(Marietta, Ga. — Jan. 10) The Cobb County Board of Commissioners voted unanimously to approve issuance of the voter-approved General Obligation Parks Bond at this morning’s meeting. The principal amount, not to exceed $24.7 million, will be used to finance the acquisition of land in the county for use as public parks in perpetuity.
After an election resolution was adopted on July 22, 2008 by the Board of Commissioners, an election was held in Cobb on Nov. 8, 2008 and the majority of voters approved a bond referendum to purchase park land. Due to the economic recession and corresponding drop in property values within the county, beginning in 2009 and continuing with a more dramatic drop in 2010, the fiscally-conservative decision was made not to proceed with the issuance of the park bond at that time.
The current Board of Commissioners expressed a renewed interest in issuing the park bond, which led to today’s vote. It will take up to 90 days for the bond funds to be issued.