Memo & Ord S-49806 - (LF23-1604) 6-14-23 - Draft Form of the Ballot for Nov. 7 2023 Special Bond Election (Ordinance S-49806).pdf
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To: From: City of Phoenix Ginger Spencer Deputy City Manager Denise ArchibaldV City Clerk Date: June 6, 2023 Subject: REQUEST TO REVISE ITEM 35, FORM OF THE BALLOT FOR NOV. 7, 2023 SPECIAL BOND ELECTION, ON THE JUNE 14, 2023 FORMAL AGENDA. The City Clerk Department requests approval to revise the Form of the Ballot for Nov. 7, 2023 Special Bond Election (S-49806) item, on the June 14, 2023 formal agenda, to change the third bond question to authorization to sell up to $114,385,000 general obligation bonds for education, economic development, reducing waste, resource management, and arts and culture projects, and other related changes. The full text of the proposed draft form of the ballot is attached. Approved by: THIS IS A DRAFT ORDINANCE AND MAY BE SUBJECT TO FURTHER CHANGE ORDINANCE S-49806 AN ORDINANCE ESTABLISHING THE FORM OF THE BALLOT FOR THE CITY OF PHOENIX SPECIAL BOND ELECTION TO BE HELD ON NOVEMBER 7, 2023. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF PHOENIX, as follows: SECTION 1. That the form of the ballot for the City of Phoenix Special Bond Election on November 7, 2023, be and the same is hereby established to read substantially as follows: GENERAL PROVISIONS The following are general provisions that apply to the bond questions. Specific information for the authorized purpose is set out in the bond questions. • In addition to the authorized purposes, bond proceeds may be used to pay for bond insurance or other credit support for the bonds, all legal, accounting, financial, consulting, architectural, design, engineering and construction management costs, if applicable, and all other costs incurred in connection with the issuance of the bonds and the purpose set forth in the question. The City may contract for letters of credit, surety bonds, lines of credit or other credit or liquidity support in connection with any one or more series of bonds. • The bonds may be issued in one or more series, as tax-exempt or taxable bonds. • The bonds may be issued in the denomination of $5,000 each or multiples thereof. 2 Ordinance S-49806 • Interest rates may be fixed or variable but shall not exceed 10% per annum. • Interest may be evidenced by separate certificates and will be paid on July 1 and January 1 or more frequently. • The bonds, and any bonds issued to refund the City’s bonds, may be sold at prices that include premiums not greater than permitted by law. • Each series of bonds will mature over a period not to exceed twenty-five (25) years from their date of issuance. • Bonds will mature on July 1 or the days of each year determined by City Council. QUESTIONS SUBMITTED TO THE VOTERS QUESTION NUMBER 1 Enhance Community Safety through Fire, Police, Roadway and Pedestrian Infrastructure Shall the City of Phoenix, Arizona be authorized to issue and sell general obligation bonds in the principal amount of up to $214,000,000 to provide funding for fire, police, roadway and pedestrian infrastructure projects, including, but not limited to projects intended to: • Reduce response times and improve service delivery by modernizing public safety infrastructure • Construct, improve, repair, and renovate local fire and police stations • Repair streets and enhance safety conditions for drivers and pedestrians, including resurfacing, lighting, crosswalks and sidewalks • Improve roadway mobility and reduce congestion for commuters • Expand and enhance transportation connectivity options for the disabled community and in areas where access to safe transportation is limited • Mitigate the impact of floods and storms through infrastructure improvements, including sewers, detention basins, and flood control projects • Create facilities for city residents struggling with mental and behavioral health, including unhoused residents Generated funds will be used to pay for all necessary design, construction, reconstruction, improvement, repair, renovation, equipment and associated costs, including the acquisition of land or interests necessary for such purposes, all legal, financial, consulting, and other costs and fees in connection therewith. Such bonds to be issued in one or more series as tax-exempt or taxable bonds, and may be sold at prices that include premiums not greater than permitted by law. Such bonds may bear fixed or 3 Ordinance S-49806 variable interest not exceeding 10% per annum, and may have principal payable not later than 25 years from the date of issuance of each series. Such bonds will be issued as general obligations bonds and the issuance of these bonds will result in a property tax increase sufficient to pay the annual debt service on the bonds. BOND APPROVAL, YES BOND APPROVAL, NO A “yes” vote shall authorize the City of Phoenix governing body to issue and sell up to $214,000,000 of general obligation bonds of the City of Phoenix to be repaid with secondary property taxes. A “no” vote shall not authorize the City of Phoenix governing body to issue and sell such bonds of the City of Phoenix. QUESTION NUMBER 2 Improve Quality of Life in Phoenix Neighborhoods Shall the City of Phoenix, Arizona be authorized to issue and sell general obligation bonds in the principal amount of up to $108,615,000 to provide funding for library, parks and historic preservation projects, including, but not limited to: • Build or improve new and existing libraries • Enhance existing parks and add additional park space across the city • Construct and renovate playgrounds and recreational facilities • Increase accessibility and improve ADA compliance in publicly owned spaces and facilities Generated funds will be used to pay for all necessary design, construction, reconstruction, improvement, repair, renovation, equipment and associated costs, including the acquisition of land or interests necessary for such purposes, all legal, financial, consulting, and other costs and fees in connection therewith. Such bonds to be issued in one or more series as tax-exempt or taxable bonds, and may be sold at prices that include premiums not greater than permitted by law. Such bonds may bear fixed or variable interest not exceeding 10% per annum, and may have principal payable not later than 25 years from the date of issuance of each series. Such bonds will be issued as general obligations bonds and the issuance of these bonds will result in a property tax increase sufficient to pay the annual debt service on the bonds. BOND APPROVAL, YES BOND APPROVAL, NO 4 Ordinance S-49806 A “yes” vote shall authorize the City of Phoenix governing body to issue and sell up to $108,615,000 of general obligation bonds of the City of Phoenix to be repaid with secondary property taxes. A “no” vote shall not authorize the City of Phoenix governing body to issue and sell such bonds of the City of Phoenix. QUESTION NUMBER 3 Create an Efficient, Modern Phoenix to Live and Work Shall the City of Phoenix, Arizona be authorized to issue and sell general obligation bonds in the principal amount of up to $114,385,000 to provide funding for education, economic development, reducing waste, resource management, arts and culture projects, including, but not limited to: • Drive healthcare workforce development with an educational facility • Develop land parcels to encourage new business/industry investment and recruitment • Establish heat resiliency projects to cool public spaces and high-density urban areas • Upgrade city facilities to be energy and water efficient and/or use renewable energy • Renovate and enhance arts and cultural facilities and museums Generated funds will be used to pay for all necessary design, construction, reconstruction, improvement, repair, renovation, equipment and associated costs, including the acquisition of land or interests necessary for such purposes, all legal, financial, consulting, and other costs and fees in connection therewith. Such bonds to be issued in one or more series as tax-exempt or taxable bonds, and may be sold at prices that include premiums not greater than permitted by law. Such bonds may bear fixed or variable interest not exceeding 10% per annum, and may have principal payable not later than 25 years from the date of issuance of each series. Such bonds will be issued as general obligations bonds and the issuance of these bonds will result in a property tax increase sufficient to pay the annual debt service on the bonds. BOND APPROVAL, YES BOND APPROVAL, NO A “yes” vote shall authorize the City of Phoenix governing body to issue and sell up to $114,385,000 of general obligation bonds of the City of Phoenix to be repaid with secondary property taxes. 5 Ordinance S-49806 A “no” vote shall not authorize the City of Phoenix governing body to issue and sell such bonds of the City of Phoenix. QUESTION NUMBER 4 Enhance, Preserve and Increase the Supply of Affordable Housing and Senior Centers Shall the City of Phoenix, Arizona be authorized to issue and sell general obligation bonds in the principal amount of up to $63,000,000 to provide funding for affordable housing and senior center projects, including, but not limited to: • Construct new affordable housing units throughout the city to support low to moderate income residents and address homelessness • Repair and refurbish existing affordable housing units • Build and renovate new and existing senior centers Generated funds will be used to pay for all necessary design, construction, reconstruction, improvement, repair, renovation, equipment and associated costs, including the acquisition of land or interests necessary for such purposes, all legal, financial, consulting, and other costs and fees in connection therewith. Such bonds to be issued in one or more series as tax-exempt or taxable bonds, and may be sold at prices that include premiums not greater than permitted by law. Such bonds may bear fixed or variable interest not exceeding 10% per annum, and may have principal payable not later than 25 years from the date of issuance of each series. Such bonds will be issued as general obligations bonds and the issuance of these bonds will result in a property tax increase sufficient to pay the annual debt service on the bonds. BOND APPROVAL, YES BOND APPROVAL, NO A “yes” vote shall authorize the City of Phoenix governing body to issue and sell up to $63,000,000 of general obligation bonds of the City of Phoenix to be repaid with secondary property taxes. A “no” vote shall not authorize the City of Phoenix governing body to issue and sell such bonds of the City of Phoenix. 6 Ordinance S-49806 PASSED by the Council of the City of Phoenix this 14th day of June, 2023. M A Y O R ATTEST: Denise Archibald, City Clerk APPROVED AS TO FORM: Julie M. Kriegh, City Attorney Deryck R. Lavelle, Chief Counsel REVIEWED BY: Jeffrey Barton, City Manager DRL:efl: (LF23-1604):6-14-23;2380414_1.doc