Pool numbers evoke déjà vu
The aquatic center ballot question proposes $40 million in general obligation bonds plus $39 million in interest and retirement obligations over the 30-year life of the bonds. This reminds me of the 30-year $20 million bond obligation for the Boulder Creek Golf Course. That exercise included an $8.7 million “loan” from our city’s utility enterprise fund.
Now, another ballot question proposes an additional $5 million to be “lifted” from the capital improvement fund for the swimming hole. Why not a ballot question authorizing $45 million in general obligation bonds or including $5 million in the capital improvement plan and city budget plan for 2020? The annual operating, maintenance and repair costs are estimated to be $650,000.
General obligation bonds are securities guaranteed by the “full faith and credit” of a government with taxing power and are used to finance capital-improvement projects such as streets, roads and public buildings. With these bonds, our city, as bond issuer, pledges to use its taxing power to pay the bondholders. This places a general obligation on all taxpayers to cover bond interest and payment, with voters typically approving the bonds before issuance.
According to the Las Vegas Sun, 73 percent of the 375 residences surveyed, out of our 6,100 residences, preferred building a new facility. Forty-six percent of those 375 respondents, representing 173 residences, said that someone in their household (430 people maximum; average density per household in Boulder City is reported to be 2.5 people per residence) would definitely use the new aquatic center.
If the ballot questions pass, property taxes for all property owners are estimated to be increased 27 to 36 cents per $1,000 valuation per year over the next 30 years. Please vote.