By Lee Shappell | Wrangler News (Photo via City of Chandler)
Chandler City Council has voted unanimously to send five bond issues totaling more than $272 million to voters for authorization on Nov. 2 to cover numerous improvements in infrastructure and several other projects in its 10-year Capital Improvement Plan.
Neighboring Gilbert also is expected to ask voters for bond funding in November. Last year, Tempe voters approved a package of bond requests similar to Chandler’s.
While Chandler still has funds available from its last bond issue in 2007, it must borrow more money to cover all of the approved projects. The general obligation bonds would bear a maximum interest rate of 8 percent and could run a maximum of 25 years.
Authorizing the city to borrow money with the new bonds would not cause an increase in property-tax rates, according to city officials.