Title
General Obligation Bond Referendum
Action
Action:
A. Introduce each of the three bond orders required for a General Obligation Bond Referendum which includes $118,080,000 of Street Bonds, $55,000,000 of Neighborhood Improvement Bonds and $50,000,000 of Housing Bonds, and
B. Approve a resolution setting a public hearing for July 23, 2018.
Body
Staff Resource(s):
Randy Harrington, Management and Financial Services
Robert Campbell, Management and Financial Services
Explanation
§ On June 11, 2018, City Council adopted the FY 2019 Budget and FY 2019 - 2023 Capital Investment Plan, which included a $223,080,000 bond referendum in 2018.
§ City Council also approved resolutions that authorized staff to proceed with the actions necessary to conduct a general obligation bond referendum.
§ The current action is the second of four City Council actions. This action will specifically:
- Introduce the bond orders for each of the ballot questions, and
- Approve a resolution setting public hearings for the July 23 business meeting.
§ In accordance with State law, the Chief Financial Officer will file a statement of estimated interest for each of the ballot questions. The estimates are nonbinding. The Chief Financial Officer will also file a sworn statement of debt with the City Clerk.
Next Steps
§ On July 23, 2018, City Council will be asked to hold a public hearing on each of the bond orders, approve the bond orders (including the form and language of the ballot), and set a special bond referendum.
§ After the vote on November 6, 2018, City Council will be asked to adopt a resolution certifying and declaring the results of the special bond referendum. This action will occur after the Mecklenburg Board of Elections certifies the results of the vote.
Fiscal Note
Funding: Municipal Debt Service Fund
Attachments
Attachment(s)
Bond Orders
Notice of Public Hearing