Title
Public Hearing on General Obligation Bond Referendum
Action
Action:
A. Conduct a public hearing on the bond orders which would be authorized at the General Obligation Bond Referendum to be set for November 6, 2018,
B. Adopt bond orders introduced for $118,080,000 of Street Bonds, $55,000,000 of Neighborhood Improvement Bonds, and $50,000,000 of Housing Bonds, and
C. Adopt a resolution setting the General Obligation Bond Referendum for November 6, 2018.
Body
Staff Resource(s):
Randy Harrington, Management and Financial Services
Robert Campbell, Management and Financial Services
Explanation
§ On June 11, 2018, Council adopted the Fiscal Year (FY) 2019 operating budget and FY 2019 - FY 2023 Community Investment Plan, which included a $223,080,000 bond referendum in 2018.
§ At the same meeting, Council approved resolutions authorizing staff to proceed with the actions necessary to conduct a general obligation bond referendum.
§ On June 25, 2018, City Council introduced the bond orders and set a public hearing on each of the bond orders for July 23, 2018.
§ The current action is the third of four City Council actions. This action will specifically:
- Hold and close a public hearing on each bond order,
- Adopt bond orders for $118,080,000 of Street Bonds, $55,000,000 of Neighborhood Improvement Bonds and $50,000,000 of Housing Bonds, and
- Approve a resolution setting the bond referendum for November 6, 2018, and direct staff to publish notice of the referendum.
§ The Local Government Commission is scheduled to consider the referendum for approval at its October meeting.
§ After November 6, 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)
Closing of Public Hearing
Bond Orders
Resolution
Bond Referendum Notice