Frequently Asked Questions
FAQ 1: What is the purpose of the City of Allen Bond election?
Answer: The City of Allen Bond election aims to seek voter approval for the issuance of municipal bonds to fund various infrastructure and community projects within the city, such as improving roads, building parks, and enhancing public facilities.
FAQ 2: How will the bonds be funded, and what is their total value?
Answer: The bonds will be funded through the sale of municipal bonds. Allen’s Triple AAA bond rating will ensure the most favorable terms. The total value of the authorization is $156.5M which includes interest and estimated inflation for projects that do not start for several years. The total value of the bonds issued in any given year will be determined by the specific projects and financial needs identified by the city government.
FAQ 3: How will the bond funds be used to benefit the community?
Answer: Bond funds will be allocated to specific projects as outlined in the bond propositions.
FAQ 4: How will the City of Allen ensure transparency and accountability in managing bond funds?
Answer: The city will establish mechanisms for transparency and accountability, such as regular financial reporting and public updates on project progress. Independent audits will also be conducted to ensure funds are used as intended.
FAQ 5: What impact will the bond election have on property taxes?
Answer: Tax rates will not increase as a result of this bond. In fact, after the most recent bond election in 2016, taxes continued to decline.
FAQ 6: Will the bond election affect my utility rates?
Answer: The bond election will have NO impact on your utility rates.
FAQ 7: How can I vote in the City of Allen Bond election?
Answer: You can vote in the City of Allen Bond election by mail or in person. Complete details and calendar are provided on the Election Info tab of this website.
FAQ 8: What happens if the bond election is approved by voters?
Answer: If the bond election is approved, the city will proceed with issuing the bonds to finance the designated projects outlined in the program. The projects will then be implemented according to the city’s plan.
FAQ 9: What happens if the bond election is not approved?
Answer: If these propositions fail, obviously some choices will need to be made. Some of the safety projects (e.g. Ford Park field replanting, and urgent street and sidewalk repairs) will need to be funded. Stopgap measures may be required for the Allen Police Department expansion needs.
The Council will have options within the operations tax rate or may choose less efficient methods to access capital funds (e.g. revenue bonds). We obviously cannot predict with certainty, but examples of other cities that delayed capital funding through bonds resulted in higher tax rates overall. Richardson, with a population similar to Allen’s and a tax rate 14 cents higher than ours, is an excellent example.
The intangible consequences in terms of potential for damage to Allen’s enviable position as an attractive city for quality development are very real, but difficult to measure directly.
FAQ 10: How can I stay informed about the progress of bond-funded projects?
Answer: The city will provide regular updates on the progress of bond-funded projects through various communication channels, including the city website, public meetings, and official reports. You can also sign up for notifications to stay informed about project developments.
FAQ 11: Who is funding this “Vote YES” campaign?
Vote Yes for Allen is a group of your neighbors working together to promote the upcoming bond package on the ballot on November 7, 2023.
By explaining how bonds work and why they’re important for the continued well-being of our city, we hope to help all Allen citizens to understand why it is important to Vote “Yes”. NO Tax Dollars are being spent on this campaign.