Proposition B – Community & Cultural Facilities
Proposition B is about funding “community and cultural” facilities, including libraries, museums, art and creative spaces, which are “dedicated to the creation, exhibition, or preservation of art and creative expression.”
Similar to Proposition A, the city wants to be able to:
- Plan, design, construct, renovate and equip such community and cultural facilities
- Buy land to support additional community and cultural facilities
- Take out loans to support those activities
In order to fund these activities, the city is proposing an issuance of
See also
- City of Austin’s Bond Brochure Booklet for Proposition B
- How do city bonds work and how are they funded?
- League of Women Voters Austin – 2018 Voting Guide
Original city notice
Shall the City Council of the City of Austin, Texas be authorized to issue general obligation bonds and notes of the City for the public purposes of planning, designing, acquiring, constructing, renovating, improving, and equipping community and cultural facilities, libraries, museums, and cultural arts facilities, which include creative spaces dedicated to the creation, exhibition, or preservation of art and creative expression; acquiring land and interests in land and property for such purposes; and all matters necessary or incidental thereto; with the bonds and notes to be issued in one or more series or issues, in the aggregate principal amount of $128,000,000, to mature serially or otherwise and bear interest at a rate or rates not to exceed the respective limits prescribed by law at the time of issuance, and to be sold at the price or prices as the City Council determines and shall there be levied and pledged, assessed, and collected annually ad valorem taxes on all taxable property in the City in an amount sufficient, within the limits prescribed by law, to pay the annual interest on the bonds and notes and to provide a sinking fund to pay the bonds and notes at maturity?