City Makes Final Payment on General Obligation Debt
by Susan Guthrie -
February 18, 2008
As a result of the passage of the half-cent sales tax in 1995, the City of Tyler will become one of only a handful of Cities in Texas that has no general obligation debt in addition to enjoying the lowest property tax rate among communities over 15,000 people. A symbolic check for the final debt payment will be signed by the City Council, Mayor, former Council Members and Texas State Senator Kevin Eltife to mark this important milestone in Tyler’s history.
Three promises were made to Tyler voters in 1995 as part of the campaign for the half-cent sales tax. First was that the general obligation debt for the City would be eliminated. Second was that property tax rates would be reduced by 15%; and, the third promise was that the City would pay cash for capital improvement projects – not raise property taxes to fund these projects. Each of these promises has been kept.
At this ceremony, the City will make the final payment on the general obligation debt. Property tax rates have decreased by 60% since 1995 and capital improvement projects, such as the Glass Recreation Center, Tyler Pounds Regional Airport, Faulkner Park, among many others, have been funded in cash.
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