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File #: 23-288    Version: 1 Name:
Type: Resolution Status: Agenda Ready
File created: 7/21/2023 In control: City Council
On agenda: 7/25/2023 Final action:
Title: City Council Considering a Fire Station 31 General Obligation Bond
Attachments: 1. Signed_Resolution_23-38C, 2. Click here to eComment on this item, 3. Fire Station 31 Financing Plan Memo.pdf, 4. Station 31 Project Cost Considerations.pdf, 5. Resolution 23-38C.pdf, 6. Sandy GO Scenario#1 $20.7M.pdf, 7. Sandy GO Scenario#2 $14.8M.pdf, 8. Election GO Timeline 2023.pdf
Related files: 22-431, 23-167, 23-254, 23-336, 23-503, 23-398

Agenda Item Title:

Title

City Council Considering a Fire Station 31 General Obligation Bond

 

Body

Presenter:

Brian Kelley, Administrative Services Director

 

Body

Description/Background:

At the request of the City Council, updated project costs and debt service options have been provided on the Fire Station 31 project for consideration in finalizing a GO Bond resolution to finance the project.

 

Further action to be taken:

Tonight, staff is requesting that the Council determine both the maximum bond proceed amount and the bond term, whether to include/exclude the underlined language on p.7 of the resolution (ballot proposition), and whether any other amendments to the resolution should be included.  Once those decisions are made, the resolution may be adopted by the Council.

 

Once the attached resolution providing for a special bond election is adopted, and prior to the November 21, 2023 General Election, the City Council will hold both a public hearing (October 3, 2023) as well as a public meeting (November 7, 2023) to further gather public input regarding the issuance of the General Obligation Bonds. 

 

Recommended Action and/or Suggested Motion:

Recommendation

Motion to adopt Resolution 23-38C as presented (or as amended).

 

The City Council may adopt the resolution as presented to call for a special bond election to finance the Fire Station 31 project or amend and adopt the resolution, if desired. This action could also take place at a future date, provided that it is completed before the statutory deadline of September 7th. The last scheduled council meeting to take this action is August 29th.