City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 13, 2022
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER
FROM: KENDEL TAYLOR, DIRECTOR OF FINANCE
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 City and Schools Capital Projects and to Refund Certain Outstanding Bonds of the City. [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 first reading on June 14, and schedule for second reading, public hearing, and final passage on Saturday, June 18; an ordinance (Attachment 1) authorizing and empowering the issuance, sale and delivery of general obligation bonds up to $551.7 million to finance various public improvements.
BACKGROUND: The proposed ordinance authorizes the issuance, at one time or from time to time, of up to $551.7 million in General Obligation Bonds to finance capital projects approved in the FY 2023 Capital Improvement Program (CIP) and projects that were approved in prior year CIPs for which the bond authorization was deferred. Staff anticipates that the first issuance of such bonds will occur in Fall 2022, and the actual amount of bonds the City issues at that time will depend on project timing and cash flow and is anticipated to be for a portion of the total authorization. By managing cash flow and not borrowing funds until they are needed, the City is able to lower its debt service costs. However, including the full authorization of bond issuance at this time helps more clearly align the bond authority approval with the approval of the associated projects. Aligning the authorization to the budget process helps ensur...
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