Report on the 1996 Bond Referendum Projects

Overview of the Referendum

In November 1996, Chesterfield County citizens overwhelmingly supported through their votes the county’s issuance of $228.4 million in bonds for capital improvements in the areas of Schools, Public Safety, Libraries, and Parks and Recreation. At that time, the county anticipated issuing general obligation bonds over a six-year period, beginning early in 1997, with the last bond sale envisioned for 2002. Bond funding, supplemented with general fund revenues, has allowed the county to meet that timetable. The county sold the last increment of bonds in 2002 as originally planned.

Since the referendum, the county has improved its financial position, reduced its real estate tax rate, and improved its credit rating on general obligation bonds. Since 1996, the county has been hard at work delivering the new improvements. Many projects have been completed, others are underway, and the rest will begin in the near future.

Bond Summary

*Bonds are typically sized in $5,000 increments. This amount will remain authorized, but unissued. An alternate funding source will be used to fund this portion of public safety improvement projects.

• Report on the 1996 Referendum Projects
• Overview
• Schools
• Public Safety
• Libraries
• Parks and Recreation