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Consider a memorandum/resolution authorizing the issuance of certificates of obligation for capital projects and further directing the publication of notice of intention to issue certificates of obligation for capital projects.
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DATE: February 4, 2025
TO: Kent Cagle, City Manager
FROM: Judith Tangalin, Executive Director of Finance
SUBJECT: Certificates of Obligation
BACKGROUND AND FINDINGS:
During a Special City Council Workshop on January 9, 2023, the City Council directed staff to seek citizen input on potential bond projects. Based on feedback from that workshop, staff conducted an online survey, with results presented at a follow-up Special Workshop on March 30, 2023.
At the March 30 workshop, survey results and citizen feedback were discussed. On July 11, 2023, the City Council adopted an ordinance authorizing the issuance of Combination Tax and Revenue Certificates of Obligation, Series 2023, for capital projects. However, not all projects identified in the citizen survey were addressed.
By FY 2025, addressing the remaining survey projects and other priorities became necessary. On September 17, 2024, the City Council directed staff to proceed with Certificates of Obligation for the Featherline Road Project, Fire Station 5 Replacement, Veteran's Park Development, and Mohawk Drive Road Project. Notably, Fire Station 5 Replacement and Mohawk Drive were part of the original FY 2023 citizen survey.
After evaluating the City's priorities and available debt capacity, city management recommends proceeding with the Chaparral Road Project due to its importance and addressing Veteran's Park Development at a later date. Additionally, Golf Course Improvements are recommended to be included in the project list, funded through a revenue pledge.
The attached resolution represents the initial step in the process of issuing bonds to fund capital projects. This resolution authorizes the issuance of Certificates of Obligation, outlines the allowable...
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