City of Alexandria, Virginia
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MEMORANDUM
DATE: APRIL 4, 2014
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER /s/
DOCKET TITLE:
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Public Hearing, Second Reading and Final Passage of an Ordinance Authorizing and Empowering the Issuance, Sale and Delivery of General Obligation Bonds to Finance Various Capital Projects. [ROLL-CALL VOTE]
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ISSUE: Consideration of an ordinance to authorize the issuance of General Obligation Bonds to finance various City and School capital projects.
RECOMMENDATION: That City Council pass on April 12, 2014 an ordinance (Attachment 1) authorizing and empowering the issuance, sale and delivery of bonds up to $36.0 million to finance various public improvements.
BACKGROUND: The proposed ordinance authorizes the issuance of up to $36.0 million in General Obligation Bonds for FY 2013 and FY 2015 capital projects. This issuance for City and Alexandria City Public Schools (ACPS) capital projects is consistent with the FY 2013 Approved Capital Improvement Program (CIP) (FY 2013 - 2022 Approved Capital Improvement Program and FY 2015 Proposed Capital Improvement Program (CIP) (FY 2015 - 2024 Proposed Capital Improvement Program, page 5-3) and FY 2015 Proposed Capital Improvement Program (CIP) (FY 2015 - 2024 Proposed Capital Improvement Program, page 5-3). Borrowing associated with the FY 2013 Approved CIP is to complete funding for the new ACPS Jefferson-Houston K-8 facility.
This is an estimate of the maximum authority that the City may need based on borrowing outlined in the budget. The actual amount of bonds the City issues will depend on the City's cash needs, as well as interest rate conditions in the marketplace.
DISCUSSION: The major categories and estimated maximum amounts covered by this bond authorization are described below:
* Schools - $17.8 million
Co...
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