City of Alexandria, Virginia
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MEMORANDUM
DATE: APRIL 6, 2016
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Public Hearing, Second Reading and 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 hold a public hearing and pass on May 14; an ordinance (Attachment 1) authorizing and empowering the issuance, sale and delivery of bonds up to $80.5 million to finance various public improvements. It should be noted that due to the legal advertising requirements related to authorization to issue General Obligation Bonds, the public hearing will occur in May, following two weeks of advertising the public hearing.
BACKGROUND: The proposed ordinance authorizes the issuance of up to $80.5 million in General Obligation Bonds for FY 2016 and FY 2017 capital projects, as well as projects approved in FY 2016 but for which debt has not been issued based on cash flow needs. This issuance for City and Alexandria City Public Schools (ACPS) capital projects is consistent with the FY 2016 Approved Capital Improvement Program (CIP) (FY 2016 - FY 2025 Approved Capital Improvement Program and FY 2017 Proposed Capital Improvement Program (CIP)
(FY 2017 - FY 2026 Proposed Capital Improvement Program). While the FY 2017 - FY 2026 CIP will not be adopted until May 5, authorization of this bond sale is requested at this time so staff work on bond sale can commence for a contemplated June 2016 bond sale. If the adopted FY 2017 debt service budget or CIP is less than proposed, the bond sale amount will be adjusted ...
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