What is a bond?
A bond referendum is a voting process that gives voters the power to decide if a municipality should be authorized to raise funds through the issuance of general obligation bonds. A general obligation (G.O.) bond is a form of borrowing in which a municipality pledges its full faith and credit (taxing power) to repay the debt with interest over a specified term. G.O. bonds are generally the least costly financing option available to the city for funding these projects, and will allow them to be completed much more quickly than traditional funding approaches.