AGENDA ITEM EXECUTIVE SUMMARY
ITEM TITLE*
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Adopt a Resolution Authorizing the Issuance of $13,830,000 of General Obligation Bonds
presenter
RESPONSIBLE STAFF, TITLE, DEPARTMENT*
Amy Oland, Director, Business Management Department
STAFF RECOMMENDATION*
Staff recommends that Council adopt R-X to authorize the issuance of $1,230,000 of Public Facilities referendum bonds, $3,500,000 of Affordable Housing referendum bonds, $5,400,000 of Streets & Sidewalks referendum bonds, $500,000 of Parks & Recreation referendum bonds, and $3,200,000 of Stormwater referendum bonds.
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ACTION/DECISION POINTS*
Council must approve the issuance resolution for the Town to proceed with the first sale of the 2024 referendum bonds ($10,630,000) and the final sale of the 2015 referendum bonds ($3,200,000).
LEGISLATIVE CONTEXT*
To issue general obligation bonds, federal and state statutes require Council to approve a resolution that:
1. Formally authorizes the sale of the general obligation bonds
2. Formally pledges the Town's taxing power to provide for payment on the general obligation bonds
3. Approves the proposed form of the bonds themselves
4. Approves the form of the draft official statement for use in offering bonds to investors
5. States the Town's agreement to comply with the relevant provisions of federal tax law and the federal rules for continuing disclosure to the securities markets
6. Authorizes Town staff to complete the process of issuing the bonds and approves the steps to that end previously taken.
BACKGROUND AND CONTEXT*
2024 General Obligation Bonds ($10,630,000)
* In November 2024, Chapel Hill voters approved a general obligation bond order totaling $44.0 million for public facilities, affordable housing, streets & sidewalks, parks & recreation, and open space & greenways.
* Projects proposed for the first issuance under this authority are as follows:
o $1,230,000 - Design work for Fire Station #4 on Weaver Dairy Road.
o $3,500,000 - Affordable Housing part...
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