Title
Resolution Making Certain Findings and Determinations and Authorizing the Filing of an Application with the Local Government Commission in Connection with the Proposed Issuance of Housing Bonds, Parks and Recreation Bonds, Firefighting Facilities Bonds, Law Enforcement Facilities Bonds and Transportation Bonds by the City
Body
Council Priority: Maintain infrastructure and provide sustainable growth opportunities
Department: Financial & Administrative Services and Legal
Council District: All
Public Hearing: n/a
Advertising Date/By: n/a
Contact 1 and Phone: Marlene Druga, 373-2094
Contact 2 and Phone: Chuck Watts, 373-2320
PURPOSE: The City Council is required by the NC Local Government Commission to make certain findings and initiate certain actions in order to authorize the issuance of up to $135 million General Obligation bonds pursuant to a voter referendum to be held either on November 2, 2021 or on a later date as follows:
June 15, 2021
The first step in the authorization process involves the adoption of a resolution by the City Council finding that 1) the bonds are necessary for the City,
2) the proposed principal amount of the bonds is adequate and not excessive,
3) the City's debt management procedures and fiscal policies are carried out in compliance with applicable law
4) and any increase in taxes to service the bonds will not be excessive.
The resolution will also authorize the Interim Finance Director to file an application for approval of the bonds with the Local Government Commission.
The City Council may eliminate or reduce the amounts of any of the proposed purposes, as legally permissible, to be submitted to the NC Local Government Commission prior to adopting this resolution.
July 20, 2021
The second step will involve actions to be taken by City Council to introduce individual bond orders, by purpose (first reading), for the issuance of General Obligation Bonds and to call for a public hearing on the bond or...
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