Program Overview
General Obligation Bonds(GOs) are direct general obligations secured by the full faith, credit and taxing powers of the City. GOs are used to raise funds for the City’s capital improvements that benefit the entire community, i.e. road repairs. These improvements typically do not produce revenues. Principal and Interest are payable from an ad valorem tax levied on all taxable property within the City.
The City is authorized to issue up to $8 million in General Obligation Bonds each fiscal year . A City ordinance must be passed to issue G.O. Bonds. The City is required to have a referendum passed by the citizens, if the City wishes to issue GO bonds greater then 8 million. In 2000, a referendum was passed by Atlanta's voting citizens, which authorize us to issue 150 million Quality of Life Bonds. Out of 150 million, we issued 61 million. The rest of the bonds will be issued as we use up the 61 million. The newly issued bonds proceed will be used to fund new quality of life projects.
With increasing urbanization of the areas in and around the City, there is a pressing need to develop and preserve areas and transportation ways that encourage neighborhood livability, pedestrian mobility and a general improvement of the quality of life in our urban setting. This bond issue embraces all of these ideals and objectives and allows the City to utilize this base of funds to leverage against Department of Transportation, Housing and Urban Development, and private funding to provide many improvements to the City's greenspace and alternative transportation systems. The following projects have been planned and are underway!
Sidewalks
The sidewalks portion of the program includes intersection, sidewalk, and streetscape improvements.
Public Plazas and Greenspace
The public plazas and greenspace portion of the program includes greenspace enhancements, and livable communities improvements.
Public Streets, Bridges, and Viaducts
The public streets, bridges, and viaducts portion of the program includes bicycle routes, bridge improvements, corridors, street resurfacing and construction, and improved paving.
Public Traffic Control Devices
The public traffic control devices portion of the program includes crosswalks, parking meters, school signs, speed humps, traffic signals, and communications.