During the FY 2019 Budget and CIP processes, staff discussed the need to issue bonds to accomplish certain FY 2019 capital projects planned in the FY 2019 CIP and Budget. Projects for which borrowed funds are anticipated to be used are as follows:
- School technology, bus replacements, and capital maintenance projects;
- Renovations to Courtland High School;
- Replacement of Computer Aided Dispatch (CAD) system;
- Animal Shelter expansion/renovations;
- Improvements at Exit 118;
- Removal of Rt. 3 bumpouts;
- Roundabout at Old Plank & Chancellor intersection; and
- Bloomsbury road improvements.
Debt service related to this GO issuance is included in the FY 2019 Adopted Budget. A future budget adjustment will be necessary to record the bond proceeds and issuance costs once the transaction is finalized. Due to the amount of the future budget adjustment, a public hearing will be required.
Staff requests that the Board approve the attached resolution and related documents for the GO issuance to occur this summer. As is always the case when we request Board approval of bond documents, the documents are subject to further edits as we finalize the bond transaction, but are substantially complete at this time. Additionally, staff requests that a public hearing to budget the bond proceeds be authorized for September 11, 2018 or thereafter. |