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Introduction of Bond Order, Setting a Public Hearing and Authorizing the Filing of a Debt Statement for the November 2018 Affordable Housing Bond Referendum.
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Staff:
Department:
Kenneth C. Pennoyer, Director
Business Management
Amy Oland, Assistant Director
Loryn Clark, Executive Director
Housing and Community
Overview: On March 21, 20181 the Council adopted the Preliminary Findings Resolution, which established the Council's intent to proceed with a referendum in November 2018 to authorize the issuance of general obligation bonds for affordable housing in an amount not to exceed $10,000,000. The next steps in the referendum process are to introduce the bond order, set the public hearing and authorize the filing of a debt statement.
Recommendation(s):
* That the Mayor or a member of the Council introduce the Bond Order for the November 2018 General Obligation (G.O.) Bond Referendum; and
* That the Council adopt the resolution setting a public hearing on the bond order for May 9, 2018 and authorize the filing of a sworn statement of debt by the Town's Finance Officer.
Decision Points:
* Council introduction of the Bond Order and adoption of the resolution setting a public hearing and authorizing the filing of a debt statement are statutory requirements for conducting a G.O. Bond Referendum.
* On May 9th Council will hold a public hearing on the referendum authorizing the issuance of Affordable Housing bonds in an amount not to exceed $10,000,000.
* On May 23rd Council will take final action on the referendum by adopting the bond order and setting the ballot question and referendum date.
Key Issues:
* A successful referendum will result in the authority to issue up to $10,000,000 of affordable housing bonds for a period of seven years. Council will approve the timing and amount of bonds issued under this authority.
* Actual issuance of the bonds will require separate Council action.
Fiscal Impact/Resources: The affordable housing...
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