AGENDA ITEM EXECUTIVE SUMMARY
ITEM TITLE
title
Approve the 2024 Bond Referendum Results Certification
presenter
RESPONSIBLE STAFF, TITLE, DEPARTMENT
Amy Oland, Director, Business Management Department
STAFF RECOMMENDATION
Staff recommends that Council adopt the resolution that certifies and approves the results of the November 5, 2024 Bond Referenda and directs the Town Clerk to publish a statement of results as required by state statute.
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ACTION/DECISION POINTS
The next step in the referendum legal process is for Council to adopt a resolution to confirm the referendum results.
LEGISLATIVE CONTEXT
In the State of North Carolina, public approval is required for the issuance of most municipal general obligation (G.O.) bonds. Public approval is gained through a public vote or referendum. After the referendum, the Town Council must adopt a resolution that confirms the results of the vote and must publish a statement of those results.
BACKGROUND AND CONTEXT
The Town's capital planning process, which includes reviewing multiple master plans, special studies, and Council's strategic goals and priority areas, identified many large-scale projects that could be financed through G.O. bonds. These projects were aggregated by purpose, as shown below, to establish bond orders that would appear on the referendum ballot.
Affordable Housing $ 15,000,000
Public Buildings 15,000,000
Streets & Sidewalks 7,500,000
Parks & Recreation 4,500,000
Open Space & Greenways 2,000,000
$ 44,000,000
On May 15, 2024, the Council adopted the Preliminary Findings Resolution for the November 2024 G.O. Bond Referendum.
On June 5, 2024, the Council introduced each of the bond orders proposed for the November 5, 2024 referendum. The Council adopted the resolution setting a public hearing on each bond order for June 17, 2024.
On June 10, 2024, the Town's Finance Officer filed a Sworn Statement of Debt and a Statement of Estimated Interest with ...
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