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Item No. 18 <br />memo�andunz <br />TO: Mayor & City Council <br />FROM: John Godwin, City Manager <br />SUBJECT: BOND ELECTION <br />DATE: January 18, 2013 <br />BACKGROLJND: Concurrent with discussions and work on developing a ten-year capital <br />improvements program (CIP), we have discussed the need to conduct a bond election in 2013 to <br />approve up to $50 million in general obligation bonds. Such elections may occur on one of two <br />state-mandated uniform election dates — Saturday, May 11 or Tuesday, November 5. <br />STATUS OF ISSUE: At this point we suggest three separate bond propositions, for streets, <br />drainage, and utilities system improvements. This will permit voters to approve any or all of the <br />project categories, consistent with state attorney general guidelines for such special elections. If <br />approved, bonds could be sold within thirty days of the canvassing of the election, allowing us to <br />begin some of the work in fall of this year. However, we would almost certainly not sell all of <br />the bonds at one time. A positive vote by citizens authorizes the sale of GOs and a tax to support <br />their repayment if necessary. It does not mandate their sale or establish a specific timeline. <br />BUDGET: By conducting the special election concurrent with the regular council election, there <br />should be minimal additional cost, if any. Repayment of the bonds will depend on when they are <br />actually sold. <br />RECOMMENDATION: Call special election for May 11, and authorize preparation and <br />submittal of all appropriate ballot language. <br />