Title
Resolution Authorizing the Issuance of General Obligation Public Improvement Bonds of the City of Hampton, Virginia in the Maximum Principal Amount Not to Exceed $66,350,000 to Finance Certain Public Improvement Projects and General Obligation Refunding Bonds in the Maximum Principal Amount of $19,530,000 to Refund Certain Previously Issued Bonds, and Providing for the Form, Details, and Payment of Such Bonds
Purpose
PURPOSE/BACKGROUND:
This Resolution is proposing that City Council authorize the issuance of General Obligation Public Improvement Bonds in the maximum principal amount not to exceed $66,350,000 to finance the cost of general capital improvement projects of the City. Those projects include, but are not limited to, improvements to public buildings, public roads, stormwater and other public infrastructure, public school facilities, and park and recreation facilities; and the acquisition of land and equipment for public purposes. Projects to be funded or reimbursed that are expected to use more than ten percent (10%) of the bond funds and their estimated amounts are a public swimming facility designed to support community recreation and competitive events ($25,000,000) and certain stormwater resiliency projects ($12,000,000). The authorizing resolution to be considered by Council will also approve the issuance of refunding bonds in a principal amount up to $19,530,000 which will refinance the City’s General Obligation Bonds, Series 2012A, resulting in debt service savings for the City.
The Resolution, if adopted, will authorize the Director of Finance, with the approval of the City Manager, for and on behalf of the City, to sell such bonds for such purposes, to provide for the form, detail and payments of the bonds.
Discussion:
See Purpose/Background.
Impact:
This action will facilitate improvement of the City's infrastructure, as well as lower its overall debt service costs.
Recommendation:
Rec
Approve the Resolution.
B...
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