Princeton voters will be asked in November whether the city should sell $109.1 million in bonds to fund park projects and improvements to the Lois Nelson Public Library.

At the regular meeting on Monday, Aug. 14, the Princeton City Council called a bond election for Tuesday, Nov. 7. Members also called an election to fill five seats on the council.

Council also scheduled a public workshop on the 2024 city budget for 6:45 p.m., Monday, Aug. 21. 

The park and library bonds would be sold in two separate offerings, $50 million in February of next year and $59.1 million in February 2027, City Manager Derek Borg said.

The wording of the for-or-against ballot proposition would be:

“Proposition A – The issuance of $108,100,000 tax bonds for parks, trails and recreational facilities and park buildings. Taxes sufficient to pay the principal of and interest on the bonds will be imposed.”

“Proposition B – The issuance of $1,000,000 tax bonds for improvements to the existing city library. Taxes sufficient to pay the principal of and interest on the bonds will be imposed.”

Andre Ayala of Hilltop Securities, the city’s financial advisor said, “The financial impact of the bond ordinance is expected to be a zero percent impact on the debt service (I&S) tax rate.”

He said the conservative financial assumptions were based on lower growth, but the city was in “high growth mode.” 

Council called the election although the exact schedule for construction remained pending until completion of a public survey. It was to determine whether residents wanted separate recreation and aquatic centers for $20 million each or a recreation center containing an indoor pool for $30 million.

“We’ll decide that later,” Mayor Brianna Chacon said.

The Nov. 7 ballot will also include five open council seats.

Place 3 Councilmember Bryan Washington and Mayor pro tem Steven Deffibaugh, who holds Place 5, have both filed for re-election. Place 4 Councilmember Keven Underwood has not yet filed for re-election. 

Seats 6 and 7 are new positions on the council.

In other business, councilmembers approved an ordinance designating tax increment reinvestment zone (TIRZ) No. 4 in the Sicily Public Improvement District. The 433.88 acres is anticipated to be developed in seven phases with a total of 1,055 single-family residential lots.

Council also added $860,240 to the general fund in a budget adjustment that included more than $766,000 in increased costs for contract services in nearly all departments. 

The utility fund budget was increased $1,335,610 with maintenance and supplies contributing more than $264,000 and contracting services totaling $1,172,000. Most of the contracting service was wastewater at $787,000.

Before the brief meeting ended, Deffibaugh asked for the next meeting agenda to include consideration of reinstating an invocation at the start of each meeting. 

Council now observes a moment of silence instead of a spoken prayer, but local pastors frequently offer prayers during the public comment portion of the agenda.

The next Princeton City Council meeting will be Monday, Aug. 28.

Support local journalism subscribe to The Princeton Herald.