Why can’t we pay as we go?

The city has used pay-as-you-go financing for its capital needs since the last bond referendum in 2000. This has not been sufficient to meet our needs, resulting in the current backlog of $709.2 million in unfunded capital needs. Borrowing $139.2 million will allow the city to address the most pressing of these needs and pay the money back over time, much as people do when they borrow money to buy a house or a vehicle.

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1. How were the projects selected?
2. Why pay for these projects with bonds?
3. What effect will this have on my taxes?
4. Why can’t we pay as we go?
5. Why do we have to vote on these bonds?
6. Why don’t the proposed bonds include any money for schools?
7. Why are we having another referendum so soon after our vote on library bonds in 2010?