Subject:
Title
Set Public Hearing to Issue Water and Sewer Debt for Dec. 4, 2023 and Notice of Intent to Adopt an Ordinance
Body
DATE(S) OF PRIOR COUNCIL CONSIDERATION OF THIS ISSUE:
Sept. 18, 2023 conference session
EXPLANATION AND SUMMARY:
Per the 2024 Comprehensive Improvement Plan (CIP), the Town needs to borrow money for water and sewer infrastructure and repay the cost of capital improvements to Fairfax Sewer. These will be funded by water and sewer fees. The Town also will open a line of credit to pay for vehicles ordered in 2023 and planned for 2024. The line of credit will be paid for by the general fund and the water and sewer fund based on the use of the vehicle.
The amount intended to be borrowed is as follows:
Water and sewer infrastructure and debt repayment $8,600,000
Vehicles from 2023 and 2024 VRP $3,000,000
Total (Including Closing Costs) $11,600,000
A public hearing allows Vienna residents an opportunity to comment on the debt issuance. There will be two separate issues - a bank loan for water and sewer infrastructure that will close in December 2023, and a line of credit for vehicles that will close in January 2024. A public hearing will be held on Dec. 4, 2023, to allow for public comment.
Departmental Recommendation: Recommend setting a public hearing
Finance Recommendation: Recommend setting a public hearing
Purchasing Recommendation: N/A
Town Attorney Recommendation: The Town may conduct a public hearing to solicit public input on the proposed general obligation debt in the discretion of the Town Council.
Town Manager's Recommendation: I recommend the Town Council authorize the issuance of general obligation debt or other forms of indebtedness by the Town of Vienna, Virginia, as presented.
Cost and Financing: $11,600,000
Account Number: various
Prior Funding Approval: Annual General Budget (Year), Amendments, CIP Budget (Year), or ARPA. N/A
Decision Needed by This date: Nov. 13, 2023
PROPOSED/SUGGESTED MOTION
Recommended Action
"I move that a Public Hearing on a Proposed Ordinance authorizing the issuance of general obligation debt or other forms of indebtedness by the Town of Vienna, Virginia, in an aggregate principal amount up to $11,600,000, in one or more series, which may be tax-exempt or taxable, for the purpose of financing, among other things, public use vehicle replacement and improvements and water and sewer system improvements, described in the Town's capital improvement plan and vehicle replacement plan, be scheduled at the regular Council Meeting of Dec. 4, 2023. I further move that the Town Clerk be authorized to advertise a Notice of the Public Hearing and Notice of the Council's Intention to Adopt such Ordinance at such Meeting."
Or
Other action deemed necessary by Council.