AUSTIN (KXAN) — Would you pay more money for the City of Austin to more quickly achieve its climate goals? Think: Land acquisition, making city facilities more climate friendly and helping Austin prepare for severe weather events.
It’s looking increasingly likely that Austin City Council members are going to send a climate bond to voters to decide just that — but when that vote will happen is up for debate.
The background
In February, Council Member Ryan Alter brought forward a resolution to move forward on an “environmental investment plan” which asked city staff to look at all of the city’s climate goals and gather input from the public. City council approved that resolution.
As part of that, Alter asked the city to look at possible funding options to achieve those goals. One option Alter pitched: A climate bond.
Austin to explore ‘climate fee’ to fund $1.8B in climate, environmental projects
General Obligation (GO) bonds are paid back through your property taxes. Both state law and city charter limit the “maximum ad valorem tax rate to $2.50 per $100 assessed valuation for all City purposes,” a spokesperson for the city’s Financial Services Department explained. The Texas Attorney General imposes some additional restrictions within that.