Title
Resolution on Results of the November 8, 2016 Bond Referendum
Body
Department: Finance and Legal
Council District: All
Public Hearing: No
Advertising Date/By: N/A
Contact 1 and Phone: Richard Lusk, Finance Director 373-2077
Contact 2 and Phone: Tom Carruthers, City Attorney, 373-2320
PURPOSE: Following the November 18, 2016 certification by the Guilford County Board of Elections of the results of the General Obligation Bond Referendum held on November 8, 2016 on Housing Bonds, Community and Economic Development Bonds, Parks and Recreation Bonds, and Transportation Bonds, the City Council must adopt a resolution declaring the results of the referendum and direct the filing of the results of the referendum with the City Clerk and the publication of a notice thereof.
BACKGROUND: The City Council authorized a Bond Referendum at a public hearing held on August 1, 2016 for the purpose of issuing debt to finance $25 million Housing, $38.5 million Community and Economic Development, $34.5 million Parks and Recreation, and $28 million Transportation improvements. On November 8, 2016 voters approved issuing bonds to finance the proposed improvements, totaling $126 million.
BUDGET IMPACT: Following public notice of the results of the referendum the City Council may establish capital project bond funds on or after January 17, 2017 and subsequently authorize issuing debt to fund the improvements. Any future increase in property taxes to service debt on the bonds will be based upon construction project schedules authorized by City Council.
RECOMMENDATION / ACTION REQUESTED: It is recommended by Finance and Legal that City Council approve the attached resolution declaring the results of the Bond Referendum held on November 8, 2016, and the publication of a notice thereof.