Agenda Item Title:
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City Council Considering a Fire Station 31 General Obligation Bond
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Presenter:
Brian Kelley, Administrative Services Director
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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.