AGENDA BILL 2010-02-22D
Subject: Resolution No. 2010-07 - Ballot measure to ask voters to approve GO bonds for a new police and court facility
For Council: February 22, 2010
Land Use Case Number: N/A
Public Hearing: N/A
Memorandum to city manager
Resolution to submit a bond measure on the May 18, 2010 primary election ballot
Exhibit A – notice of measure election
Exhibit B – draft ballot measure explanatory statement
Exhibit C – spreadsheet calculations summarizing the tax effect from different bond amounts
Exhibit D – municipal market data index by credit spread graphs
Finance and Police Departments
Estimated $10 million general obligation bond issue (please see Exhibit C for estimated tax impacts on West Linn property owners)
The new police and courts facility will meet LEED Gold standards.
Policy Questions for Council Consideration:
Which election would be best to submit a ballot measure?
What “up to” amount should we ask for? Staff estimated $10 million – is this agreeable?
In January 2009, $1.5 million of full faith and credit obligation debt was incurred to help fund land acquisition for a future police station site.
On January 25, 2010, the City Council approved the facility design contract with Group Mackenzie for the design of a police and court facility.
March 9, 2010 is the final day to submit Measures for the May 18, 2010 primary election.
The attached resolution, notice of measure election, and draft voters pamphlet statement asking voters for general obligation bond authority for up to an estimated $10 million to fund the new police and court facility, refund the $1.5 million of land acquisition debt, and related bond issuance costs.
Approve resolution submitting a bond measure to the voters on the May 18, 2010 ballot.