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 3, 2020.
Body
Staff Resource(s):
Kelly Flannery, Finance
Explanation
§ City Council is scheduled to adopt the Fiscal Year 2021 budget and Fiscal Years 2021-2025 Capital Investment Plan at tonight’s meeting. The plan includes a $197,232,000 bond referendum on November 3, 2020.
§ This proposed referendum includes $102,732,000 of street bonds, $44,500,000 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 five Council actions associated with the 2020 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 22, the bond orders will be introduced, and Council will be asked to set a public hearing on the bond orders for July 13.
§ On July 13, Council will be asked to hold a public hearing on each of the bond orders.
§ On July 27, Council will be asked to approve each of the bond orders.
§ After November 3, 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 and General Capital Investment Plan
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Attachment(s)
Resolutions