Subject:
Title
Public Hearing for Issuance of 2022 Bond
Body
EXPLANATION AND SUMMARY:
In accordance with Town Council's review and approval of the 2022 Capital Improvement Plan on Jan. 24, 2022, the Town plans to issue approximately $12,000,000 in bond financing in March 2022. Approximately 44% of this bond is planned for construction and improvements to streets and sidewalks. Another 33% is planned for water and sewer projects and capital commitments that will be repaid by water and sewer fees. The remainder of the capital plan is for smaller facility improvements, public use vehicles, parks and recreation projects, and issuance costs.
Staff requests that Council consider approval of a total bond issuance of $12 million.
This public hearing, which has been advertised in advance twice in a local newspaper, has been scheduled to allow public comment on the Town's plan to issue bond funding.
Strategic Plan Initiative: Vienna is a fiscally responsible community.
Board or Commission of Interest: TBLC for projects with business impact.
Departmental Recommendation: Recommend setting a public hearing for Feb. 7, 2022
Finance Recommendation: Recommend setting a public hearing for Feb. 7, 2022
Purchasing Recommendation: N/A
Town Attorney Recommendation: The Town may conduct a public hearing to receive public input for the proposed Issuance of General Obligation Public Improvement Bonds, Notes or Other Forms of Indebtedness in the discretion of the Town Council.
Town Manager's Recommendation: I recommend the Town Council make a motion to approve the bond ordinance entitled Ordinance Authoring the Issuance of General Obligation Bonds, as presented.
Cost and Financing: $12,000,000
Account Number: various
Decision Needed by This date: Feb. 7, 2022
PROPOSED/SUGGESTED MOTION
Recommended Action
"I move to close the public hearing."
And
“I further move to approve the bond ordinance entitled ‘Ordinance Authorizing the Issuance of General Obligation Public Improvement Bonds, Notes or Other Forms of Indebtedness of the Town of Vienna, Virginia in a Principal Amount Not to Exceed $12,000,000; Providing for Reimbursement to the Town of Vienna, Virginia from Bond Proceeds; and Authorizing the Execution and Delivery of Certain Documents Related Thereto.
And
“I further move that the Town Clerk and bond counsel be authorized to advertise notice of the adoption of such bond ordinance.”
Or
Other action deemed necessary by Council.