With this bond project, the City of Blue Springs will issue $28 million in general obligation bonds for several road and intersection improvements. The "No Tax Increase" bond issue will allow the City to extend its current debt service tax levy of $.15 per $100 of assessed valuation for 20 years to repay $28 million in bonds issued for the street improvements mentioned in this brochure.
The bonds will be issued in three phases in order to maintain the current levy of $.15. The current cost of the debt service levy to a resident whose house is valued at $150,000 is $42.75 per year or $3.57/month.
The City has maintained the debt service levy of $.15 for more than 20 years. A "No Tax Increase" bond issue was last approved in 1990 and was used to fund the first phases of Adams Dairy Parkway, the construction of Vesper Hall and the purchase and construction of Hidden Valley Park.