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Hampton approves resolution authorizing up to $85.4 million in general-obligation bonds
Summary
Council approved a resolution allowing the city to issue up to $85,400,000 in general-obligation bonds to fund capital projects including school maintenance, stormwater work, maintenance of public facilities and steam-plant upkeep; staff said the timing seeks favorable tax-exempt rates.
City Council approved a resolution authorizing issuance of general-obligation public-improvement bonds not to exceed $85,400,000 to finance capital projects and refund previously issued bonds for debt-service savings. Staff described the package as covering multiple fiscal years and emphasized steps to avoid exceeding the adopted budget or issuing debt at unfavorable rates.
City staff explained the major project allocations: about $18.9 million for Hampton City Schools maintenance and technology, $14.4 million for stormwater improvements, roughly $10.7 million for maintenance of public properties and facilities, and $10.6 million for steam-plant maintenance. As staff summarized, "This GO bond issue is estimated to not exceed the maximum principal amount of $85,400,000." No members of the public signed up for the hearing and the council approved the resolution by roll call.
