City goes forward on bond sale for recreation complex

Maricopa leaders took the first step Tuesday night in approving a public sale of bonds to pay for completion of a multigenerational-aquatic center and regional park.

The city council unanimously approved a resolution authorizing the sale of general obligation bonds not to exceed $33 million. The bonds would pay for the construction of the Copper Sky Recreation Complex, a project at John Wayne Parkway and Bowlin Road scheduled for completion next year. 

Greg Swartz, a financial adviser for the city, told the council it will next consider adopting a bond ordinance at the April 16 meeting, which will go into greater detail about the parameters under which staff can proceed with the sale. 

“It’s important to note that tonight you’re not creating any liability,” Swartz said. 

Bidding for the bonds could take place in June. 

In November 2008, Maricopa voters authorized city leaders to issue $65.5 million for parks, recreation and library improvements with the understanding the projects would be paid for using secondary property taxes. 

The first issuance of bonds to help pay for the recreation center project occurred in March 2010. The city sold $20 million of bonds through the Greater Arizona Development Authority, an organization created by the state Legislature to assist communities financially in developing infrastructure.

Swartz told the council the development authority’s parent company was eliminated and its board hasn’t met in a year “for a variety of reasons.”
“So, we suggested to staff that you pursue your own public sale,” he told the council.