How can $319 million in general obligation bonds be issued without a public vote?
State law requires a public vote on general obligation bonds issued by cities, but not on bonds issued by a joint public agency, which would be issuing this debt. The city will lend its taxing authority to the JPA. What is a joint public agency? A new governmental entity formed by the city and University of Nebraska-Lincoln. It largely exists on paper and when its board meets. Its sole purpose will be to issue bonds, collect revenue and make bond payments. The JPA will not have an office or employees; city employees will perform functions such as paying bills. The JPA’s board of directors would be made up of the mayor, a City Council member and a member of the NU Board of Regents. Lincoln formed a JPA with Lancaster County in 2008 to finance a new county jail. Will my property taxes go up? The last line of the ballot language says, “approval of this bond issue will not cause any increase in the property tax levy millage limit of the city.” But that is not a promise not to increase prop
