City of Alexandria, Virginia
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MEMORANDUM
DATE: MARCH 4, 2015
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, ACTING CITY MANAGER /s/
DOCKET TITLE:
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Introduction and First Reading. Consideration. Passage on First Reading of an Ordinance Authorizing and Empowering the Issuance, Sale and Delivery of General Obligation Bonds to Finance Various Capital Projects.
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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 first reading on March 10, and schedule for public hearing, second reading and final passage on March 14, 2015; an ordinance (Attachment 1) authorizing and empowering the issuance, sale and delivery of bonds up to $29.0 million to finance various public improvements.
BACKGROUND: The proposed ordinance authorizes the issuance of up to $29.0 million in General Obligation Bonds for FY 2016 capital projects. This issuance for City and Alexandria City Public Schools (ACPS) capital projects is consistent with the FY 2015 Approved Capital Improvement Program (CIP) (FY 2015 - 2024 Approved Capital Improvement Program and FY 2016 Proposed Capital Improvement Program (CIP) (FY 2016 - 2025 Approved Capital Improvement Program). While the FY 2016 - FY 2025 CIP will not be adopted until May 7, authorization of this bond sale is requested at this time so staff work on bond sale can commence. If the adopted FY 2016 debt service budget or CIP is less than proposed, the bond sale amount will be adjusted accordingly. A June 2015 bond sale is contemplated.
This is an estimate of the maximum authority that the City may need based on borrowing outlined in the budget. The FY 2016 Proposed Capital Improvement Plan includes $62.9 million in General Obligation borrowing, however the financ...
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