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Consider/Discuss/Act on an Ordinance Calling for the May 4, 2019 Special Bond Election
Summary
COUNCIL GOAL: Financially Sound Government
(4D: Create financial plans for future growth as well as future maintenance)
MEETING DATE: February 5, 2019
DEPARTMENT: City Manager
Financial Services
CONTACT: Paul Grimes, City Manager
Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
* City Council approval of an ordinance calling for the Special Bond Election on May 4, 2019 to include:
o Five (5) propositions
o Designation of Election Day Vote Centers (Exhibit A)
o Polling Places for Early Voting (Exhibit B)
* A Spanish language translation of the approved ordinance will be posted and published according to the prescribed Notice of Election schedule.
ITEM SUMMARY:
* The May 2019 Bond Committee recommends that the McKinney City Council place a bond package of $350 million on the May 4th, 2019 ballot. The following items represent the proposed propositions and amounts identified for consideration:
o $75 million for Public Safety
o $50 million for a Municipal Community Complex
o $91 million for Parks & Recreation Facilities
o $34 million for Public Works Facilities
o $100 million for Transportation
BACKGROUND INFORMATION:
* During the August 10, 2018 Budget Workshop, staff and Council discussed the current state of the city's debt capacity and capital improvement plan. During said discussions, Council directed staff to evaluate the process of establishing a bond committee, and prepare to bring forth information concerning the timeline of such efforts.
* On October 1, 2018 the City Council was presented a slate of recommendations concerning the Bond Committee process, and directed staff to begin working with a sub-committee of the Council to identify Bond Committee Members.
* During the October 16, 2018 meeting of the City Council a 35-member Bond Committee was established by the City Council.
* From November 2018 through Janu...
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