File #: 15-782    Name: Bond Election Ordinance
Type: Ordinance Status: Approved
In control: City Council Regular Meeting
On agenda: 8/18/2015 Final action: 8/18/2015
Title: Consider/Discuss/Act on Ordinance Calling for a November 3, 2015 Special Bond Election
Attachments: 1. Ordinance - English, 2. Ordinance- Spanish

title

Consider/Discuss/Act on Ordinance Calling for a November 3, 2015 Special Bond Election

 

Summary

 

COUNCIL GOAL:                     Financially Sound Government

 

MEETING DATE:                     August 18, 2015

 

DEPARTMENT:                      Financial Services

 

CONTACT:                       Tom Muehlenbeck, Interim City Manager

                     Rodney Rhoades, Chief Financial Officer

                                          

 

RECOMMENDED CITY COUNCIL ACTION:                     

•                     Council approval of ordinance calling the November 3, 2015 Special Bond Election to include:

o                     Seven (7) propositions

o                     Designation of Election Day Vote Centers (Exhibit A)

o                     Polling Places for Early Voting (Exhibit B)

 

ITEM SUMMARY: 

•                     Staff has identified approximately $220 million in bonding capacity within the adopted FY 15 tax rate of .5830 over the next 10 years.  $160 million of this capacity will require voter authorization of which staff has tentatively identified:

o                     $64.1 million for Roads

o                     $22.5 million for Public Safety Facilities

o                     $11.7 million for Facilities

o                     $10 million for Downtown Parking

o                     $50 million for Airport related improvements

o                     $2 million for Drainage

o                     Revocation of authority to issue $13.4 million in 2006 and 2010 Parks Bonds

 

BACKGROUND INFORMATION: 

•                     On July 20th staff presented the City Council with recommended proposition language for consideration.

•                     Staff and the Council Sub-Committee completed work on proposed recommendations for a November 3rd bond election earlier this year.

•                     Council directed staff to prepare a list of potential members to participate in a bond study committee.

•                     Committee meetings took place in May with a recommendation to Council on May 18th.

•                     Conservative growth assumptions were used to determine that over the next 10 years the City of McKinney should have the capacity to issue $220.6 million in debt. There is currently just over $60 million in voter authorized debt to be issued from the 2006 and 2010 bond elections leaving an additional $160 in “non-voter authorized” to be considered by the voters.

 

FINANCIAL SUMMARY:

•                     Models are built with the assumption that a .5830 tax rate will be maintained over the next 10 years.

 

BOARD OR COMMISSION RECOMMENDATION: N/A