To pay for large capital (construction) projects, cities sell bonds and use the money to pay for the projects. Bonds are sold to investors, also known as bondholders, who are looking for a stable return in the future on the money they invest today. The City promises to repay the bondholders, with interest, over a specific time period (often 20 years). The length of time it takes to repay the bondholders means that we make sure that the bonds align with the project’s life span, such as roads, parks, and buildings. The bond repayment is funded through property taxes the City receives. Bonds are just one way to pay for capital projects. Cities also use other forms of taxes, such as sales taxes, or other types of fees, such as water service fees, to pay for large construction projects. Bond programs must be approved by voters. The City of Arlington typically puts a new bond program forth to the voters every four to five years.