City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 6, 2023
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER /s/
FROM: KENDEL TAYLOR, INTERIM DEPUTY CITY MANAGER
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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 City and Schools Capital Projects and to Refund Certain Outstanding Bonds of the City.
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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 Tuesday, June 13, and schedule for second reading, public hearing, and final passage on Saturday, June 17; an ordinance (Attachment 1) authorizing and empowering the issuance, sale and delivery of general obligation bonds up to $196.0 million to finance various public improvements.
BACKGROUND: The proposed ordinance authorizes the issuance, at one time or from time to time, of up to $153.4 million in General Obligation Bonds to finance capital projects approved in the FY 2024 Capital Improvement Program (CIP) and $42.6 million to fund the additional cost associated with the Landmark Redevelopment project, as well as General Obligation Bonds to refund outstanding debt of the City for debt service savings if such as opportunity arises. Staff anticipates that the first issuance of such bonds will occur in Fall 2023, 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...
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