Every two years, beginning in 2016 and going forward, with voter approval, the City could take on new bond indebtedness to address more road needs, or other public service needs in the City, without an additional tax increase (i.e., increasing the municipal debt service property rate). For example, over a 10-year period via general obligation bonding, $45 million in funding could be generated for City needs. Delma M. Petrullo Art in Public Places Ordinance which requires that one percent (1%) of the proceeds of each general obligation bond issuance shall be dedicated for works of permanent public art that enhance the environment of the City. Any remaining bond funds will be used for additional road-related work as directed by the Governing Body.
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