AGENDA ITEM EXECUTIVE SUMMARY
ITEM TITLE*
title
Approve the Budget and Project Ordinance Amendments to Recognize Series 2025 General Obligation Bond proceeds
presenter
RESPONSIBLE STAFF, TITLE, DEPARTMENT*
Amy Oland, Director, Business Management Department
STAFF RECOMMENDATION*
Staff recommends that Council:
* Enact the attached project ordinance amendment to establish a budget for the 2024 Public Facilities Bond Fund; and
* Enact the attached project ordinance amendment to establish a budget for the 2024 Affordable Housing Bond Fund; and
* Enact the attached project ordinance amendment to establish a budget for the 2024 Streets & Sidewalks Bond Fund; and
* Enact the attached project ordinance amendment to establish a budget for the 2024 Parks & Recreation Bond Fund; and
* Enact the attached budget ordinance to amend the budget for the Stormwater Fund to recognize Series 2025 Stormwater referendum bonds.
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ACTION/DECISION POINTS*
Council must approve the project and budget ordinance amendments for the Town to receive and allocate proceeds from the first sale of the 2025 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 an ordinance that recognizes the bond proceeds and appropriates them for the intended projects.
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 ($15 million), affordable housing ($15 million), streets & sidewalks ($7.5 million), parks & recreation ($4.5 million), and open space & greenways ($2 million).
* Projects planned for this 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 partner projects that will focus on high impact development and ...
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