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