Title
General Obligation Bond Referendum
Action
Action:
A. Introduce each of the three bond orders required for a General Obligation Bond Referendum which includes $102,732,000 of Street Bonds, $44,500,000 of Neighborhood Improvement Bonds, and $50,000,000 of Housing Bonds; and
B. Approve a resolution setting public hearings for July 13, 2020.
Body
Staff Resource(s):
Kelly Flannery, Finance
Explanation
§ On June 8, 2020, Council adopted the FY2021 budget and FY2021-FY2025 Capital Investment Plan, which included a $197,232,000 bond referendum in 2020.
§ City Council also approved resolutions authorizing 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 13 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 non-binding. The Chief Financial Officer will also file a sworn statement of debt with the City Clerk.
Next Steps
§ On July 13, 2020, City Council will be asked to hold a public hearing on each of the bond orders.
§ On July 27, 2020, City Council will be asked to approve each of the bond orders (including the form and language of the ballot) and set a special bond referendum.
§ After November 3, 2020, 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