Huntington Woods Voters to Decide $7.5 Million Bond Issue for Street Improvements

Huntington Woods voters are being asked to authorize the sale of not more than $7.5 million in general obligation bonds to finance street improvements as part of a previously approved $15 million/15-year street reconstruction project.

Also on the ballot are two incumbents seeking re-election to the City Commission, current Mayor Pro-Tem Jules Olsman and Commissioner Robert F. Paul III

Voters approved the first half of the program in November 2009. Bonds must be sold within six years of voter authorization, and the current proposal covers Phase 2 of the program.

Many of the city’s streets are more than 50 years old and in “dire need of reconstruction due to failing foundations,” according to information on the Huntington Woods web site.

Streets will be improved a mile at a time and will be prioritized in an engineering plan that rates the condition of all streets. Streets will also be repaired strategically to minimize inconvenience to residents and motorists.

The city says approval of the bonds will increase taxes only minimally – 29 cents per $1,000 taxable valuation – and only during fiscal year 2014. In fiscal year 2015, previous bond issues will be retired and the city tax rate will remain fairly static.

The city has a AA+ bond rating, making it eligible for low 2.8 percent financing.

Learn more about the proposal here.