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Home My WebLink AboutMinutes - Minutes - Bond Committee - Meeting Date: 12/7/2021Glendale A R I Z O N A MINUTES CITIZEN BOND ELECTION COMMITTEE CITY HALL, 4TH FLOOR CONFERENCE ROOM 5850 W. GLENDALE AVE. GLENDALE, ARIZONA 85301 DECEMBER 7, 2021 5:30 P.M. 1. CALL TO ORDER The meeting was called to order at 5:30 p.m. 2. ROLL CALL Present: Lisa Baker, Chair Jon Froke (Via Zoom), Committee Member Connie Kiser, Committee Member Roger Powers, Committee Member Michael Socaciu, Committee Member Absent: Alicia Rubio, Vice Chair Also Present: Vicki Rios, Assistant City Manager Lisette Camacho, Budget and Finance Director Levi Gibson, Budget and Finance Assistant Director Amy Lindsay, Budget Administrator Dan Cleavenger, Interim Transportation Director Purab Adabala, Transportation Planning Administrator Michele Woytenko, Field Operations Director Jim Burke, Public Facilities, Recreation & Special Events Director John Murphy, Administrator- Engineering Budget & CIP Randa Abdelazim, Budget and Finance Managment Assistant Julie Patterson, Budget and Finance Management Assistant Kathryn Pong, RBC Capital Markets Tom Carlson, RBC Capital Markets William DeHaan, Greenburg Traurig 3. CITIZEN COMMENTS If citizens wish to speak on a matter concerning the Citizen Bond Election Committee that is not on the printed agenda, please complete a Citizen Comments Card and provide it to the designated staff person prior to the beginning of the meeting. Once your name is called by the Chairperson, please proceed to the podium and state your name and address for the record. Please limit your comments to a period of three minutes or less. None. 4. APPROVAL OF NOVEMBER 2, 2021 MINUTES A motion was made by Committee Member Michael Socaciu, second by Chair Lisa Baker, to approve the Citizen Bond Election Committee November 2, 2021 meeting minutes as written AYE: Chair Lisa Baker Committee Member Jon Froke (Via Zoom) Committee Member Connie Kiser Committee Member Roger Powers Committee Member Michael Socaciu Other: Vice Chair Alicia Rubio (ABSENT) 5. GENERAL OBLIGATION (G.O.) BONDS Presented by: Vicki Rios, Assistant City Manager Presented by: Lisette Camacho, Director, Budget and Finance Presented by: Levi Gibson, Assistant Director, Budget and Finance Ms. Camacho presented the following information: G_O_ Bonds: • Paid for using secondary property tax Assumes a flat levy • Must be authorized by voters • Constitutional limits • Based on Limited Property Value (LPV) • Outstanding G.O. debt may not exceed: • 20% of LPV for combined water, sewer, public safety, streets, transportation, open space, and parks • 6% of LPV for general municipal purposes (library, general government facilities, economic development) Information Pamphlet for Bond Election: • Arizona Revised State Statute 35-454: A copy of the statute was distributed to the Committee Members. The statute dictates the information that must be included in the election pamphlet. • Must contain information on the: • Amount of bond authorization • Maximum interest rate of the bonds • Estimated debt retirement schedule for the current amount of bonds outstanding • Estimated debt retirement schedule for the proposed bond authorization • Source of repayment • Estimated insurance costs • Estimated tax impact of debt service for the bonds on a residential, commercial, agricultural, or other vacant property • Estimated total cost of the proposed bond authorization • Current outstanding general obligation debt and constitutional debt limitation • Projects and expenditures for which the bonds are to be issued • The purpose statement shall only present factual information in a neutral manner *Advocacy for the expenditures is strictly limited to the arguments submitted • Purpose for which the bonds are to be issued • Any proposed general obligation bond authorization for which the principal and interest will be paid by a levy of property taxes, the ballot shall contain the phrase, "the issuance of these bonds will result in a property tax increase sufficient to pay the annual debt service on bonds" .Arguments for and against the authorization of one or more of the bond propositions • Must include the sworn statement of the person submitting it • Set deadline to submit arguments for and against the bond proposition . The information pamphlet must be mailed at least 45 days before the election to every household that contains a registered voter Ms. Rios announced that all information must be included according to the state statute even though Council is intent on keeping the levy flat. She indicated that staff could not write arguments for or against the bonds; however the citizenry could do so. There were no questions. The agenda item was concluded. 6. GENERAL OBLIGATION (G.O.) BOND FUNDED CAPITAL PROJECTS Presented by: Vicki Rios, Assistant City Manager Presented by: Lisette Camacho, Budget and Finance Director Presented by: Levi Gibson, Budget & Finance Assistant Director Ms. Camacho gave a presentation, which included information on the following Previous Bond Elections • 1981 .,Amount Authorized: $6.75 million • Amount Issued through 6/30/21: $550,000 • Authorized but Unissued: $6.2 million 91987 • Amount Authorized: $9.698 million • Amount Issued through 6/30/21: $8 million • Authorized but Unissued: $1.698 million • 1999 • Twelve Propositions totaling $412 million • All propositions passed • Specific breakout for the twelve propositions was provided for Amount Authorized, Amount Issued through 6/30/21, and Authorized but Unissued • 2007 • Five Propositions totaling $270 million • All propositions passed except Economic Development • Specific breakout for the four propositions that passed was provided for Amount Authorized, Amount Issued through 6/30/21, and Authorized but Unissued • Bond election verbiage, financial information, and photos of projects completed with bond funds were provided. The projects were only a sample of all projects completed. • Public Safety: Remodel Fire Station 152, Remodel Sine Building, Underground Storage Tank • Streets and Parking: P1 /Yellow Lot Parking (91 st Avenue and Maryland), Black Lot Parking (Bethany and 95th Avenue), Pedestrian Infrastructure, 95th Avenue, Glendale Avenue Reconstruction, Camelback Road/Loop 101 to 91 st Avenue Reconstruction. Note: the first two projects also include funds from the 1999 Economic Development voter authorization. • Flood Control: Bethany Home Outfall Channel, 83rd and Georgia Drainage • Parks and Recreation: O'Neil Splash Pad, Heroes Regional Park Lake (approximately $1.2M of the total project cost is budgeted in the General Fund) • FY2022-31 CIP: List of Programmed Projects Within Existing Voter Authorization and a List of Programmed Projects Requiring Additional Voter Authorization was provided for the following 2007 voter authorization: • Public Safety (no projects listed requiring Additional Voter Authorization) • Streets and Parking • Flood Control • Parks and Recreation Ms. Rios announced that details would be provided for all of the specific programmed projects for FY2022-31 starting with the January meeting. She stated that the department directors were present at today's meeting for any questions and will also be present at the upcoming meetings. Chair Baker asked if the General Fund monies used for the Heroes Regional Park Lake project was from federal COVID monies. Ms. Rios explained that the federal COVID funding was used for Public Safety costs, specifically police and fire salaries and benefits. Ms. Rios stated this then freed up General Fund monies to be used for the Heroes Regional Park Lake project. Ms. Rios noted that the COVID funds could not directly be used for the lake project as it was not an allowable use. Committee Member Powers inquired about the definition of `authorized but unused.' Ms. Rios explained that initially, voters approve a total amount of bond authorization. Specific projects move forward and bonds are issued for the amounts needed. `Authorized but unused' was the amount left that could still be issued, if any, after any projects were completed. Committee Member Powers asked for confirmation that the funds could not be moved between authorization. Ms. Rios confirmed and stated that the funds must be used for the permission given by the voters. Committee Member Froke asked for confirmation that the unused authorization on the books from 1981 and 1987 was not detrimental to anything. Ms. Rios confirmed and stated that the balance does not count against the City's debt limits or anything else because the bonds have not been issued. 7. STAFF REPORT No report. 8. COMMITTEE COMMENTS AND SUGGESTIONS No comments. 9. NEXT MEETING The next regular meeting of the Citizen Bond Election Committee will be held on January 4, 2022 at 5:30 in the 4th floor conference room, located at 5850 West Glendale Avenue, Glendale, Arizona, 85301. 10. ADJOURNMENT A motion was made by Chair Lisa Baker, second by Committee Member Michael Socaciu, to adjourn the meeting at 6:05 p.m. AYE: Chair Lisa Baker Committee Member Jon Froke (Via Zoom) Committee Member Connie Kiser Committee Member Roger Powers Committee Member Michael Socaciu Other: Vice Chair Alicia Rubio (ABSENT) The Bond Committee meeting minutes of December 7, 2021 were submitted and approved this 4th day of January, 2022. r' Lam. . 7 56 ' i ette Camacho Budget & Finance Director