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 6, 2018.
Body
Staff Resource(s):
Randy Harrington, Management and Financial Services
Explanation
§ The City Council is scheduled to adopt the Fiscal Year 2019 budget and Fiscal Years 2019-2023 Community Investment Plan at tonight’s meeting. The plan includes a $223,080,000 bond referendum on November 6, 2018.
§ This proposed referendum includes $118.08 million of street bonds, $55 million of neighborhood improvement bonds and $50 million 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 Council actions associated with the 2018 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 25, the bond orders will be introduced and Council will be asked to set a public hearing on the bond orders for July 23.
§ On July 23, 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 6.
§ After November 6, 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 Board of Elections.
Fiscal Note
Funding: Municipal Debt Service Fund, Capital Projects Fund
Attachments
Attachment(s)
Resolutions