Right now, the City Council and Administration are in the initial stages of preparing a new package of General Obligation Bond projects for voter approval in the summer of 2018.
Broken Arrow residents have a history of approving general obligation and revenue bond issues for the City of Broken Arrow. With the passage of these bond issues, the City is able to improve infrastructure and keep up with the rapid growth occurring in Broken Arrow.
A general obligation bond, or GO Bond,is a common type of municipal bond in the United States secured by a state or local government's pledge to use legally available resources, including tax revenues, to repay bond holders.
Most general obligation pledges at the local government level include a pledge to levy a property tax to meet debt service requirements.
The Oklahoma Constitution requires general obligation bonds be approved by a vote of the people and that the enabling law provide for the collection of a direct annual tax sufficient to pay the debt as it comes due within 25 years of issuance.
Voter-approved general obligation bonds are a full-faith and credit obligation of the State and carry a pledge by the State to make repayment of principal and interest from any legally available source of funds. The only outstanding governmental-purpose general obligation bonds of the State have been issued by the Oklahoma Building Bonds Commission.