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The City of Austin sells bonds to pay for major investments in city facilities and infrastructure. These bonds, which are repaid with future property tax revenue, must be approved by voters before being sold. The last major city bond package was approved in Austin in 1998.
The 2006 bond package - a 7-part, $567.4 million community investment proposal - is the product of nearly two years of work by hundreds of Austin citizens and city staff, with thousands of hours of community input. The final package was adopted by the City Council in May.
The package was crafted to meet Austin's current critical needs in every part of the city, while preparing for future growth at a price Austinites can afford. Approval of the entire bond package would increase property taxes by about $4 a month for the typical Austin homeowner.
The package is as follows:
Prop 1: Transportation, $103 million
Prop 2: Drainage improvements and water-quality lands, $145 million
Prop 3: Parkland and park facilities, $84.7 million
Prop 4: Cultural and community facilities, $31.5 million
Prop 5: Affordable housing, $55 million
Prop 6: Library, $90 million
Prop 7: Public safety and health facilities, $58.1 million
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