CODs not efficient with big projects

In Castle Rock Colorado, voters will decide whether or not to approve a $30 million bond to be spent on projects. The bond will pay for three major projects that will greatly improve traffic flow. Currently, the city has adopted a plan where they pay for projects as the money comes in, called PAYGO. With PAYGO, there isn't a need for new taxes, but with a project this big it won't be paid for for another 12 years. If the bond passes, the projects can be completed in 2009, 7 years faster than using PAYGO.
The bond issue will be on ballots in April 2005 to get approval.