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Consider a 2018 General Obligation (G.O.) Affordable Housing Bond Referendum Adoption of Bond Order, Ballot Question and Referendum Details.
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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 April 25, 2018, Council introduced the bond order authorizing the issuance of affordable housing G.O. bonds. Council held a public hearing on the bond order for an affordable housing G.O. bond referendum on May 9, 2018. The final steps in the Council approval process for the referendum are adoption of the bond order and adoption of a resolution setting the ballot question and referendum date. Voter approval of the bond order in the November 6, 2018 referendum would authorize the issuance of up to $10 million of affordable housing G.O. bonds.
Recommendation(s):
That the Council:
* Adopt the attached bond order.
* Adopt the resolution regarding publication of bond order and details of the bond referendum.
Decision Points:
* Adoption of the bond order and adoption of the resolution setting the ballot question and referendum date are the final steps in the Council approval process.
* The decision to issue bonds after a successful referendum will require a separate Council action.
Key Issues:
* After the Council takes final action on the bond order, the bond order will be published twice and the referendum will be held November 6, 2018.
* A successful referendum will result in the Council having authority to issue up to $10 million of affordable housing bonds for a period of seven years. A three-year extension can be granted by the Local Government Commission.
* Issuance of the bonds will require a separate action by Council.
* We will forward recommendations for project selection criteria to the Council for review and feedback in June.
Fiscal Impact/Resources: The affordable housing bonds will be repaid from the Debt Fund; however, ...
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