Title
Consider adopting Ordinance No. 3849 calling a special bond election to be held on May 4, 2024, making provisions for the conduct of the election and authorizing the City Manager to execute an election services contract with the Dallas County Elections Department; and take appropriate action.
Body
BACKGROUND:
Discussion on holding a potential bond election was initiated on October 10, 2023, to consider $8 million in potential projects to be included in a bond election. Additional discussions and information were presented to the Council on October 24, 2023, November 14, and December 12, 2023, along with a Bond Town Hall meeting on January 9, 2024. As a result of those discussions, the City Council decided to call for a bond election on May 4, 2024, to authorize the issuance of general obligation bonds for five proposed projects.
The City’s bond counsel, Bracewell, LLP, has prepared an ordinance with proposed bond language based on City Council direction. Proposed bond projects include the following:
- Demo-Rebuild Program (Proposition A)
- Squire Park (Proposition B)
- The Branch Connection (Proposition C)
- Trails/Sidewalk Improvements (Proposition D)
- Water Infrastructure Improvements (Proposition E)
A study session item will be held on February 6, 2024, to determine the final funding amounts for each of these projects.
FISCAL IMPACT:
Funds have been budgeted in the Administration Election account for this special election.
DISTRICT:
Citywide
RECOMMENDATION:
City Administration recommends approving Ordinance 3849 as the Council directs.
POSSIBLE COUNCIL ACTION:
1. I move to approve Ordinance No. 3849 as presented.
2. I move to approve Ordinance No. 3849, with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Ordinance No. 3849