McKINNEY, Texas (Nov. 3, 2015) – Today, McKinney voters approved five out of seven propositions in a general obligation bond package according to the unofficial election results from the Collin County Election Administrator. Provisional ballots will be counted and final results certified next week.
General obligation bonds are funds borrowed by the city for specific public purposes. Authorization to borrow must be approved by voters and are repaid with property tax revenue. The total bond package was proposed at approximately $160 million in funding.
- Proposition No. 1 passed 7,823 to 2,730. Proposition 1 called for the issuance of $ 64,100,000 general obligation bonds for street improvements.
- Proposition No. 2 failed 5,033 to 5,432. Proposition 2 called for the issuance of $50,000,000 general obligation bonds for constructing and improving the McKinney National Airport.
- Proposition No. 3 passed 6,972 to 3,477. Proposition 3 called for the issuance of $22,500,000 general obligation bonds for public safety facilities.
- Proposition No. 4 passed 5,635 to 4,725. Proposition 4 called for the issuance of $11,700,000 general obligation bonds for municipal buildings improvements.
- Proposition No. 5 failed 3,624 to 6,972. Proposition 5 called for the issuance of $10,000,000 general obligation bonds for downtown parking facilities.
- Proposition No. 6 passed 7,352 to 3,116. Proposition 6 called for the issuance of $2,000,000 general obligation bonds for flood protection.
- Proposition No. 7 passed 7,364 to 3,028. Proposition 7 called for the revocation of $13,395,000 general obligation bonds for park and recreation facilities.
City of McKinney Press Release