11-18-13 Council Packet - Laserfiche WebLink

Home Search

these bonds, the City may include a tax levy to pay part of the bond debt service. 4. The City may also assess a portion of the cost of an improvement, and use those revenues in addition to utility revenues. The special assessments are still subject to the petition and veto process under the Charter, but the Charter would not require an election on the project itself because costs would not be paid with a tax levy or general city funds. 5. The City could combine utility bonds with improvement bonds or street reconstruction bonds to finance various portions of a street reconstruction project. For example, the City could finance just the street work by issuing street reconstruction bonds paid entirely with a tax levy (subject to reverse referendum), and finance the utility work with utility bonds secured by net utility revenues. No election is required under the Charter because no part of the project is specially assessed —the Charter does not apply at all. Or, the City could specially assess 100% of the cost of the street work, and use utility revenues to pay 100% of the cost of the utility work. In that case, the City might issue improvement bonds for the street portion and utility bonds for the utility portion. No election is required under the Charter because, even though the street project is assessed (so the Charter does apply to that work), no part of the project is paid from tax levy or general City funds.