Mesa is gearing up to sell $44 million in bonds that will jump-start design and construction on several anticipated parks and recreation projects plus a host of critical utility-system improvements.
The city will issue $13.7 million in general-obligation bonds, repaid through a secondary property tax, and $30.2 million in utility-systems revenue bonds, repaid with money generated from city utilities, to fund the renovations and additions.
Mesa voters OK’d the relevant borrowing in bond elections in 1994, 2010, 2012 and 2014, according to the city. Mesa typically issues bonds on a yearly, as-needed basis, working with city departments to identify the most high-priority projects.
This year’s sale will push Mesa’s combined general-obligation and utility-systems bond indebtedness to about $1.4 billion.