AGENDA ITEM SUMMARY

Consider a Resolution declaring the results of the November 3, 2015 special election (referendum) imposing a new SPLOST for Spalding County and approval by a majority of the qualified electors within the City to issue General Obligation debt (SPLOST bonds) in an amount not to exceed $10,570,000, and authorizing the Chairperson or, in his absence the Vice-Chairperson, to notify the District Attorney, who will file a Bond Validation petition on behalf of the State of Georgia. City Attorney Drew Whalen will address.

Collections under the new SPLOST will commence April 1, 2016. The City's SPLOST bonds will pre-fund the projects identified in the Resolution. Bonds will be repaid by projected proceeds of the SPLOST.

Approval

The availability of the new SPLOST will allow the City to construct projects and improvements for which funding has been unavailable or limited from other revenue sources. Pre-funding certain projects through the issuance of bonds will allow the City to start early on those projects without having to let proceeds accumulate on a "pay-as-you-go" basis.