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CITY of PARIS <br />BOND ELECTION <br />Facts You Need To Know <br />On Saturday, May 6, Paris citizens will be asked to vote For or Against the sale of $9.5 <br />million in bonds to re -build local streets, and $500,000 for park improvements. <br />Background <br />• The city owns and maintains approximately 174 miles of city streets. <br />• The proposed street bonds will be used to rebuild collector streets that are most in need of replacement <br />due to deterioration, traffic counts, frequency of repairs, and the condition of the base under the <br />pavement. <br />• The proposed park bonds will be used to replace outdated and dangerous park equipment, and complete <br />other park improvements. <br />How would the bonds be paid for? <br />• The city would increase its property tax rate by approximately 5 cents per $100 of valuation. <br />• This increase would still leave the tax rate lower than it was only a few years ago, since the city rate has <br />been decreased six times in the last 12 years. <br />• Because Paris Junior College will be reducing its tax rate, the total tax rate paid by Paris property owners <br />will actually go down. <br />Who would manage the work? <br />• Once work begins, we will use multiple professional engineering <br />firms to design and manage the street work. <br />• By law, the projects must be competitively and publicly bid. <br />• Park work will be done by parks vendors and city staff. <br />• Bond money may only be used for its stated purpose— streets and <br />parks in this case. <br />