Title
Resolution of the City of Hampton, Virginia Authorizing the Issuance of General Obligation Public Improvement Bonds of the City of Hampton in the Maximum Principal Amount not to Exceed $85,400,000 to Finance Certain Public Improvement Projects and General Obligation Refunding Bonds in an Amount Required to Refund Certain Previously Issued Bonds to Achieve Debt Service Savings, and Providing for the Form, Details and Payment of Such Bonds
Purpose
PURPOSE/BACKGROUND:
Discussion:
This resolution is necessary to authorize a general obligation (GO) bond issue for FY 24, 25, and 26 projects. This GO bond issue is estimated to not exceed a maximum principal amount of $85.4 million. The major projects to be funded are as follows: 1) $18.9 million for Hampton City Schools General Maintenance and Technology Investments; 2) $14.4 million for Stormwater Improvements; 3) $10.7 million for Maintenance of Public Properties and Facilities; and, 3) $10.6 million for Steam Plant Maintenance. A public hearing advertisement appeared in the Daily Press on Wednesday, May 28 and Monday, June 2.
It is the Manager's intent to monitor tax exempt bond rates, but seeks this approval now to provide flexibility to move quickly should the need arise. Recently, Davenport & Company, the City's financial advisor, has suggested to meet with the credit rating agencies in August 2025 and be ready to close on the bonds late September/early October 2025. This timeline may change based on the economic and market environment.
Impact:
The projects funded by this proposed bond issue have already been approved as part of the FY24, 25 and 26 Council Approved Budgets and will improve the City's ability to deliver critical services and improve the quality of life of citizens throughout the City.
Recommendation:
Rec
Approve the Resolution.
Body
WHEREAS, the Public Finance Act of 1991, Sections 15.2-2600 et seq. of the Code of Virginia of 1950, as amend...
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