the bond requests $145 million for infrastructure improvements to ease traffic and improve road safety, which include:
  • Widening Indian School Road from Jackrabbit to Perryville
  • Addressing road "pinch-points" throughout Buckeye
  • Installing new lighting along parts of Sun Valley Parkway

If approved, these general obligation bonds will be funded through a secondary property tax, with a total tax rate not exceeding $2.25. Buckeye’s primary property tax rate is $1.60, which means the additional secondary rate would be $0.65. For a property with a median value of $176,839, the projected annual cost impact would be around $115.

Use the city's Tax Impact Calculator to calculate the proposed bond's estimated impact on your property tax bill.

City of Buckeye Publicity Pamphlet November 5, 2024 - General Election