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Council approves first reading to authorize up to $29M in public improvement bonds
Summary
By unanimous vote, council advanced a resolution (first reading) authorizing issuance of general obligation bonds not to exceed $29 million for CIP projects and utility funding; staff said roughly $17.6M will fund general CIP projects and $9M will support utility funds.
Council advanced a resolution by first reading authorizing the issuance and sale of general obligation public improvement bonds in an aggregate principal amount not to exceed $29,000,000, with up to $25,000,000 permitted for refunding should market conditions allow.
Chrissy Hamill, the city's budget director, summarized the use of proceeds and schedule: “Roughly $17,600,000 of this bond issue will be for things in the general CIP, which includes transportation and access, public facilities, schools, public safety, parks and recreation, and as well as affordable housing. In addition, we'll be issuing about $9,000,000 for our utility funds, water, wastewater, and stormwater,” she said. Staff said they expect to receive a bond rating from Moody’s and S&P within two weeks and to hold a competitive sale on or about August 18.
The public hearing for the bond authorization drew one public question about the city's bond rating; staff replied that Charlottesville holds a AAA rating. Council moved the first-reading ordinance and voted 5-0 to advance the bond authorization.
