Title
General Obligation Bond Referendum
Action
Action:
A. Introduce each of the three bond orders required for a General Obligation Bond Referendum which includes $146,200,000 of Street Bonds, $29,800,000 of Neighborhood Improvement Bonds, and $50,000,000 of Housing Bonds, and
B. Approve a resolution setting a public hearing on each of the bond orders for July 11, 2022.
Body
Staff Resource(s):
Teresa Smith, Finance
Matthew Hastedt, Finance
Explanation
§ On May 31, 2022, Council adopted the Fiscal Year (FY) 2023 Budget and FY 2023-2027 Capital Investment Plan, which included a $226,000,000 bond referendum on November 8, 2022.
§ At the same meeting, Council approved resolutions authorizing staff to proceed with 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 a public hearing for each of the bond orders for the July 11, 2022 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 11, 2022, City Council will be asked to hold a public hearing on each of the bond orders, approve the bond orders (including the form and language of the ballot), and set a special bond referendum for November 8, 2022.
§ After November 8, 2022, 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 County Board of Elections certifies the results of the vote.
Fiscal Note
Funding: Municipal Debt Service Fund
Attachments
Attachment(s)
Bond Orders
Resolution setting Notice of Public Hearing