Title
Consider adopting Ordinance No. 3263 calling for a bond election in the amount of $23,500,000 to be held within the City on May 10, 2014, making provisions for the conduct of the election and other provisions relating thereto, and take appropriate action.
Body
BACKGROUND:
During both the January 31, 2014 City Council strategic planning retreat and the February 4, 2014 City Council study session, City administration and Council discussed the City’s long-range capital improvement program projects and potential financing sources. As a result of these discussions, City Administration received direction to place an ordinance on tonight’s agenda to call a bond election in May, 2014 to authorize the issuance of bonds for streets and related improvements.
DISCUSSION:
An ordinance, with proposed ballot language, has been prepared by the City’s bond counsel Bracewell & Giuliani LLP based on the City Council’s direction. Representatives of Bracewell & Giuliani LLP will be present during the February 18, 2014 City Council meeting as a resource for any questions regarding the legal aspects of holding a bond election.
RECOMMENDATION:
City Administration recommends adopting Ordinance No. 3263 to call and hold a bond election on May 10, 2014 for the purpose of issuing general obligations bonds of the City in the amount of $23,500,000 for permanent public improvements. Permanent public improvements will consist of engineering, constructing, reconstructing, improving, repairing, developing, extending and expanding streets, thoroughfares, bridges, interchanges, intersections, grade separations, sidewalks and other public ways of the City, including related streetscape improvements, public utility improvements, storm drainage facilities and improvements, signalization and other traffic controls, street lighting, and the acquisition of land.
ACTIONS:
1) Motion to adopt Ordinance No. 3263 calling for a bond election in the amount of $23,500,000 to be held within the City on May 10, 2014 and making provisions for the conduct of the election and other provisions relating thereto.
2) Motion to deny adopting Ordinance No. 3263 calling for a bond election in the amount of $23,500,000 to be held within the City on May 10, 2014 and making provisions for the conduct of the election and other provisions relating thereto.
3) Motion to modify Ordinance No. 3263 to meet the needs of the Council.
4) Motion to table the issue for further study or take no action.
ATTACHMENTS:
1. Ordinance No. 3263