Title
Public Hearing on Certificates of Participation Financing for Equipment and Public Facilities
Action
Action:
Conduct a public hearing regarding approval of an installment financing contract not to exceed $137,000,000 for equipment acquisition and construction of and improvements to facilities.
Body
Staff Resource(s):
Teresa Smith, Finance
Matthew Hastedt, Finance
Explanation
§ Certificates of Participation (COPs) are a common debt financing tool used by municipal governments to help fund the purchase of capital equipment and the construction or renovation of facilities.
§ The proceeds from this financing will be used to finance the costs of below and similar other projects:
- Construction of CMPD Northwest police station,
- Acquisition of a new police helicopter,
- ADA facilities,
- Construction, renovation, and improvements to firefighting and other public safety facilities,
- Capital building improvements and sustainability related utility systems upgrades,
- Charlotte Mecklenburg Government Center HVAC replacement,
- Improvements to other governmental facilities, and
- Acquisition of Charlotte Water equipment.
§ City Council will be asked to approve the installment financing contract at the March 25, 2024, Council Business Meeting.
Fiscal Note
Funding: Municipal Debt Service Fund and Charlotte Water Debt Service Fund