{"MatterTextId":29919,"MatterTextGuid":"B5F9E020-AC1F-4451-A2FC-4D12166FCA43","MatterTextLastModifiedUtc":"2026-06-09T15:42:30.35","MatterTextRowVersion":"AAAAAAIoxTE=","MatterTextMatterId":29689,"MatterTextVersion":"1","MatterTextPlain":"..Title\nGeneral Obligation Bond Referendum\n\n..Action\nAction:\nA. Introduce each of the three bond orders required for a General Obligation Bond Referendum, which includes $280,000,000 of Transportation Bonds, $20,000,000 of Neighborhood Improvement Bonds, and $125,000,000 of Housing Bonds, and\n\nB. Approve a resolution setting a public hearing on each of the bond orders for August 10, 2026.\n\n..Body\nStaff Resource(s):\nMatthew Hastedt, Finance\nMitali Shah, Finance\n\nExplanation \n* On June 8, 2026, Council approved:\n* The Fiscal Year (FY) 2027 Budget and FY 2027-2031 Capital Investment Plan, which includes a $425,000,000 bond referendum on November 3, 2026; and\n* Resolutions authorizing staff to proceed with actions necessary to conduct a General Obligation Bond Referendum.\n* The current action is the second of four City Council actions. This action will specifically:\n* Introduce the bond orders for each of the ballot questions; and\n* Approve a resolution setting a public hearing for each of the bond orders for the August 10, 2026, business meeting.\n* A state law enacted in 2023 requires that the ballot questions for General Obligation Bond referenda explicitly state the estimated total principal and interest costs over the lifetime of the bond, the estimated property tax increase that could be necessary to service these costs, and that additional property taxes may be levied in order to pay these costs.\n* Based on the city's Steady State modelling of debt capacity, the tax rate included in the FY 2027 Budget is projected to support the cost of these bonds without any future increases.\n* The property tax increase included in the FY 2027 Budget supports General Fund investments in public safety and is not related to the cost of these bonds.\n* In accordance with State law, the Chief Financial Officer will file a statement of disclosures, which includes estimated interest and the estimated property tax increase mentioned above, for each of the ballot questions. The estimates are non-binding. The Chief Financial Officer will also file a sworn statement of debt with the City Clerk.\n\nNext Steps\n* On August 10, 2026, City Council will be asked to hold a public hearing on each of the bond orders, approve the bond orders, and adopt a resolution setting a special bond referendum for November 3, 2026 (including the form and language of the ballot).\n* After November 3, 2026, City Council will be asked to adopt a resolution certifying and declaring the results of the special bond referendum. This action will occur after the Mecklenburg County Board of Elections certifies the results of the vote.\n\nFiscal Note \nFunding: Municipal Debt Service Fund\n\n..Attachments\nAttachment(s)\nBond Orders\nResolution setting Notice of Public Hearing\n\n\n\n\n","MatterTextRtf":"{\\rtf1\\fbidis\\ansi\\ansicpg1252\\deff0\\deflang1033\\deflangfe1033{\\fonttbl{\\f0\\fswiss\\fprq2\\fcharset0 Verdana;}{\\f1\\froman\\fprq2\\fcharset0 Times New Roman;}{\\f2\\fnil\\fprq2\\fcharset2 Wingdings;}{\\f3\\froman\\fprq2\\fcharset2 Symbol;}}\n{\\colortbl ;\\red255\\green255\\blue255;\\red255\\green0\\blue0;\\red0\\green0\\blue0;}\n{\\stylesheet{ Normal;}{\\s1 heading 1;}{\\s2 heading 2;}}\n\\viewkind4\\uc1\\pard\\ltrpar\\cf1\\b\\f0\\fs26 ..Title\\par\n\\cf0 General Obligation Bond Referendum\\b0\\f1\\par\n\\cf2\\b\\f0\\par\n\\cf1 ..Action\\b0\\fs17\\par\n\\cf0\\ul\\b\\fs20 Action\\ulnone :\\par\n\\pard\\ltrpar\\fi-720\\li720\\tx720\\tx1440 A.\\tab Introduce each of the three bond orders required for a General Obligation Bond Referendum, which includes $280,000,000 of Transportation Bonds, $20,000,000 of Neighborhood Improvement Bonds, and $125,000,000 of Housing Bonds, and\\par\n\\par\nB.\\tab Approve a resolution setting a public hearing on each of the bond orders for August 10, 2026.\\par\n\\pard\\ltrpar\\tx0\\cf2\\b0\\i\\par\n\\pard\\ltrpar\\tx720\\tx2880\\cf1\\b\\i0\\fs26 ..Body\\b0\\fs17\\par\n\\cf0\\b\\fs20 Staff Resource(s):\\b0\\par\nMatthew Hastedt, Finance\\par\nMitali Shah, Finance\\par\n\\par\n\\b Explanation \\b0\\par\n\\pard\\ltrpar\\fi-360\\li720\\tx360\\tx720\\f2\\'a7\\tab\\f0 On June 8, 2026, Council approved:\\par\n\\pard\\ltrpar\\fi-360\\li1440\\tx360\\tx720\\f3 -\\tab\\f0 The Fiscal Year (FY) 2027 Budget and FY 2027-2031 Capital Investment Plan, which includes a $425,000,000 bond referendum on November 3, 2026; and\\par\n\\pard\\ltrpar\\fi-360\\li1440\\f3 -\\tab\\f0 Resolutions authorizing staff to proceed with actions necessary to conduct a General Obligation Bond Referendum.\\par\n\\pard\\ltrpar\\fi-360\\li720\\tx360\\tx720\\f2\\'a7\\tab\\f0 The current action is the second of four City Council actions. This action will specifically:\\par\n\\pard\\ltrpar\\fi-360\\li1440\\tx360\\tx720\\f3 -\\tab\\f0 Introduce the bond orders for each of the ballot questions; and\\par\n\\pard\\ltrpar\\fi-360\\li1440\\f3 -\\tab\\f0 Approve a resolution setting a public hearing for each of the bond orders for the August 10, 2026, business meeting.\\par\n\\pard\\ltrpar\\fi-360\\li720\\tx360\\tx720\\f2\\'a7\\tab\\f0 A state law enacted in 2023 requires that the ballot questions for General Obligation Bond referenda explicitly state the estimated total principal and interest costs over the lifetime of the bond, the estimated property tax increase that could be necessary to service these costs, and that additional property taxes may be levied in order to pay these costs.\\par\n\\pard\\ltrpar\\fi-360\\li1440\\tx360\\tx720\\f3 -\\tab\\f0 Based on the city\\rquote s Steady State modelling of debt capacity, the tax rate included in the FY 2027 Budget is projected to support the cost of these bonds without any future increases.\\par\n\\pard\\ltrpar\\fi-360\\li1440\\f3 -\\tab\\f0 The property tax increase included in the FY 2027 Budget supports General Fund investments in public safety and is not related to the cost of these bonds.\\par\n\\pard\\ltrpar\\fi-360\\li720\\tx360\\tx720\\f2\\'a7\\tab\\f0 In accordance with State law, the Chief Financial Officer will file a statement of disclosures, which includes estimated interest and the estimated property tax increase mentioned above, for each of the ballot questions. The estimates are non-binding. The Chief Financial Officer will also file a sworn statement of debt with the City Clerk.\\par\n\\pard\\ltrpar\\tx360\\tx720\\par\n\\pard\\ltrpar\\nowidctlpar\\s2\\li20\\qj\\b Next\\expndtw-4  \\expndtw-2 Steps\\par\n\\pard\\ltrpar\\fi-360\\li720\\tx360\\tx720\\expndtw0\\b0\\f2\\'a7\\tab\\f0 On August 10, 2026, City Council will be asked to hold a public hearing on each of the bond orders, approve the bond orders, and adopt a resolution setting a special bond referendum for November 3, 2026 (including the form and language of the ballot).\\par\n\\pard\\ltrpar\\fi-360\\li720\\f2\\'a7\\tab\\f0 After\\expndtw-4  \\expndtw0 November\\expndtw-4  \\expndtw0 3,\\expndtw-4  \\expndtw0 2026,\\expndtw-4  \\expndtw0 City\\expndtw-4  \\expndtw0 Council\\expndtw-4  \\expndtw0 will\\expndtw-4  \\expndtw0 be\\expndtw-4  \\expndtw0 asked\\expndtw-4  \\expndtw0 to\\expndtw-4  \\expndtw0 adopt\\expndtw-4  \\expndtw0 a\\expndtw-4  \\expndtw0 resolution\\expndtw-4  \\expndtw0 certifying\\expndtw-4  \\expndtw0 and\\expndtw-4  \\expndtw0 declaring the results of the special bond referendum. This action will occur after the Mecklenburg County Board of Elections certifies the results of the vote.\\par\n\\pard\\ltrpar\\fi-360\\li720\\tx360\\tx720\\par\n\\pard\\ltrpar\\tx720\\b Fiscal Note \\par\n\\pard\\ltrpar\\cf3\\b0 Funding: \\cf0 Municipal Debt Service Fund\\cf2\\par\n\\i\\par\n\\pard\\ltrpar\\tx720\\tx2880\\cf1\\b\\i0\\fs26 ..Attachments\\par\n\\pard\\ltrpar\\tx720\\cf0\\fs20 Attachment(s)\\par\n\\pard\\ltrpar\\nowidctlpar\\li20\\b0 Bond\\expndtw-1  \\expndtw-2 Orders\\par\n\\expndtw0 Resolution\\expndtw-5  \\expndtw0 setting\\expndtw-5  \\expndtw0 Notice\\expndtw-5  \\expndtw0 of\\expndtw-5  \\expndtw0 Public\\expndtw-5  \\expndtw-2 Hearing\\par\n\\pard\\ltrpar\\cf2\\expndtw0\\par\n}\n"}