Title
Public Hearing to Extend the 2010 General Obligation Bond Authorization
Action
Action:
A. Conduct a public hearing regarding the extension of the General Obligation Bond authorization, approved for seven years in November 2010, and
B. Adopt the orders to extend the 2010 General Obligation Bond authorization for three additional years.
Body
Staff Resource(s):
Randy Harrington, Management and Financial Services
Mike Davis, Engineering and Property Management
Explanation
§ On November 2, 2010, voters approved a bond referendum authorizing the issuance of $156.6 million in street bonds and $32 million in neighborhood improvement bonds, which expire on November 2, 2017.
§ Approximately $96 million street bonds and $2 million neighborhood bonds of the 2010 authorized bonds remained unissued as of June 30, 2017.
§ At the July 24, 2017 Business meeting, City Council authorized the City Manager to apply to the Local Government Commission (LGC) for an extension to the 2010 general obligation bond authorization.
§ On August 1, 2017, the LGC authorized City Council to extend the expiration date to November 2, 2020.
§ This action adopts orders to extend the expiration date for street and neighborhood general obligation bonds.
Fiscal Note
Funding: Municipal Debt Service Fund
Attachments
Attachment(s)
Bond Orders
Presentation