Title
A RESOLUTION DECLARING THE NECESSITY OF SUBMITTING TO THE ELECTORS OF THE CITY THE QUESTION OF THE ISSUANCE OF CITY IMPROVEMENT BONDS FOR THE PURPOSE OF CONSTRUCTING A COMMUNITY-WIDE FIBER NETWORK IN THE AGGREGATE PRINCIPAL AMOUNT OF $21,000,000 AND A PROPERTY TAX LEVY TO SUPPORT THE BONDS. (As Revised 5/15/2018)
Executive Summary: This Resolution is a State Code-required precursor to legislation placing a voted bond issue/property tax levy on the ballot. If passed, a copy of this Resolution will be sent to the Summit County Fiscal Officer to certify the estimated annual property taxes from the levy.
Body
Legislative History
Res. No. 18-66 for placement of a Levy Issue on the November 6, 2018 ballot; postponed to December 4, 2018, and currently being considered.
Purpose & Explanation
There has been a request to explain the two pieces of legislation related to the proposed ballot question and levy for community wide fiber. The first piece of legislation is a required step to certify the milage rate for a particular levy amount. This is required prior to the final (third reading) for the second piece of legislation: the authorization to submit a question to the electorate.
Resolution 18-65 is this first piece. The wording is not very clear but the “necessity” is what milage rate is necessary to raise the desired principal. I have attached a copy of the Resolution of Necessity used by the schools for their recently approved levy.
Once action is taken on this legislation, it will be sent to the County and the certified milage rate will be affirmed and returned to the City.
Presentations were made at Council workshops on April 10 and 24, 2018, regarding an initiative to expand fiber to the community.
There are two separate resolutions required to be passed by Council. The first is the resolution of necessity and requesting the County Fiscal Officer certify the estimated revenue from the levy; the second resolution is to approve putting the levy on the ballot.
Timing Considerations
Below is the schedule to put the levy on the ballot:
Tues. May 1 Resolution of Necessity - 1st reading
Resolution to put the levy on the ballot - 1st reading
Tues. May 15 Resolution of Necessity - 2nd reading
Resolution to put the levy on the ballot - 2nd reading
Tues. May 22 Resolution of Necessity - 3rd reading (and passage)
Tues. June 5 Resolution to put the levy on the ballot - 3rd reading (and passage)
Wed. Aug. 8 Due date for certification to Board of Elections (90 days prior to Election Day)
Tues. Nov. 6 Election Day
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends City Council pass the Resolution of Necessity and request certification from the County Fiscal Officer.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Assistant City Manager/Finance