City of Alexandria, Virginia
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MEMORANDUM
DATE: MAY 3, 2017
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, 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 May 9, and schedule for public hearing, second reading and final passage on May 13; an ordinance (Attachment 1) authorizing and empowering the issuance, sale and delivery of bonds up to $105.3 million to finance various public improvements.
BACKGROUND: The proposed ordinance authorizes the issuance of up to $105.3 million in General Obligation Bonds for FY 2018 capital projects, as well as projects approved in FY 2017 but for which debt has not been issued based on cash flow needs. This issuance includes $100.9 million in tax-exempt bonds for City and Alexandria City Public School capital projects and $4.4 million in taxable bonds for affordable housing projects. The issuance is consistent with the
FY 2017 Approved Capital Improvement Program (CIP) (FY 2017 to FY 2026 Approved Capital Improvement Program) and FY 2018 Proposed CIP (FY 2018 to FY 2027 Proposed Capital Improvement Program). The FY 2018 to FY 2027 CIP is anticipated to be adopted on May 4, and the amounts here assume the decisions reflected in the preliminary add-delete session and through the technical adjustments. Authorization of this bond sale is requested at this time so staff work on the bond sale can commence for a contemplated July 2017 bond sale. If the adopted FY 2018 debt service budget or CIP is less th...
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