City of Alexandria, Virginia
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MEMORANDUM
DATE: MAY 2, 2018
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 8, and schedule for second reading, public hearing, and final passage on Saturday, May 12; an ordinance (Attachment 1) authorizing and empowering the issuance, sale and delivery of general obligation bonds up to $69.0 million to finance various public improvements.
BACKGROUND: The proposed ordinance authorizes the issuance of up to $69.0 million in tax exempt General Obligation Bonds for FY 2019 capital projects. The issuance is consistent with the FY 2019 Approved Capital Improvement Program (CIP) (FY 2019 to FY 2028 Proposed Capital Improvement Program). The FY 2019 to FY 2028 CIP is anticipated to be adopted on May 3, 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 2018 bond sale. If the adopted FY 2019 debt service budget or CIP is less than currently assumed, the bond sale amount will be adjusted accordingly. Any bond amount increase could be adjusted in a future ordinance for a future sale if needed.
This authorization is an estimate of the maximum authority that the City may need based on borrowing outlined in the budget. The FY 2019 Proposed CIP includes a net of $6...
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