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Item No. 19 <br />memorandum <br />TO: Mayor & City Council <br />FROM: John Godwin, City Manager <br />SUBJECT: BOND ELECTION <br />DATE: January 24, 2017 <br />BACKGROUND: As discussed at a pair of meetings, the council has indicated its desire to <br />conduct a bond election for the purpose of reconstructing streets, and possibly some needed park <br />improvements. This is prompted by the opportunity to increase the city tax rate to sell bonds for <br />much - needed capital improvements, yet keep a lower net tax rate for our taxpayers due to the <br />upcoming reduction in the PJC rate. The council last month requested staff to bring forward a <br />resolution calling a bond election to approve up to $10 million in general obligation bonds. Such <br />a sale would require an increase in the city's ad valorem tax rate by about five cents. The next <br />uniform election date is May 6, 2017. <br />STATUS OF ISSUE: The council has the option of a single proposition, or two separate ones. <br />If the council prefers two, the first would be for constructing, improving, upgrading and <br />developing streets, bridges and intersections including utility relocation, sidewalks, and traffic <br />safety. The second proposition would be for the purpose of improving and equipping parks, <br />trails, and recreational facilities. If approved, bonds could be sold within thirty days of the <br />canvassing of the election, perhaps allowing us to begin some of the work late this year. A <br />positive vote by citizens authorizes the sale of GOs and a tax to support their repayment if <br />necessary. It does not mandate their sale or establish a specific timeline. <br />Below is a list of recommended street projects, ranked in order of priority by city staff, plus <br />some funding for park improvements, especially safety - related repairs and replacements. The <br />projects below total an estimated $17 million, so all projects cannot be funded. <br />STREET PROJECTS <br />LENGTH <br />TOTAL PROJECT <br />DISTRICT <br />Church, Hearne to Clarksville <br />3700 <br />2,106,277 <br />5 <br />33SE, Lamar to Clarksville <br />4300 <br />3,049,455 <br />6,7 <br />24 SE, Clarksville to Lamar <br />2750 <br />1,475,910 <br />5,6 <br />Collegiate, Lamar to Clarksville <br />3545 <br />382,568 <br />6 <br />Graham, 3rd to RR <br />2700 <br />1,914,750 <br />2,4 <br />