HomeMy WebLinkAboutPROPOSED BOND ELECTIONDATE:
TO:
FROM:
RE:
CITY OF PORT ARTHUR, TEXAS
FINANCE DEPARTMENT
6/18/2007
STEVE FITZGIBBONS, CITY MANAGER ~--~x [' ~
REBECCA UNDERHELL. CPA, DIRECTOR OF FINAL~' u
PROPOSED BOND ELECTION
As stated in my memo of April 29, the City is not required to hold a bond election. The City can
issue Certificates of Obligation for public purposes, with sufficient public notice, allowing the
citizens the right to petition for an election.
In order to call a General Obligation bond election, the City Council will have to meet the legal
time requirements. The election must be cai/ed at least 62 days, and not more than 90 days, prior to
the uniform election date, November 4. The August 14 Council meeting might be the target date.
We are confirming these dates with bond counsel.
The General Obligation Election must give the voters the opportunity to voice their opinion on
each project. The draft llst of proiect currently stands at a total amount of $21 million as follows:
Court Ordered Sewer Rehab, Phase II · $ 9,000,000
Water Projects 3,000,000
Water Meter Replacement 1,000,000
Fire Station 1,500,000
Drainage 2,000,000
Streets 1,000,000
Parks 1,500,000
Facilities Revitalization 2,000,000
Total $ 21,000,000
Should the Council desire to hold a bond election, it would be prudent to pull the court ordered
sewer work out of the General Obligation issue, and issue separate CO's for that activity. If the
sewer work was rejected in a GO election, the City would be in a difficult position, as this project is
required to meet the court order. The two bonds could be issued at the same time, reducing issuance
costs,