Informational meetings slated on bond issue
March 09, 2005 - Crestwood Citizens for Proposition 1 have scheduled three informational meetings regarding the $6 million general obligation bond issue the city's Board of Aldermen has placed on the April 5 ballot.
The meetings, open to the public, will take place at 7 p.m. Monday, March 14, Wednesday, March 16, and Tuesday, March 22, at the Crestwood Community Center, 9245 Whitecliff Drive.
A four-sevenths supermajority vote will be required to approve the bond issue, which would increase the city's property tax rate by roughly 30 cents for a 10-year period until the bonds are retired. The city's current property tax rate is 25 cents per $100 of assessed valuation.
Approval of the bond issue would authorize the city to issue up to $6 million in general obligation bonds.
Proceeds from the bond issue would be used to allow the city to retire its line of credit with Southwest Bank, establish reserves sufficient to meet the city's cash-flow needs and reconcile debts the general fund owes other city funds.
While voter approval of the bond issue would authorize the city to issue up to $6 million in general obligation bonds, the exact amount of bonds and the corresponding tax-rate increase would be determined if voters approve the proposal. The possibility exists that less than $6 million in bonds would be issued. If that occurs, the tax-rate increase would be less than 30 cents per $100.
For additional information, call Treasurer Char Braun at (314) 842-9243.