Park Bond Summary
Note: On May 1, 2021, voters in the District turned down the proposed Park Bonds that are described here. No other Park Bonds are being proposed at this time.
The Board of Directors of Big Oaks Municipal Utility District has voted to submit a proposition to the voters of Big Oaks Municipal Utility District at the election to be held on May 1, 2021 to issue up to $12,000,000 in Park Bonds.
Attached is a brief description of the bonds:
- Purpose – The Park Bonds will be issued for the purpose of building park and recreational facilities in the District.
- Projects – The specific projects to be financed have not been identified yet by the District – the Board of Directors intends on consulting with community groups – including both HOAs – to build a consensus prior to issuing any bonds.
- Tax Rate – The Board of Directors has decided not to issue any bonds if the District’s tax rate would increase. Although the estimated tax increase on $100,000.00 of property in the District on the Voter Information provided is $30.00 per year, the Board does not intend to issue bonds if any increase in taxes would be required.
- Water and Sewer Rates – The District’s water and sewer rates will not increase and the Board will not use water and sewer revenue to pay the Park Bonds
- Amount of Bonds – By law the District can only have Park Bonds outstanding in an amount less than 1% of the District’s appraised value. With an appraised value of $440,822,262 for 2020, the maximum amount of bonds which can be issued and outstanding at any one time would be $4,408,222. The additional bonds (up to $12MM) may only be issued in the future if the District pays off previously issued Park Bonds or the District’s tax base grows. The Board of Directors would like to have the flexibility to issue future bonds in either event.