TO: Mayor and Members of City Council
THRU: Douglas J. Hewett, ICMA-CM, City Manager
FROM: Jeffrey Yates, Assistant City Manager
DATE: May 22, 2023
RE:
Title
Capital Project Ordinance - Appropriating $15.55 million of General Obligation Bonds for public infrastructure ($9.4 million), public safety ($4.15 million), and housing ($2 million)
end
COUNCIL DISTRICT(S):
Council District(s)
ALL
b
Relationship To Strategic Plan:
Goal 4: Desirable Place to Live, Work and Recreate
Executive Summary:
The $15.55 million capital project ordinances appropriate the first year of the General Obligation Bond program, allowing the City to begin work on the various projects.
Background:
In November of 2022, voters passed a referendum authorizing the City to issue up to $97 million of General Obligation Bonds. General Obligation Bonds are supported by the full faith and credit of the City. The projected ad valorem tax rate needed to support the General Obligation Bonds is 4.25 cents.
It is anticipated that the bond program will take approximately six years to complete
Issues/Analysis:
None
Budget Impact:
The recommended tax rate increase to provide funding (4.25 cents) will be included in City Manager’s recommended budget.
Options:
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Recommended Action:
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Attachments:
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