Types of bonds
In government, various types of bonds may be issued. Certificates of obligation and general obligations are used by the city to fund capital projects.
Certificate of Obligation Bonds
The city uses this type of bond to fund roadway, development, facility, infrastructure and utility projects. These bonds do not have to go to the public on a ballot for a vote, but instead a public hearing is held to allow for feedback. In 2016, city council issued $9.3 million in certificates of obligation for projects citywide.
General Obligation BondsBonds approved by voters through a general city election for capital projects. General obligation bonds are repaid through property tax revenue.