Subject:
Title
7:45 p.m. - 8:15 p.m. - Set Public Hearing to Issue Vehicle Replacement Program Debt and Notice of Intent to Adopt an Ordinance
Body
DATE(S) OF PRIOR COUNCIL CONSIDERATION OF THIS ISSUE:
N/A
EXPLANATION AND SUMMARY:
Per the 2025 Vehicle Replacement Program (VRP), the Town needs to borrow money for vehicles to be ordered and delivered in fiscal year 2025. The borrowing for vehicles has been delayed due to delayed delivery timelines and supply-chain issues for previous year VRP vehicles. The debt 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 $1,675,000, which included closings costs for the borrowing.
A public hearing allows Vienna residents an opportunity to comment on the debt issuance. The issuance for vehicles is expected to close in March 2025. A public hearing will be held on Feb. 24, 2025, to allow for public comment.
Departmental Recommendation: Recommend a public hearing
Finance Recommendation: Recommend a public hearing
Purchasing Recommendation: N/A
Town Attorney Recommendation: The Town Council may set a public hearing to receive public comment on the proposed issuance of debt in the Town Council's discretion.
Town Manager's Recommendation: I recommend the Town Council set a public hearing for February 24 to issue vehicle replacement program debt and notice of intent to adopt ordinance, as presented.
Cost and Financing: $1,675,000
Account Number: various
Prior Funding Approval: Annual General Budget (Year), Amendments, CIP Budget (Year), or ARPA. N/A
Decision Needed by This date: Feb. 3, 2025
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 $1,675,000, in one or more series, which may be tax-exempt or taxable, for the ...
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