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 $13,125,000 to Finance Certain Stormwater 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:
This Resolution is proposing that City Council authorize the issuance of General Obligation Bonds in the estimated maximum principal amount of $13,125,000 to finance the costs of certain stormwater improvements consistent with the City's Resilient Hampton initiative and costs related to the issuance of the bonds. The bond funds will be used primarily to finance the costs of stormwater management Resilient Hampton pilot projects in the Newmarket Creek area of the City. The pilot projects to be funded include Big Bethel Blueway, North Armistead Avenue Green Infrastructure and Lake Hampton. The Big Bethel Blueway project includes improvements to existing waterways to reduce upstream and downstream flooding. The North Armistead Avenue project is related to the road elevation project and includes improvements to help slow, store and redirect stormwater. The Lake Hampton project includes re-routing stormwater drainage from adjacent neighborhoods into the lake, construction and installation of drainage treatment implements to clean runoff from North Armistead Avenue and shoreline improvements. Each of the three pilot projects is expected to use more than ten percent (10%) of the bond funds. The estimated use of funds for each project is as follows: Big Bethel Blueway ($2,735,870); North Armistead Avenue Green Infrastructure ($5,432,302); and Lake Hampton ($3,831,828). Actual use of bond funds may differ from the estimates. In addition, the bond funds may be used in conjunction with or to leverage grant...
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