Item Coversheet
  CITY COUNCIL AGENDA MEMO
MEETING DATE: 2/8/2021
DEPARTMENT:Budget
DIRECTOR:Karen Rhodes-Whitley, Director of Budget and Research
AGENDA ITEM:2021 Bond Referendum Special Election Resolution
RECOMMENDED ACTION:Items for Individual Consideration

ITEM SUMMARY

Resolution No. 2021-2-12(R): To order a Special Election to be held on May 1, 2021, for the purpose of authorizing general obligation bonds; making provisions for the conduct of the election and other provisions incident and related to the purpose of this Resolution. Adopted

PREVIOUS ACTION/PRESENTATION


BACKGROUND

Enclosed for the City Council’s consideration is the resolution to call the 2021 Bond Referendum election as drafted by the City of Plano’s bond counsel, Robert D. Dransfield of Norton Rose Fulbright.  If approved, this resolution would place $364 million in new bond authority across six propositions before voters during the May 1, 2021 municipal elections.  The Referendum will include funding for Street Improvements, Park and Recreational Facilities, Recreation Centers, Public Safety Facilities, Municipal Facilities and Library Facilities Projects.

 

The resolution includes one change following the City Council’s discussion and direction held on January 25, 2021.  During bond counsel’s review it was determined that since the fueling stations will be used for Public Safety vehicles, this project could be combined into Proposition D - Public Safety Facilities and Improvements.  Therefore, instead of seven propositions, there are now six propositions.

 

Due to better preliminary pricing for our spring 2021 Bond Sale, our revised projected tax rate impact is 2.13 cents or $67.71 for an average home in 2025 if all propositions before the voters are approved.  This is a downward revision from the 2.55 cents or $81.13 presented at the January 25, 2021 meeting.  The packet includes the current proposed project list and project descriptions in addition to the resolution ordering the bond referendum election for May 1, 2021.

FINANCIAL SUMMARY/STRATEGIC GOALS

This item has no fiscal impact. 

 

Adoption of this Resolution calling a special election for the 2021 Bond Referendum relates to the City's Strategic Plan Critical Success Factor of Excellent, Innovative, and Accountable City Government.

ATTACHMENTS:
DescriptionUpload DateType
2021 Project List2/1/2021Informational
2021 Project Descriptions2/1/2021Informational
2021 Bond Informational Schedule2/2/2021Informational
2021 Bond Referendum Resolution2/2/2021Resolution