In4Bixby Bond Updates
Fire Department’s Intent is to save lives through emergency medical and transportation service.
Why did the City of Bixby need a new fire station and ambulance facility?
The Bixby Fire Department has outgrown the current 40-year-old station and will need additional space to add ambulance transport services. Currently, the City contracts these services through a third-party vendor. With a new facility in Bixby, the Fire Department will manage their own ambulance services and be able to respond to medical emergency calls faster.
The proposition requested $8,500,000.00 of funds for land acquisition and construction of a new Fire Station and Ambulance Facility south of 141st Street in Bixby to improve response times and expand services.
Bond Proposition 1 Language
“Shall the City of Bixby, Oklahoma, incur an indebtedness by issuing its bonds in the sum of Eight Million Five Hundred Thousand and no/100s Dollars ($8,500,000.00), to be issued in series, to provide funds (either with or without state or federal aid) for the purpose of acquiring, constructing, reconstructing, improving, remodeling and repairing public safety buildings and facilities and acquiring necessary lands therefor, and purchasing and installing public safety equipment all to be owned exclusively by said City, and levy and collect an annual tax, in addition to all other taxes, upon all the taxable property in said City sufficient to pay the interest on such bonds as it falls due and also to constitute a sinking fund for the payment of the principal thereof when due, said bonds to bear interest at not to exceed the rate of ten percent (10%), per year, payable semi-annually and to become due serially within twenty (20) years from their date?”
Did property taxes not increase?
Historically, the City has maintained a Bond indebtedness for infrastructure projects of about 13 mills. Continued City growth results in an increase in the total property value of the City and thus a proportionate growth in available Bond capacity (at the same 13 mills). The new Bond issue will utilize this growth as well as the retirement of some older Bond issues to produce the $28,500,000 in revenue without a change in the overall millage rate.