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File #: 15-13730    Version: 1 Name:
Type: Business Item Status: Approved
File created: 7/7/2020 In control: City Council Business Meeting
On agenda: 7/27/2020 Final action: 7/27/2020
Title: General Obligation Bond Referendum
Attachments: 1. Bond Documentation - City of Charlotte - 2020 GO Referendum (Minutes to Adopt Bond Orders), 2. Bond Documentation - City of Charlotte - 2020 GO Referendum (Resolution)

Title

General Obligation Bond Referendum

 

Action

Action:

A.                     Adopt bond orders introduced for $102,732,000 of Street Bonds, $44,500,000 of Neighborhood Improvement Bonds, and $50,000,000 of Housing Bonds, and

 

B.                     Adopt a resolution setting the General Obligation Bond Referendum for November 3, 2020.

 

Body

Staff Resource(s):

Kelly Flannery, Finance

 

Explanation

§                     On June 8, 2020, City Council adopted the Fiscal Year (FY) 2021 operating budget and FY 2021 - FY 2025 Capital Investment Plan, which included a $197,232,000 bond referendum in 2020.

§                     At the same meeting, City Council approved resolutions authorizing staff to proceed with the actions necessary to conduct a General Obligation bond referendum. 

§                     On June 22, 2020, City Council introduced the bond orders and held a public hearing on each of the bond orders for July 13, 2020.

§                     The current action is the fourth of five City Council actions. This action will specifically:

-                     Adopt bond orders for $102,732,000 of Street Bonds, $44,500,000 of Neighborhood Improvement Bonds, and $50,000,000 of Housing Bonds, and

-                     Approve a resolution setting the bond referendum for November 3, 2020, 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 3, 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

Resolution