Voter-approved General Obligation bond programs typically overlap because capital improvement projects may take several years to complete from planning to design and construction. As a result, spending may resemble a bell curve, with the largest amount of authorized funding being spent a few years after the bonds are approved by voters and then tapering toward the end of the bond program.
If a bond election is held after all of the previous bonds are spent, the result could be a lull in delivery of capital improvement projects.
