Title
Consider adopting Ordinance No. 3215 calling for a bond election for May 11, 2013 and take appropriate action.
Body
BACKGROUND:
On December 6, 2011, the Parks and Recreation Board made a presentation to the City Council about the municipal swimming pool and staff received direction from City Council to prepare a master plan for a future aquatic facility. On August 21, 2012, the master plan was completed and presented to City Council. On November 6, 2012, the City Council received the aquatic facility master plan and discussed issuing certificates of obligation for the project. On January 8, 2013, the City Council received a presentation related to long-range capital improvement program projects and potential financing sources and directed staff to place an ordinance on an upcoming agenda to call a bond election in May, 2013 to authorize the issuance of $7,150,000 (including costs of issuance) for a new aquatics facility.
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 19th 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. 3215 to call and hold a bond election on May 11, 2013 for the purpose of issuing general obligations bonds of the City in the amount of $7,150,000 for an aquatics facility.
ACTIONS:
1) Motion to adopt Ordinance No. 3215 calling for a bond election for May 11, 2013.
2) Motion to deny Ordinance No. 3215 calling for a bond election for May 11, 2013.
3) Motion to modify Ordinance No. 3215 to meet the needs of the Council.
4) Motion to table the issue for further study or take no action.
ATTACHMENTS: 1. Ordinance No. 3215