Committee authorizes declaration to issue additional GeoBond tranche for infrastructure projects

The committee approved a declaration of intent to issue an additional tranche of 2018 general obligation GeoBonds for infrastructure and neighborhood projects and will return the measure to the full commission for final authorization of bond issuance.

Thais Fiera, the GeoBond program director, told the committee the additional tranche 2 request totals $72,282,000 for infrastructure projects that include street paving, sidewalks, seawalls, tree planting, traffic calming and above‑ground neighborhood funds tied to projects already under design or construction. Staff said 34% of tranche‑2 funds had already been spent or encumbered and that authorization now will provide flexibility to borrow for planned projects as design and construction proceed.

Staff emphasized that authorizing the declaration of intent does not immediately increase taxpayers’ debt service millage; issuance will follow in the future, typically 18 months to three years after an initial expenditure, and will be brought back to the commission for the actual bond issuance. Committee members asked for a map of where paving and sidewalk work has already been completed; staff said public works will provide that in a follow‑up LTC.

The committee voted to return the item with a favorable recommendation to authorize the declaration of intent to issue up to $72,282,000 in additional GeoBond funds for infrastructure category projects; the full commission will consider bond issuance timing and any potential future effects on the millage rate.