City Council Memorandum Mayor and Council Memo No. N/A
Date:
September 9, 2024
To:
Vice Mayor and Council
From:
Mayor Kevin Hartke
Subject:
Introduction of Ordinance No. 5109, Forming a Resident Bond Exploratory Committee
Proposed Motion:
Move Council tentatively adopt Ordinance No. 5109, forming a Resident Bond Exploratory Committee, including a Steering Committee and Subcommittees, to review and identify programs requiring financing and to make recommendations to the Council regarding the use of bond financing.
Background/Discussion
The city uses bonds to fund almost 70% of our 10-year Capital Improvement Plan. Arizona Revised Statute requires cities to obtain voter authorization prior to selling General Obligation (GO) bonds and using secondary property taxes to fund the interest and principal. The Mayor and Council desire to promote and develop community outreach for the use of bonds for financing city programs in a manner that is inclusive and representative of the needs and desires of Chandler's residents. This Ordinance creates a Resident Bond Exploratory Committee, which will include a Steering Committee and 4 Subcommittees, for this purpose.
