Title
General Obligation Bond Referendum
Action
Action:
Adopt resolutions authorizing staff to proceed with the necessary actions to conduct a General Obligation Bond Referendum on November 8, 2022.
Body
Staff Resource(s):
Teresa Smith, Finance
Matthew Hastedt, Finance
Explanation
§ City Council is scheduled to adopt the Fiscal Year 2023 budget and Fiscal Years 2023-2027 Capital Investment Plan at the May 31, 2022 City Council Business Meeting. The plan includes a $226,000,000 bond referendum on November 8, 2022.
§ This proposed referendum includes $146,200,000 of street bonds, $29,800,000 of neighborhood improvement bonds, and $50,000,000 of housing bonds.
§ The statutory requirements for the legal process include applying to the Local Government Commission for approval, holding a public hearing on the proposed bond orders, setting of the special referendum, and certification of the results.
§ The current action is the first of four City Council actions associated with the 2022 Bond Referendum. This first action will specifically authorize:
- Publication of a notice of intent to apply to the Local Government Commission,
- Application to the Local Government Commission, and
- Certain statements of facts concerning the proposed bonds.
Next Steps
§ On June 27, 2022, the bond orders will be introduced, and Council will be asked to set a public hearing on the bond orders for July 11, 2022.
§ On July 11, Council will be asked to hold a public hearing on each of the bond orders, approve the bond orders and set a bond referendum for November 8, 2022.
§ After November 8, 2022, City Council will be asked to adopt a resolution certifying and declaring the results of the special bond referendum after the Certificate of Canvass is signed by the Mecklenburg County Board of Elections.
Fiscal Note
Funding: Municipal Debt Service Fund and General Capital Projects Fund
Attachments
Attachment(s)
Resolutions