The proposed General Obligation (G.O.) Bond program is a way of financing the cost of physical improvements to the City's neighborhoods, streets, parks, beaches, public safety facilities, and other facilities. G.O. Bonds are paid solely from property taxes, and are used to pay for projects that do not produce revenue.

The City has previously issued G.O. Bonds in 1987, 1992, and most recently in 1997. As of September 30, 1999 the total amount outstanding from these is $34,725,000. This debt will be completely paid off in the year 2007.

The G.O. Bond program was approved by voters and is currently being implemented. The entire G.O. Bond program is for $92,465,000. With the addition of these bond issues, debt service millage will continue to be charged to property owners; however, it is expected that this millage will continue to decline on an annual basis. This is because of the effect of the increasing value of all property in the City (residential and commercial), and that the cost of annual payments on the proposed bonds will be less than the cost of the bonds currently outstanding.

The project list that the proposed G.O. Bond program was developed for, was created with the assistance of the neighborhood associations, and homeowners at public meetings held throughout the City. There are three G.O. Bond programs that will fund community needs and improvements over the next six years: Neighborhood Infrastructure, Parks and Beaches Improvements; and Fire Safety. 

A G.O. Bond Oversight Committee has been formed from among neighborhood representatives to ensure that the projects are fairly carried out as proposed, and that the community needs are met. Projects may be modified in coordination with the oversight committee and required approvals. Meetings will be held with the community prior to the implementation process.